London-based Oort Energy, a manufacturer of green hydrogen systems for energy storage and clean fuel, announced on Wednesday that it has secured £5M (approximately €5.8M) in an oversubscribed seed round led by Energy Revolution Ventures (ERV).
The funding adds to approximately £800k in non-dilutive grants Oort Energy received from various UK and EU government bodies.
Other Investors in the seed round include TRIREC, an Asian decarbonisation fund, and a corporate strategic investor.
The seed funding round was closed in two equal tranches:
- The first tranche was used to build the team and launch the company’s manufacturing facility.
- The second tranche allows the company to bring in a strategic investor, who will assist with supply chain and large-scale manufacturing.
“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,” says Nick van Dijk, CEO of Oort Energy
Oort Energy: Decarbonising with Green Hydrogen
Led by Dr. Nick van Dijk (CEO/CTO), Oort Energy aims to lower green hydrogen costs through its patented polymer electrolyte membrane (PEM) electrolyser technology.
The company’s products produce clean hydrogen gas from water and renewable electricity.
Combining deep material innovations with a scalable manufacturing architecture, the company says the electrolyser product delivers customer-leading efficiencies at ultra-low costs.
The company has already completed the design of a 250kW stack platform and is preparing for mass manufacture.
As per the company’s claims, they are on track to deliver their first fully compliant containerised electrolyser solution to a customer site with commissioning planned for Q3 2023.
The investor
Energy Revolution Ventures is a venture capital firm that invests in pre-Seed, Seed, and Series A+ start-ups developing scalable technologies across the electrochemical ecosystem.
“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 fertiliser, steel, and shipping,” says 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,” adds Clover.
Read the orginal article: https://siliconcanals.com/news/startups/londons-oort-energy-bags-5-8m/
