Singapore based cleantech company SunGreenH2 announced Wednesday it has raised a $2 million seed round led by SGInnovate.
The round also saw participation from Vinci VC, Cap Vista, Entrepreneur First, SOSV’s HAX, she1K, T. Chen Fong and Apsara Investments, SunGreenH2 said in a statement.
The news comes alongside the announcement of a grant award the company recently received as part of the $8 million partnership between the Energy Market Authority (EMA) and Shell in Singapore.
According to the statement, the seed funding will go to setting up SunGreenH2’s first manufacturing facility to meet the demands of their early partners.
SunGreenH2 is currently conducting trials of its materials with leading global electrolyser original equipment manufacturer (OEMs), and its prototype electrolyser cell is currently under demonstration at A*STAR’s Institute of Materials Research and Engineering.
As demand for its solution increases, the company has explored opportunities with major players in the green hydrogen market in Singapore, European Union, North America, Japan and India.
“We’re currently collaborating with major electrolyser manufacturers in Asia Pacific, Europe and North America, and have pilot projects secured,
“This strong interest is not surprising when you consider that the growth of the global electrolyser market is exponential – by 2030, it’s expected to be 500 times larger than it was just a few years ago,” said Tulika Raj, Co-Founder and Chief Executive Officer of SunGreenH2.
According to her, the group is focusing on creating affordable green hydrogen, which will have a long term impact in driving overall hydrogen prices downwards.
By providing more advanced technology than what is currently available, she said SunGreenH2 makes possible mass-scale up of electrolyzers by directly causing electrolyzer manufacturers to compete more effectively in the distributed hydrogen stack.
“This opens the door to widespread adoption of green hydrogen in industry, transport, and long duration energy storage. Our aim is to unlock sustainable, scalable, affordable green hydrogen production globally,” she added.
Meanwhile, SunGreenH2 Co-Founder and Chief Technology Officer Saeid Masudy Panah said an added benefit to SunGreenH2’s electrolyzer cell is its stable material composition, which can be easily sourced and produce up to twice as much hydrogen from a given electrolyser cell size, leading to halving of stack size and material costs as well as space requirement.
This is an especially relevant design solution for space constrained economies like Singapore and for green hydrogen use in urban environments, he added.
SunGreenH2 is a company advancing the hydrogen economy with breakthrough technology for affordable green hydrogen production.
Its core components for electrolysers, fuel cells, batteries and solar-hydrogen panels provide significant performance, cost and durability advantages for these energy transition materials.
The firm manufactures electrodes, porous transport layers and bipolar plates that dramatically increase hydrogen production from all electrolysers whilst utilizing significantly lower amounts of precious metals and reducing energy consumption.
Leveraging over ten years of cutting edge research in electrochemistry and nanotechnology carried out in Singapore, the company is currently working with leading global electrolyser OEMs and hydrogen end users to bring its products to market.
SGInnovate Executive Director of Investments Hsien-Hui Tong said he believes that SunGreenH2’s innovative products will contribute to advancements in hydrogen production, greatly increasing the viability of hydrogen as an accessible source of clean energy to meet the future needs.
“With decarbonisation becoming a critical global priority, we remain focused on supporting companies that leverage emerging technologies to bring us closer to making the hydrogen economy a reality,
“As an investor and partner in SunGreenH2’s growth journey, SGInnovate is looking forward to working closely with the team to help the company achieve their full potential,” he added.
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