Verdagy, a green hydrogen developer with electrolyzer technology, has raised $25 million in its latest round of funding. TDK Ventures led the funding with participation from Orbia Ventures, BHP Ventures, Doral Energy Tech Ventures, Khosla Ventures, Shell Ventures, and Temasek.
The company will use the funds raised to accelerate the development and commercialization of Verdagy’s electrolyzer technology to decarbonize industrial processing at scale.
“This round of funding will enable us to scale up our activities and further demonstrate the value of our low-cost, high-throughput electrolyzer technology. I am grateful for the confidence of our investors. And I am invigorated by their broad insights for the use of green hydrogen for decarbonization across multiple end applications as well as their partnership to these ends,” said Marty Neese, CEO of Verdagy.
Verdagy’s solution is poised to clean up industrial feedstock processing and increase clean energy generation, according to the company.
While cost has historically limited green hydrogen production, Verdagy claims its new membrane-based electrolyzer technology leverages large active area cells, high current densities, and broad operating ranges to result in green hydrogen at scale with significantly lower capital investment and operating costs. In addition, Verdagy claims its technology is expected to meet or exceed the U.S. Department of Energy’s targets for electrolysis.
Orbia is investing in sustainable energy, energy storage, and decarbonization through its ventures arm.
A joint team of researchers from India and Wales is developing a new process to convert hazardous medical waste into clean hydrogen fuel. The photo reforming process uses sunlight to kill viruses and simultaneously turn non-recyclable waste into clean hydrogen fuel.
TDK Ventures and Orbia Ventures were involved in a funding round totaling $70 million for Battery Resourcers, a vertically integrated lithium-ion battery recycling, and the manufacturing company.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.