Stargate Hydrogen, an Estonian manufacturer of innovative electrolyzer stacks and systems, has announced the successful completion of its series A funding round, raising €11 million in equity investments from strategic customers and investors, including SmartCap. The company shared the news on the website.
About Stargate Hydrogen
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Stargate Hydrogen, founded in 2021, is developing reliable production equipment that aims to bring down the cost of green hydrogen by operating at higher efficiency compared to the existing solutions.
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Instead of precious metals, Stargate uses ceramic-based catalyst material that allows to lower energy consumption while keeping the investment needs low.
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Stargate has also developed a proprietary stack technology, focused on increasing the reliability of hydrogen production across the project lifecycle and minimizing the degradation of the equipment.
"This funding gives us firepower to execute our roadmap, enhance our production capabilities, and provide our customers with electrolysis technology that allows significant cost-down on the price of green hydrogen. Our view is that only companies with unique, proprietary technology will survive through the current green hydrogen market cycle," said Marko Virkebau, CEO of Stargate Hydrogen.
Investment details
The round was backed by Giga and UG Investments, accompanied by SmartCap Green Fund and state-backed venture capital fund investing in greentech companies with global ambitions.
SmartCap, Estonia’s state-owned venture capital fund, supports innovative companies and strengthens the venture capital market. Its SmartCap Green Fund invests in high-growth greentech companies, driving sustainable development in energy, agriculture, transport, and more.
With this funding, Stargate Hydrogen will scale its manufacturing capacity, significantly expand its internal testing capabilities, and establish key strategic partnerships with the leading players in the global green hydrogen ecosystem.
A year ago, AIN informed that SmartCap changed investment focus for its Green Fund.
