Tallinn-based Stargate Hydrogen has accomplished its Sequence A funding spherical, securing €11M in fairness investments. The Estonian firm manufactures electrolyser stacks and techniques.
The spherical contains investments from strategic prospects with expertise in renewable vitality and utilities, similar to Giga and UG Investments. SmartCap Inexperienced Fund, a state-backed enterprise capital fund targeted on greentech corporations, additionally participated within the spherical.
Sille Pettai, CEO of SmartCap and supervisor of SmartCap Inexperienced Fund, says, “We determined to put money into Stargate Hydrogen as a result of their extremely revolutionary strategy to inexperienced hydrogen manufacturing, accompanied by a powerful record of consumers and powerful unit economics.”
“Funding the dimensions of producing of revolutionary inexperienced applied sciences is central to the inexperienced transition and our strategic aims, because it allows wider adoption of sustainable vitality options.”
Subsequent-generation inexperienced hydrogen electrolysers
Stargate Hydrogen is engaged on manufacturing gear geared toward decreasing the price of inexperienced hydrogen via larger effectivity. The corporate makes use of ceramic-based catalyst materials as an alternative of treasured metals to decrease vitality consumption and funding prices.
Stargate has developed proprietary stack know-how to enhance the reliability of hydrogen manufacturing and minimise gear degradation. These improvements goal to boost unit economics and enhance returns for inexperienced hydrogen venture builders.
ZSW in Stuttgart, a European electrolysis gear check middle, has validated the efficiency of Stargate’s stacks. The European Fee has recognised the corporate’s know-how as an Essential Challenge of Frequent European Curiosity. Not too long ago, Fortum chosen Stargate because the provider for its alkaline electrolysis plant in Loviisa, Finland.
The corporate’s newest funding spherical will increase complete dedicated capital, together with fairness and grants, to over €50M.
Capital utilisation
Stargate Hydrogen will use the proceeds to scale its manufacturing capability, improve inside testing capabilities, and set up strategic partnerships with key gamers within the international inexperienced hydrogen sector.
Marko Virkebau, CEO of Stargate Hydrogen, says, “We’re thrilled to have SmartCap and Giga becoming a member of our possession construction, together with extra funding from UGI. To have strategic prospects investing into the corporate is the strongest testomony to the progress we made.”
“This funding provides us firepower to execute our roadmap, improve our manufacturing capabilities, and supply our prospects with electrolysis know-how that permits vital cost-down on the worth of inexperienced hydrogen. Our view is that solely corporations with distinctive, proprietary know-how will survive via the present inexperienced hydrogen market cycle.”
Temporary about SmartCap
SmartCap, Estonia’s state-owned enterprise capital fund supervisor, invests in revolutionary know-how corporations and strengthens the nation’s enterprise capital market.
The SmartCap Inexperienced Fund focuses on supporting Estonian inexperienced know-how corporations with excessive progress potential. By way of each fund-of-funds and direct investments, it targets sectors similar to vitality, agriculture, meals, transport, logistics, supplies, chemical compounds, and the setting.
The fund goals to enhance entry to fairness funding for greentech corporations whereas aligning with Estonia’s strategic and environmental objectives.
