Published by Todd Bush on June 13, 2023
LONDON, June 7, 2023 /PRNewswire/ -- Oort Energy, a UK-based next-generation hydrogen electrolyser developer, today announced that it has closed its oversubscribed £5M Seed raise led by Energy Revolution Ventures (ERV), an early-stage electrochemistry specialist investor. This funding augments approximately £800k in non-dilutive grants awarded to the company by various UK and EU government bodies. The major Seed round investors include TRIREC, an Asian based decarbonisation fund, as well as a corporate strategic investor. The funding will support the set-up of the company's electrolyser stack manufacturing facility and the deployment of their first fully compliant demonstrator to produce green hydrogen from renewable energy.
Oort Energy Secures £5M Seed Funding to Decarbonise Industry with Green Hydrogen
>> In Other News: Oci Global Fuels First Ever Green Methanol Powered Container Vessel
Founded by electrolyser industry veterans, Oort Energy's mission is to drive down the cost of green hydrogen for a sustainable future. The company's products produce clean hydrogen gas from water and renewable electricity.
The Seed funding round was closed in two equal tranches, with the first tranche utilized to build the team and launch its manufacturing facility, whilst the second tranche allowed the company to bring in a strategic investor, who will assist with supply chain and large-scale manufacturing.
Oort Energy's patented polymer electrolyte membrane (PEM) electrolyser technology drives down green hydrogen production costs. The company has fully reinvented the stack from first principles. Combining deep material innovations with a scalable manufacturing architecture their electrolyser product delivers customers leading efficiencies at ultra-low costs.
The company has already completed the design of a 250kW stack platform and is preparing for mass manufacture. They are on track to deliver their first fully compliant containerised electrolyser solution to a customer site with commissioning planned for Q3 2023.
"Oort has radically redesigned the electrolyser stack for cost, scalability, and reliability. Their technology produces clean hydrogen through electrolysis cost-effectively accelerating decarbonisation of industries such as fertilizer, steel and shipping," said Marcus Clover, Co-founder & Partner of Energy Revolution Ventures. "Nick and his team have the right experience and strategy to deliver reliable, cost-effective electrolyser products which will unlock hydrogen as a key driver for gigaton carbon reduction. We believe Oort Energy is set to shape the future hydrogen economy."
"We are delighted to close our seed funding round with such strategic and supportive partners. This is instrumental in delivering the first demonstration of our product portfolio onto a customer site and allowing us to formally launch onto the market with our 250 kW and 1MW commercial scale systems in 2023. The green hydrogen technology market is rapidly expanding, and our next-generation products will help drive the transition to net zero." - Nick van Dijk, CEO, Oort Energy
Oort Energy is revolutionising the green hydrogen electrolyser industry by delivering its next-generation electrolyser technology today.
Oort Energy is a hydrogen electrolyser manufacturer with disruptive technology to dramatically lower the cost of green hydrogen. Their systems have superior performance, high durability and are competitively priced to provide a system giving the lowest levelized cost of ultrapure hydrogen on the market today. For more information, visit www.oortenergy.com.
Energy Revolution Ventures is a venture capital firm investing in pre-Seed, Seed and Series A+ start-ups, developing scalable technologies across the electrochemical ecosystem. It is leveraging years of experience of its shareholders turning energy and battery technologies into successful, publicly traded businesses. ERV has a deep understanding of the fundamental technology behind innovations as well as risks to scale and commercialization. ERV is an active investor, supporting founders and innovators functionally and at the board level. For more information, visit www.erv.io.
SOURCE Oort Energy
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside this Issue 🌱 Holcim Invests in Sublime Systems to Scale Up Innovative Low-carbon Technology ⚡ New Technology Transforms Captured Carbon Into Clean Energy Source 🚗 Say Goodbye to EVs – This ...
Inside this Issue 💡 Bill Gates-backed Startup Says a Global Gold Rush for Buried Hydrogen is Picking Up Momentum 🌍 Largest Hydrogen Highway to Link America and Europe: 10 Million Metric Tons and a...
Inside this Issue 🌿 Gevo to Acquire Red Trail Energy Assets in North Dakota, Including Operating Low-carbon Ethanol Production and Carbon Sequestration Facilities, Expanding Platform for Sustainab...
Hyundai Motor Company and Škoda Group sign a Memorandum of Understanding (MOU) during the Korea-Czech Business Summit in Prague Both parties to cooperate in establishing a hydrogen economy and...
UNDO Lands Groundbreaking Carbon Removals Financing Deal in 'Global First'
UK carbon removal start-up UNDO has secured an innovative debt financing deal, supported by significant corporates like British Airways and Standard Chartered, to accelerate the expansion of its en...
Say Goodbye to EVs – This Water-Hydrogen Engine Will Change Everything in Automotion
Honda launches a model identical to the Dodge Challenger – here’s when you can buy it Neither Toyota nor Hyundai – JD Power confirms the list of most reliable cars on the US market. Chevy an...
New Technology Transforms Captured Carbon Into Clean Energy Source
Researchers from Tokyo Metropolitan University have developed an innovative electrochemical cell that efficiently converts captured carbon dioxide (CO2) into formate, a green fuel. This new system,...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.