UK-based green hydrogen electrolyser developer Oort Energy has closed its oversubscribed £5m seed raise led by Energy Revolution Ventures (ERV), an early-stage electrochemistry specialist investor.
This funding augments approximately £800k in non-dilutive grants awarded to the company by various UK and EU government bodies.
The major seed round investors include TRIREC, an Asian based decarbonisation fund, as well as a corporate strategic investor.
The funding will support the set-up of the company’s electrolyser stack manufacturing facility and the deployment of their first fully compliant demonstrator to produce green hydrogen from renewable energy.
The seed funding round was closed in two equal tranches, with the first tranche utilised to build the team and launch its manufacturing facility.
The second tranche allowed the company to bring in a strategic investor, who will assist with supply chain and large-scale manufacturing.
Oort Energy’s patented polymer electrolyte membrane (PEM) electrolyser technology drives down green hydrogen production costs, according to the company.
Combining deep material innovations with a scalable manufacturing architecture, its electrolyser product delivers customers leading efficiencies at ultra-low costs, Oort added.
The company has already completed the design of a 250kW stack platform and is preparing for mass manufacture.
They are on track to deliver their first fully compliant containerised electrolyser solution to a customer site with commissioning planned for Q3 2023.