Estonian green hydrogen company announces successful completion of seed funding round, raising €42 million.
This funding round will be led by an equity investment by UG Investments and grant financing from the IPCEI (Important Projects of Common European Interest) framework for hydrogen technologies, but will also include other investors and grants.
Stargate Hydrogen's technology is fundamentally different from other electrolysers, both in terms of the materials used and the development approach, and can reduce the cost of green hydrogen to as low as 1 euro per kilogram.
Stargate complements reliable and robust alkaline technology with a new form of catalyst material that is inherently more active compared to alternatives currently available on the market.
It uses ceramic-based catalyst materials instead of precious metals, making a significant contribution to reducing the levelized cost of hydrogen without compromising the reliability of alkaline technology.
Additionally, Stargate has developed a unique stack and system design using a development approach that considers the electrolyzer as a battery system, thereby employing lessons learned from the rapid development cycles of lithium-ion batteries over the past 15 years. did.
Stargate's IP portfolio covers all levels of the system, including materials, electrodes, stacks, and even plant-wide control systems.
The first installations of Stargate's electrolyser technology have already been installed on site, and offtake customers include Utilitas, one of the largest renewable energy developers in the Baltic Sea region.
Stargate Hydrogen also announced the appointment of Taavi Madibark, founder and CEO of Skeleton Technologies, a maker of graphene-based supercapacitors, as non-executive chairman of the company.
Marko Vilkebau, CEO of Stargate Hydrogen, said:
“Tavi Madibark's proven leadership in driving deep technology advancements will help lead Stargate Hydrogen to the next stage of organizational and manufacturing scale-up.”
As global demand for clean, sustainable energy solutions continues to grow, Stargate Hydrogen remains committed to decarbonizing the industry by enabling the switch from gray to green hydrogen. The €42 million funding will be used to expand the company's patented electrolyser technology.
