Verdagy has announced the closing of a $25 million (£18.4m) funding round that will enable the company to support large-scale production of green hydrogen.
Spun out of Chemetry in early 2021 with seed investment from Khosla Ventures, Verdagy is developing technology it claims will meet the cost and performance targets necessary for broad adoption of green hydrogen across multiple industries.
The latest funding, led by TDK Ventures, will support the company’s ongoing development and scale-up of large-scale electrolyser technology that enables low capital and operating costs and is expected to meet or exceed the US Department of Energy’s (DOE) targets for water electrolysis.
Anil Achyuta, TDK Ventures Investment Director and member of the Verdagy Board said: “Verdagy’s unique approach to large-scale water electrolysis provides the company an enormous scale advantage in producing large amounts of green hydrogen, which is necessary to unlock deep decarbonisation in the chemical, steel, mining and other hard-to-abate sectors.
“Our expertise in electrochemistry, materials science and power conversion are aligned with Verdagy’s goals and will help further their product development. The combination of their ability to accelerate deep decarbonisation and the tremendous synergies between our companies made it a perfect candidate for TDK Ventures. We are honoured to lead this investment round.”
Syndicate members in the funding round included BHP Ventures, Doral Energy Tech Ventures, Khosla Ventures, Orbia Ventures, Shell Ventures and Temasek.
Marty Neese, CEO of Verdagy, which operates laboratory and pilot plant facilities in Moss Landing, California added: “This round of funding will enable Verdagy to continue its scale-up activities and further demonstrate our world-class electrolyser technology..
“I appreciate the confidence this group of investors has in our team and have been impressed with their broad insights into the use of green hydrogen for decarbonisation across multiple end-uses.”