The financing round includes strategic customers with backgrounds in renewable energy and utilities, such as Giga and UG Investments, alongside SmartCap Green Fund, a state-backed venture capital fund investing in green tech companies with global ambitions.
Instead of using precious metals, the Estonian electrolyser manufacturer has developed a proprietary stack technology that utilises a ceramic-based catalyst material, reducing energy consumption while keeping investment requirements low. With this funding, Stargate Hydrogen will scale its manufacturing capacity, significantly expand its internal testing capabilities, and establish key strategic partnerships with leading players in the global green hydrogen ecosystem.
“We are thrilled to have SmartCap and Giga joining our ownership structure, along with additional investment from UGI,” said Marko Virkebau, CEO of Stargate Hydrogen. “To have strategic customers investing into the company is the strongest testament to the progress we made. 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.”
Sille Pettai, CEO of SmartCap and manager of SmartCap Green Fund, funded by the European Union’s NextGenerationEU, said: “We decided to invest in Stargate Hydrogen due to their highly innovative approach to green hydrogen production, accompanied by an impressive list of customers and strong unit economics. Funding the scale of manufacturing of innovative green technologies is central to the green transition and our strategic objectives, as it enables wider adoption of sustainable energy solutions.”
