Electrolyser start-up Oort Energy secures £5 million seed funding

UK-based PEM electrolyser developer Oort Energy has closed its oversubscribed £5 million seed raise, which will be used to 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.

Founded by electrolyser industry veterans, Oort Energy’s mission is to drive down the cost of green hydrogen for a sustainable future.

The seed raise was led by Energy Revolution Ventures (ERV), an early-stage electrochemistry specialist investor. The major seed round investors include TRIREC, an Asian based decarbonisation fund, as well as a corporate strategic investor. This funding augments approximately £800,000 in non-dilutive grants awarded to the company by various UK and EU government bodies.

The seed funding round was closed in two equal tranches, with the first tranche utilized to build the team and launch its manufacturing facility, whilst 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 PEM electrolyser technology drives down green hydrogen production costs. The company has fully reinvented the stack from first principles. Combining deep material innovations with a scalable manufacturing architecture, their electrolyser product is claimed to deliver customers leading efficiencies at ultra-low costs.

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.

“Oort has radically redesigned the electrolyser stack for cost, scalability, and reliability. Their technology produces clean hydrogen through electrolysis cost-effectively accelerating decarbonisation of industries such as fertilizer, steel and shipping,” said Marcus Clover, Co-founder and Partner of Energy Revolution Ventures. “Nick and his team have the right experience and strategy to deliver reliable, cost-effective electrolyser 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.”

Nick van Dijk, CEO, Oort Energy, commented: “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.”

HTW Editorial Team

HTW Editorial Team

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