2nd Aug 2022 10:10
(Alliance News) - IP Group PLC on Tuesday said its portfolio company Hysata Pty Ltd has raised GBP24.3 million to help develop a pilot manufacturing facility, aimed at delivering the "world's lowest cost green hydrogen".
IP Group is a London-based intellectual property commercialisation company. Hysata is an Australian electrolyser company.
IP Group said that Hysata is developing a new type of electrolyser featuring the "world's most efficient" electrolysis cell, which operates at 95% system efficiency.
"This high efficiency, coupled with the simple approach to mass manufacturing and low supply chain risk puts the company on a path to delivering the world's lowest cost green hydrogen," IP Group explained.
IP Group committed a total of GBP10.9 million to the funding round, including GBP5.1 million from IP Group Australia and GBP5.7 million through its cleantech platform Kiko Ventures. Following completion, IP Group's stake in Hysata will be valued at around GBP19.0 million.
IP Chief Executive Officer Greg Smith said: "Hysata has made excellent technical progress with research in Nature Communications, the scientific journal, confirming its efficiency earlier this year and we're delighted to see Hysata attract such strong interest in this round."
IP Group shares were down 0.8% to 85.75 pence each in London on Tuesday morning.
By Sophie Rose; [email protected]
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