Stargate Hydrogen, a leading innovator in the field of sustainable energy solutions, announced the successful completion of its seed funding round, raising 42 million euros. This substantial investment, comprising both equity and grant instruments, is designated for the scaling of its patented electrolyser technology, different from other electrolysers in terms of both materials and the development approach used, allowing to bring down the cost of green hydrogen to 1 euro per kilogram.
The financing round was led by an equity investment by UG Investments and grant financing from IPCEI (Important Project of Common European Interest) framework for hydrogen technologies but also includes other investors and grants.
Stargate uses ceramic-based catalyst material that significantly contributes to the reduction in the levelised cost of hydrogen, without renouncing the reliability of alkaline technology. Additionally, Stargate has developed its proprietary stack and system design, using a development approach that considers electrolyser as a battery system, thereby adopting the learnings from the rapid developmental cycles of lithium-ion batteries over the past 15 years.
The first installations of Stargate´s electrolyser technology are already on the field and offtake customers include Utilitas, one of the largest renewable energy developers in the Baltic Sea region. In tandem with this financing achievement, Stargate Hydrogen was also thrilled to announce the appointment of Taavi Madiberk, the Founder and CEO of Skeleton Technologies, the world’s leading manufacturer of graphene-based supercapacitors, as the company’s Non-Executive Chairman.