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.
Commenting on his appointment, Madiberk said, “When I first met with the CTO, Dr. Rainer Küngas, I immediately realised that his approach to developing electrolysers is completely different and could be a game changer on the market.”
Stargate’s CEO, Marko Virkebau, claimed Madiberk’s experience in driving deep-tech advancements will be “instrumental” throughout Stargate’s organisational and manufacturing scale-up.
Stargate’s alkaline electrolyser tech uses a ceramic-based catalyst material which contributes to the reduction in the levelised cost of hydrogen, instead of using precious metals. Its stack and design system also uses a development approach that recognises an electrolyser as a battery system, so it can utilise learnings from cycles of lithium-ion batteries over the past 15 years.
Stargate’s electrolysers are understood to now be on the field, with its offtake customers including Utilitas, one of the largest renewable energy developers in the Baltic Sea region.
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