Verdagy Scores $73 Million for Green Hydrogen Production
Pipeline of green hydrogen. Image credit: Shutterstock
If you have driven recently by the Moss Landing Power Plant, you can’t help notice a sign for Verdagy.
In a landmark announcement, Verdagy, a leader in advancing electrolyzer technologies tailored for industrial applications, declared the successful closure of a $73-million Series B financing. The round witnessed the joint leadership of Temasek and Shell Ventures, further enriched by the participation of a diverse group of global investors such as Bidra Innovation Ventures, BlueScope, Galp, Samsung Venture Investment, Toppan Ventures, Tupras Ventures, Yara Growth Ventures, and Zeon Ventures.
This fresh infusion of capital is set to empower Verdagy in hastening the rollout and market introduction of its pioneering eDynamic® 20MW electrolyzer module. Designed to be the cornerstone for larger, future systems extending 200MW and more, Verdagy aims to proliferate its innovative eDynamic electrolyzer technology. It will target broad-based clientele from sectors like oil and gas, ammonia, steel, and e-fuels to reinforce the worldwide industrial decarbonization mission.
Vikas Gupta, Partner at Shell Ventures, extolled Verdagy's dedication to propelling the green hydrogen economy. He highlighted the firm's focus on decarbonizing challenging sectors like steel and ammonia production and praised the management's prior success in magnifying climate technologies.
In layman terms, green hydrogen is produced by splitting water using renewable energy sources such as solar and wind. Verdagy is revolutionizing this process by ensuring a thorough decarbonization of heavy industries via scalable green hydrogen production. They've successfully combined cost-efficiency with exceptional performance capabilities in their eDynamic 20MW electrolyzers. These electrolyzers come integrated with cutting-edge architecture and features, enabling more hydrogen production per cell while maintaining peak performance and ensuring predictive maintenance.
The brilliance steering Verdagy's transformative green hydrogen technology comes from a team of seasoned experts. CEO Marty Neese, with his rich career at SunPower and Ballard, COO Peter Cousins with his expertise from Tesla's gigafactories, and Dr. Ryan Gilliam, a serial entrepreneur and industrial decarbonization advocate, together form the backbone of Verdagy's dream.
Marty Neese highlighted the company's achievements, stating that Verdagy's patented technology has successfully brought down the capital expenditure of electrolyzers. Their core technology is not only effective but is also poised for global scaling.
Stian Nygaard of Yara Growth Ventures expressed Yara's commitment to leveraging electrolyzers for the betterment of the ammonia and fertilizer industry. He applauded Verdagy's innovative approach and highlighted the world's pressing need for their technology.
In reflecting on Verdagy's journey since its early backing in 2020, Rajesh Swaminathan from Khosla Ventures acknowledged the team's significant strides toward materializing the vision of a green hydrogen economy. Amar Singh of Bidra Innovation Ventures and Anil Achyuta from TDK Ventures also chimed in with their optimistic outlook on Verdagy's future.
About Verdagy
Pioneering the water electrolysis domain, Verdagy is focused on the large-scale generation of green hydrogen. Their unmatched solution promises substantial reductions in both capital costs and operating expenditures, aiming for the lowest hydrogen production costs in the industry. Operating from Moss Landing, California, the company is dedicated to pushing the boundaries of modern technology.
For a deeper dive, visit Verdagy.