Verdagy $73 Million Series B Funding to Propel Green Hydrogen Innovation


In a monumental stride towards advancing the green hydrogen economy, Verdagy, a trailblazer in scaling electrolyzer technologies for industrial markets, has announced the successful closure of a remarkable $73-million Series B funding round. The funding round, co-led by Temasek and Shell Ventures, features a consortium of distinguished global investors, including Bidra Innovation Ventures, BlueScope, Galp, Samsung Venture Investment, Toppan Ventures, Tupras Ventures, Yara Growth Ventures, and Zeon Ventures.

This fresh infusion of capital is poised to expedite the launch and commercialization of Verdagy’s groundbreaking eDynamic® 20-megawatt (MW) electrolyzer module. This module is set to lay the foundation for future systems at an impressive scale of 200MW and beyond. Having already achieved successful commercial unit deployments with existing partners, Verdagy is set to broaden the horizon of its innovative eDynamic electrolyzer technology. Its expansion will reach into the corridors of heavy industries, including oil and gas, ammonia, steel, and e-fuels, ultimately bolstering the global pursuit of industrial decarbonization.

Verdagy’s ascent aligns seamlessly with the evolving landscape of green hydrogen, which hinges on the renewable-driven separation of water into hydrogen and oxygen. The prowess of Verdagy’s technology lies in its ability to facilitate profound decarbonization in heavy industries by facilitating the integration of green hydrogen on an extensive scale. With a focus on cost-effectiveness, Verdagy’s eDynamic 20MW electrolyzers, equipped with the unique single-element architecture SmartCells, exemplify a synergy of reduced investment costs and operational efficiency. This efficiency, coupled with real-time performance monitoring and predictive maintenance capabilities, translates directly into increased hydrogen production.

Verdagy’s journey into the realm of green hydrogen is spearheaded by a team of industry stalwarts, each bringing a wealth of expertise. CEO Marty Neese, with a legacy encompassing SunPower and Ballard, steers the ship with experience aplenty. COO Peter Cousins draws upon his accomplishments in scaling Tesla’s gigafactories, while Founder and Board Member Dr. Ryan Gilliam, a serial entrepreneur and founder of industrial decarbonization entities Fortera and Chemetry, adds a visionary dimension.

“Our patented large electrochemical cells, employing membranes and facilitating high current density operations, have redefined the economics of electrolyzers,” stated Neese. “Verdagy stands ready to drive global scalability.”

Verdagy’s resounding impact is attested by partners across the industry spectrum. Stian Nygaard, Investment Director at Yara Growth Ventures, acknowledged the pressing need for competitive, clean hydrogen in industries like ammonia and fertilizers, recognizing Verdagy’s vital role. “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,” revealed Rajesh Swaminathan, Partner at Khosla Ventures.

The journey from pioneering technology to a formidable commercial endeavor is encapsulated by Verdagy’s transformative progression. “Verdagy is at an inflection point – going from proven technology to commercialization stage,” expressed Amar Singh, Head of Group at Bidra Innovation Ventures.

This infusion of capital resonates as a resounding affirmation of Verdagy’s potential to shape the future of green hydrogen, resonating across industries and continents. With a vision rooted in innovation and a commitment to sustainable progress, Verdagy strides forward to chart the course towards a greener, more dynamic energy future.

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