Verdagy Awarded $39.6 Million Grant from the Department of Energy
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Verdagy Announces Johan Themaat as Chief Financial Officer

Experienced Renewable Energy Executive Will Accelerate the Green Hydrogen Company’s Scale Up and Ensure Profitable Growth

Verdagy, a green hydrogen electrolysis company announced today the hiring of Johan Themaat as Chief Financial Officer (CFO). Johan reports to CEO Marty Neese and will lead Verdagy’s finance and G&A functions as the company scales its production to ship gigawatts of hydrogen electrolyzers.

I am excited to have Johan join our team. Johan, with his deep experience in renewable energy, structured finance and capital raising, will accelerate Verdagy’s ramp as we lead the large-scale transition to green hydrogen.”

Marty Neese, CEO, Verdagy

Marty Neese

CEO, Verdagy

Johan brings over 20 years of experience in energy, finance, and business strategy, including CxO roles in both public and private companies. His experience spans renewable energy with Correlate and Mission Energy, energy infrastructure at Black Canyon and investment banking at RBS.

“I am excited to join Marty and the talented team at Verdagy in our mission to scale the green hydrogen industry. I look forward to contributing to the scaling and profitable growth of Verdagy,” said Verdagy CFO Johan Themaat.

Themaat joins the company as Verdagy is ramping commercial deployments and accelerating the adoption of green hydrogen. Verdagy’s electrolyzers provide the lowest levelized cost of hydrogen (LCOH) by combining high current densities, the widest dynamic range in the industry, and seamless coupling with renewable energy sources. The company is committed to achieving the Department of Energy’s goal of $2/kg of levelized cost targets for green hydrogen by 2026.

“The Verdagy and Shell teams are excited by the successful completion of this year-long collaboration, and I look forward to the uptake of Verdagy’s advanced electrolyzers by the industry following Shell’s technology endorsement,” said Verdagy CEO Marty Neese.

About Verdagy

Verdagy is a manufacturer of advanced electrolysis systems for the large-scale production of green hydrogen. The company’s patented, single-cell architecture enables electrolyzers that seamlessly pair in real-time with renewable energy sources, have the highest efficiencies, and the industry’s lowest levelized cost of hydrogen. In addition to its GW-scale factory in Silicon Valley, Verdagy operates its R&D and highly automated commercial plants in Moss Landing, California. Verdagy was recently awarded a $39.6M grant (pending negotiations) by the Department of Energy to accelerate the high-volume manufacturing of Advanced Alkaline Water Electrolysis eDynamic electrolyzers.

For more information, visit: verdagy.com.

“ Verdagy is rising to the challenge to accelerate the green hydrogen economy and decarbonize hard-to-abate sectors such as steel and ammonia production. The management team has a successful track record in scaling climate technologies from megawatts to gigawatts and they are committed to achieving the same at Verdagy.”

Vikas Gupta

Partner at Shell Ventures
“ Yara is taking the lead on driving the use of electrolyzers in the ammonia and fertilizer industry. We see a strong need for cost competitive, clean hydrogen to be able to decarbonize and drive the movement towards a more environmentally friendly industry. Electrolysers is a technology requiring a lot of innovation and product development. We are really impressed by how Verdagy is taking on this challenge and want to take part in this adventure. The world needs them.”

Stian Nygaard

Investment Director in Yara Growth Ventures
“ We are focused on building an entire renewable hydrogen ecosystem in California to achieve our climate goals - including the crucial step of manufacturing electrolyzers. Verdagy’s decision to expand their footprint here reflects California’s unique strength in creating new markets, enabling the creation of clean energy jobs while solving our most existential challenges with the technology of the future.”

Dee Dee Myers

Senior Advisor to Governor Newsom and Director of the Governor’s Office of Business and Economic Development
“ We are more than doubling down in this round on Verdagy, we are witnessing how they have gone from a valuable technology to a defensible business.”

Anil Achyuta

Managing Director at TDK Ventures
“ Verdagy’s potential to demonstrate high-current density over a wide dynamic range across large-area cells led us to incubate and write the first check into the company in early 2020. Since then, the team has made significant progress in validating key performance and cost targets, getting them closer to building out a green hydrogen economy.”

Rajesh Swaminathan

Partner, Khosla Ventures
“ Verdagy is rising to the challenge to accelerate the green hydrogen economy and decarbonize hard-to-abate sectors such as steel and ammonia production. The management team has a successful track record in scaling climate technologies from megawatts to gigawatts and they are committed to achieving the same at Verdagy.”

Vikas Gupta

Partner at Shell Ventures
“ Yara is taking the lead on driving the use of electrolyzers in the ammonia and fertilizer industry. We see a strong need for cost competitive, clean hydrogen to be able to decarbonize and drive the movement towards a more environmentally friendly industry. Electrolysers is a technology requiring a lot of innovation and product development. We are really impressed by how Verdagy is taking on this challenge and want to take part in this adventure. The world needs them.”

Stian Nygaard

Investment Director in Yara Growth Ventures
“ We are focused on building an entire renewable hydrogen ecosystem in California to achieve our climate goals - including the crucial step of manufacturing electrolyzers. Verdagy’s decision to expand their footprint here reflects California’s unique strength in creating new markets, enabling the creation of clean energy jobs while solving our most existential challenges with the technology of the future.”

Dee Dee Myers

Senior Advisor to Governor Newsom and Director of the Governor’s Office of Business and Economic Development
“ We are more than doubling down in this round on Verdagy, we are witnessing how they have gone from a valuable technology to a defensible business.”

Anil Achyuta

Managing Director at TDK Ventures
“ Verdagy’s potential to demonstrate high-current density over a wide dynamic range across large-area cells led us to incubate and write the first check into the company in early 2020. Since then, the team has made significant progress in validating key performance and cost targets, getting them closer to building out a green hydrogen economy.”

Rajesh Swaminathan

Partner, Khosla Ventures
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