Stargate Hydrogen has raised €42m ($44.9m) in its seed funding round, which it will use to scale up its patented electrolyser technology.
The financing was led by an equity investment by UG Investments and grant financing from the Important Project of Common European Interest (IPCEI), in addition to other investors and grants.
The funding is designed to support the development of Stargate’s “reliable and robust” alkaline technology which boasts new catalyst material – expected to be much more active when compared with alternatives currently available on the market.
Alongside the funding, Stargate has appointed Skeleton Technologies Founder and CEO, Taavi Madiberk as its Non-Executive Chairman.
