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IP Group PLC on Tuesday said its portfolio company Hysata Pty Ltd has raised £24.3 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 £10.9 million to the funding round, including £5.1 million from IP Group Australia and £5.7 million through its cleantech platform Kiko Ventures. Following completion, IP Group's stake in Hysata will be valued at around £19.0 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.
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