Agronomics, a leading company in the field of cellular agriculture, has made a significant A$2.5 million investment in HydGene Renewables.
HydGene Renewables utilizes synthetic biology to engineer microorganisms for the production of hydrogen. This investment, sourced from Agronomics’ own cash reserves, is part of HydGene’s A$6 million seed financing round and will grant Agronomics a 12.5% stake in the company. Notable participants in the round include the Clean Energy Finance Corporation, Understorey Ventures, and NOAB Ventures.
HydGene has developed a groundbreaking method to produce green hydrogen, an environmentally friendly energy source, through the use of microorganisms. These microorganisms, known as “biocatalysts,” have the capability to convert waste biomass into valuable gases like hydrogen and ammonia. This technology also allows for localized hydrogen production, reducing the expenses associated with transportation and storage.
HydGene’s unique decentralized approach aims to expedite the cost-effective adoption of low-carbon technology across the fuel sector, signifying a significant impact on the global shift toward hydrogen fuel.
The global hydrogen market is poised for substantial growth, with a valuation of US$160 billion in 2022. Projections suggest that by 2050, it could become a US$2.5 trillion market, with hydrogen potentially accounting for 18% of the global energy supply.