Stargate Hydrogen Secures 11 Million Euros in Funding for Innovative Electrolysis Technology
Key Ideas
- Stargate Hydrogen successfully raises 11 million Euros in its series A funding round from strategic customers and financial investors.
- The company utilizes ceramic-based catalyst material to reduce energy consumption and investment needs in their electrolysis technology.
- Stargate's proprietary technology recognized as an Important Project of Common European Interest and selected by Fortum for an electrolysis plant in Finland.
- The funding will be used to enhance production capabilities and provide cost-effective green hydrogen solutions in the market.
Stargate Hydrogen recently completed its series A funding round, securing 11 million Euros in equity investments from strategic customers and financial investors. The company stands out by using ceramic-based catalyst material instead of precious metals in their electrolyser technology, enabling lower energy consumption and reduced investment requirements. Notably, the European Commission has acknowledged Stargate's technology as an Important Project of Common European Interest. Additionally, the company has been chosen by Fortum, a prominent Nordic utility firm, to supply an alkaline electrolysis plant near the Loviisa nuclear power plant in Finland. Marko Virkebau, the CEO of Stargate Hydrogen, expressed that this funding will empower the company to execute its roadmap, improve production capabilities, and offer customers electrolysis technology that significantly lowers the cost of green hydrogen. The funding round includes investments from strategic customers like Giga and UG Investments, as well as SmartCap Green Fund, an Estonian state-backed venture capital fund focusing on greentech companies with global potential.