In California, Verdagy announced the closing of a $73-million Series B funding round.
Temasek and Shell Ventures co-led the Series B round, with participation from new global investors Bidra Innovation Ventures, BlueScope, Galp, Samsung Venture Investment, Toppan Ventures, Tupras Ventures, Yara Growth Ventures and Zeon Ventures.
The new funding will enable Verdagy to accelerate the launch and commercialization of its eDynamic 20 megawatt (MW) electrolyzer module, which will serve as a fundamental unit to future systems at the 200MW scale and beyond, the firm said.
“Verdagy is rising to the challenge to accelerate the green hydrogen economy and decarbonize hard-to-abate sectors such as steel and ammonia production,” said Vikas Gupta, partner at Shell Ventures. “The management team has a successful track record in scaling climate technologies from megawatts to gigawatts and they are committed to achieving the same at Verdagy.”
Following initial commercial unit deployments with existing partners, Verdagy said it will expand deployment of its eDynamic electrolyzer technology to additional customers in heavy industries such as oil and gas, ammonia, steel and e-fuels.
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