Verdagy, a company that is developing a water-based electrolyzer for green hydrogen production, announced it achieved funding to scale its technology. The $25 million funding round was led by TDK Ventures, Orbia, BHP Ventures, Doral Energy, Tech Ventures, Kholsa Ventures, Shell Ventures, and Temasek.
The technology is designed to provide hydrogen fuel for heavy industrial applications, a sector responsible for about one third of global emissions. The electrolyzer can reduce its carbon impact by being supplied with sources like solar and wind.
Verdagy spun-off from chemical company Chemetry in May 2021, developing a novel design to water electrolysis. The company’s device splits water into hydrogen and oxygen molecules through an electric current. The membrane-based technology uses large active area cells, high current densities, and broad operating ranges to deliver hydrogen at scale.
The company said its industry-largest cells operate at energy densities ten times higher than traditional alkaline water electrolysis. The company said it has a load shedding ability of 95% to reduce energy costs maximize production.
Analysts are now predicting that the global green hydrogen market will reach $89 billion by 2030, said Verdagy. Rising demand and falling costs has led to both renewable energy and electrolysis prices falling 50-60% every five years, said the company.
Verdagy operates a pilot plant in Moss Landing, California, a hotbed for large-scale energy storage and solar development.
“We believe that green hydrogen at the right scale and cost is key to decarbonizing industrial processing of steel, aluminum, cement and chemicals—and in combination with captured CO2, enables the production of other chemical feedstocks and liquid fuels for marine and aviation applications,” said Sameer Bharadwaj, CEO of Orbia. “Orbia hopes to contribute to Verdagy’s success with its expertise in basic and advanced materials, large-scale chemical processes and a keen focus on decarbonization technologies that support a sustainable future.”
Orbia said it is simultaneously investing in food security and growth, water management, infrastructure development, data access, health advancement and sustainable energy, energy storage and decarbonization alongside hydrogen electrolysis.
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