London, UK-based hydrogen electrolyzer developer Oort Energy raised GBP 5M in Seed funding. The round took place on June 7, 2023. Energy Revolution Ventures (ERV), an early-stage electrochemistry specialist investor, led the financing for the company. TRIREC, an Asian-based decarbonization fund, as well as a corporate strategic investor, joined in the funding.
In addition, the seed funding augments nearly GBP 800K in non-dilutive grants awarded to the company by various UK and EU government bodies.
Meanwhile, the completion of seed financing took place in two equal tranches. With the first tranche, the company intended to build the team and launch its manufacturing facility. On the other hand, the second tranche enables the company to bring in a strategic investor who will assist with the supply chain and large-scale manufacturing.
Purpose of financing for Oort Energy
With the latest financing, Oort Energy seeks to set up the company’s electrolyzer stack manufacturing facility.
It also intends to fuel the deployment of its first fully compliant demonstrator to produce green hydrogen from renewable energy.
What the company’s official has to add
Nick van Dijk, CEO of Oort Energy, said, “We are delighted to close our seed funding round with such strategic and supportive partners. This is instrumental in delivering the first demonstration of our product portfolio onto a customer site and allowing us to formally launch onto the market with our 250 kW and 1MW commercial scale systems in 2023. The green hydrogen technology market is rapidly expanding, and our next-generation products will help drive the transition to net zero.”
What the investors have to add
Marcus Clover, Co-founder & Partner of Energy Revolution Ventures, further said, “Oort has radically redesigned the electrolyzer stack for cost, scalability, and reliability. Their technology produces clean hydrogen through electrolysis, cost-effectively accelerating the decarbonization of industries such as fertilizer, steel and shipping. Nick and his team have the right experience and strategy to deliver reliable, cost-effective electrolyzer products which will unlock hydrogen as a key driver for gigaton carbon reduction. We believe Oort Energy is set to shape the future hydrogen economy.”
About the company
Nick van Dijk is the Chief Executive Officer of the company launched in 2022. Oort Energy is revolutionizing the green hydrogen electrolyzer industry by delivering its next-generation electrolyzer technology. Oort Energy’s mission is to drive down the cost of green hydrogen for a sustainable future. The company’s products produce clean hydrogen gas from water and renewable electricity.
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