The company’s core innovation focuses on large scale electrolysis incorporating the advantages of AWE and PEM electrolyzers while designing out their inherent disadvantages.
Verdagy has raised USD 25 million in Series A financing and plans to continue its scale-up activities and further demonstrate its novel electrolyzer technology.
Israel, Ramat Gan; February 9th, 2022 – Doral Energy-Tech Ventures, the corporate venture capital and innovation arm of Doral, announces today its participation in an investor syndicate backing Verdagy, a green hydrogen developer with new cost-effective electrolyzer technology. The $25 million funding round is led by TDK Ventures with the participation of Doral Energy-Tech Ventures, Temasek, Shell Ventures, Orbia Ventures, BHP Ventures and Khosla Ventures. Doral, as a global renewable energy developer sees great opportunities to decarbonize heavy polluting industries with green hydrogen that will be produced in its global assets.
Verdagy’s novel approach to large scale water electrolysis is to incorporate the advantages of alkaline electrolysis (AWE) and proton exchange membrane electrolysis (PEM) while designing out their inherent disadvantages. Verdagy created a new membrane-based approach to electrolysis leveraging very large active area cells, with the ability to operate at industry-leading high current densities and a wide dynamic operating range. This unique approach enables significantly low capital and operating costs and is expected to meet or exceed the US Department of Energy’s targets for water electrolysis.
Spun out of Chemetry in early 2021 with seed investment from Khosla Ventures, Verdagy is leveraging years of electrochemical experience to develop technology that will meet the cost and performance targets necessary for broad adoption of green hydrogen across multiple industries. With this round’s capital, Verdagy will rapidly scale to demonstrate their first commercial 10-cell stack at 2MW capacity and will target scaling to deliver their first 20MW “eDynamicTM” electrolyzer in the near future. Industrial-scale plants utilizing multiple electrolyzers are also on Verdagy’s product roadmap.
CEO, Marty Neese adds, “This is an incredible group of investors, and we are very excited and encouraged by their commitment and support of Verdagy. The combination of Verdagy’s large scale electrolyzer technology and Doral’s renewable energy leadership is an ideal match to fully realize the green hydrogen benefits of our product and approach.”
Roee Furman, Managing Director at Doral Energy-Tech Ventures said:
“Doral, as a global renewable energy developer envisions a very near future in which we will not only produce electrons to the grid, but also produce molecules in the form of green hydrogen. Verdagy’s novel electrolysis technology serves as a catalyst to the energy transition and to achieve net-zero – from decarbonizing various industries to long-duration seasonal storage. With strong leadership, remarkable technological breakthroughs, and a stellar team of investors across industries and across continents – Verdagy is in the right position to introduce to the market an electrolyzer with high-current densities and unbeatable CAPEX and OPEX.”
About Doral Energy Tech Ventures
Doral Energy-Tech Ventures (Doral-Tech) is the innovation and investment arm of the Doral Group, a renewable energy and environmental infrastructure developer. Doral-Tech partners with inspiring entrepreneurs to build breakthrough companies taking on major global sustainability challenges. Doral-Tech invests in promising energy innovators, providing the expertise, capital and strategic support to bring to market groundbreaking technologies in a range of renewable energy and cleantech related fields. For more information, visit: www.doral-tech.com.
