Verdagy, a trailblazer in scaling electrolyzer technologies for industrial applications, has just closed an impressive $73-million Series B funding round, a testament to the growing momentum of the green hydrogen revolution.
The funding, co-led by Temasek and Shell Ventures, with a consortium of global investors, will fuel the acceleration of Verdagy’s groundbreaking eDynamic 20 megawatt (MW) electrolyzer module, poised to reshape the landscape of green hydrogen production and drive industrial decarbonization.
Verdagy’s latest funding coup comes as a resounding vote of confidence in the potential of green hydrogen, a pivotal solution in curbing carbon emissions. The company’s eDynamic 20MW electrolyzer module stands as a cornerstone for future systems operating at a colossal 200MW scale and beyond. With initial deployments already underway with key partners, Verdagy is on the cusp of unleashing its revolutionary electrolyzer technology across heavy industries ranging from oil and gas to steel and e-fuels. This strategic move amplifies Verdagy’s role in steering global industries toward a cleaner, more sustainable trajectory.
At the heart of Verdagy’s groundbreaking approach is its eDynamic technology, a catalyst for deep decarbonization in energy-intensive sectors. Fueled by renewable energy sources like solar and wind, Verdagy’s technology harnesses the potential of green hydrogen at a grand scale. One of its key advantages is its ability to drive down the investment threshold by marrying low operating costs with flexible operational capabilities. The inclusion of single-element architecture SmartCells and their impressive operational footprint, coupled with real-time performance monitoring and predictive maintenance, further solidifies Verdagy’s technological prowess.
The visionaries steering Verdagy’s green hydrogen revolution are no strangers to innovation. CEO Marty Neese brings a wealth of experience from companies like SunPower and Ballard. COO Peter Cousins boasts a resume with Tesla’s gigafactories scaling. Meanwhile, Founder and Board Member Dr. Ryan Gilliam, a serial entrepreneur and decarbonization pioneer, has cemented his legacy with ventures like Fortera and Chemetry. This leadership trifecta not only represents a wealth of experience but also embodies a commitment to producing hydrogen at scale, a crucial step in addressing the pressing needs of decarbonization.
With an enviable team and proven technology, Verdagy is poised to transition from innovation to widespread commercialization. By leveraging its patented large electrochemical cells and optimizing operations, Verdagy is propelling itself onto the global stage as a frontrunner in the green hydrogen economy.
The funding round’s remarkable diversity of investors underscores the universal appeal of Verdagy’s mission. Yara Growth Ventures, for instance, emphasizes the need for clean hydrogen to revolutionize the ammonia and fertilizer industry. Khosla Ventures underscores Verdagy’s journey from technology validation to building a resilient business. TDK Ventures underscores the pivotal role Verdagy can play in Morocco’s unique energy landscape.
As Verdagy pivots from promise to practice, the green hydrogen revolution gathers momentum. With each milestone, the world edges closer to a future of cleaner, greener energy, driven by technological innovation and a commitment to sustainability.