Large-scale electrolysis company Verdagy secures $73M Series B funding led by Temasek and Shell Ventures
09 August 2023
Verdagy, a company scaling electrolyzer technologies for industrial markets, 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.
Following initial commercial unit deployments with existing partners, Verdagy will expand deployment of its novel eDynamic electrolyzer technology to additional customers in heavy industries such as oil and gas, ammonia, steel and e-fuels to support global industrialdecarbonization.
Verdagy is rising to the challenge to accelerate the green hydrogen economy and decarbonize hard-to-abate sectors such as steel and ammonia production. 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.
—Vikas Gupta, Partner at Shell Ventures
Green hydrogen is produced by splitting water using renewable energy, such as solar and wind. Verdagy’s technology enables deep decarbonization of heavy industries by incorporating green hydrogen at a very large scale. The company’s technology drives down the investment with the low operating cost of the eDynamic 20MW electrolyzers coupled with flexible operating capabilities and single-element architecture SmartCells, allowing the large (3m2) cells to operate at higher current densities. This translates directly into more hydrogen production per cell with real-time performance monitoring and predictive maintenancebuilt in.
The team is led by industry veterans in the hydrogen, solar and battery sectors. Verdagy CEO Marty Neese brings decades of executive experience across companies such as SunPower and Ballard; COO Peter Cousins draws on his past work scaling Tesla’s gigafactories; and Founder, Board Member Dr. Ryan Gilliam is a serial entrepreneur, and founder of industrial decarbonization companies Fortera, and Chemetry.
