Verdagy, a firm creating a water-based electrolyzer for green hydrogen generation, has received USD 25 million in funding from BHP Ventures, TDK Ventures, Tech Ventures, Orbia, Shell Ventures, Doral Energy, Kholsa Ventures, and Temasek.
The concept is intended to produce hydrogen fuel for heavy industrial uses, which account for around one-third of world emissions. By using renewable energy sources such as solar and wind, the electrolyzer can lower its carbon footprint.
In May 2021, Verdagy was spun off from the chemical business Chemistry to create a revolutionary water electrolysis system. Using an electric current, the company’s technology divides water into oxygen and hydrogen molecules. To supply hydrogen at scale, the membrane-based technique employs high current densities, large active area cells, and wide working ranges.According to the company, its largest cells work at energy densities ten times greater than typical alkaline water electrolysis. According to the company, it has a load shedding capability of 95%, allowing it to reduce energy costs while increasing productivity.
According to Verdagy, analysts now project that the global green hydrogen market will approach USD 89 billion by 2030. According to the corporation, the combination of increased demand and lower costs has resulted in a 50% to 60% reduction in renewable energy and electrolysis pricing.
Verdagy has a pilot facility at Moss Landing, California, which is a hub for large-scale solar development and energy storage.
Orbia CEO Sameer Bharadwaj said, “We understand that green hydrogen at the appropriate height and cost is feasible to decarbonize manufacturing processes of aluminum, steel, chemicals, & cement, and, in combination with carbon dioxide, facilitates the output of other chemical fuel sources and liquid fuels for aviation and marine applications.” Orbia intends to contribute to Verdagy’s success through its knowledge of basic & advanced substances, large-scale chemical processes, and a strong focus on decarbonization techniques that allow for a viable future, “adds Orbia.” Orbia wishes to help Verdagy succeed.
Orbia stated that it is investing in water management, food security & growth, data access, infrastructure development, sustainable energy, and health advancement, as well as energy storage & decarbonization, in addition to hydrogen electrolysis.