Australia-based Hysata has closed a US$111-million B round with strong backing from existing major strategic and financial global investors. The company said that the investment demonstrates global recognition for its high efficiency electrolyzer (95% system efficiency, 41.5 kWh/kg incl BoP) with intrinsically low capex and a capital efficient path to mass manufacturing.

bp Ventures and Templewater co-led led the investment round in the company—each investing $10 million—with strong backing from existing major strategic and financial investors IP Group Australia, Kiko Ventures (IP Group plc’s cleantech platform), Virescent Ventures on behalf of Clean Energy Finance Corporation, Hostplus, Vestas Ventures and BlueScopeX.

The company also welcomed new major strategic and financial investors POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group Co., Twin Towers Ventures, Oman Investment Authority’s VC arm IDO and TelstraSuper.

Hysata will use the funding to expand production capacity at its manufacturing facility in Wollongong, New South Wales and further develop its technology as it focuses on reaching gigawatt scale manufacturing.

Hysata’s technology combines engineering and science in a capillary-fed alkaline electrolyzer that uses less energy to convert water to hydrogen. Hysata’s electrolysis design is underpinned by two key innovations: an ultra-low resistance separator; and bubble-free operation. Together, these factors collapse the resistance of the cell and make the cell highly efficient.