Australia's Hysata raises $111 million in second funding round

Australian green hydrogen electrolyser firm Hysata said on Thursday that it has raised a total of $111 million in funding led by British oil giant bp's investment arm BP. and Hong Kong asset management firm Templewater.

An investment of $10 million each has been made by bp Ventures and Templewater in the second round of funding, Hysata said in an exchange filing.

The Wollongong-headquartered company said it would use the funds to expand production capacity at its electrolyser facilities in New South Wales.

"With high-efficiency, intrinsically low capex and a mass-manufacturable design, Hysata aims to drive down the levelised cost of hydrogen," CEO Paul Barrett said in a statement.

"This is the first advanced alkaline electrolyser technology that bp Ventures has invested in. It could provide optionality for our hydrogen business as bp aims to become a global leader in low carbon hydrogen production," said Gareth Burns, vice president at bp Ventures.

Hysata said it also welcomed a group of new investors including South Korean steel manufacturer POSCO Holdings 005490, Shinhan Financial Group and IMM Investment Hong Kong.