Oort Energy Secures £5M Seed Funding to Decarbonise Industry with Green Hydrogen
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.
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.
About Oort Energy
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.
About Energy Revolution Ventures
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.