Estonian electrolyser developer Stargate Hydrogen has raised €11m ($11.6m) in funding and secured strategic customers, including Giga and UG Investments.
With the funding, Stargate expects to scale its manufacturing capacity, expand its testing capabilities and establish partnerships with “leading players” in the green hydrogen ecosystem.
The financing round was made up of customers with backgrounds in renewable energy and utilities, such as Giga and UG Investments, whilst SmartCap Green Fund also invested, a state-backed venture capital fund investing in green tech companies.
“We are thrilled to have SmartCap and Giga joining our ownership structure, along with additional investment from UGI,” explained Marko Virkebau, CEO of Stargate Hydrogen.
“To have strategic customers investing in 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.”
SmartCap CEO and Green Fund Manager Sille Pettai said the organisation invested in Stargate due to their “highly innovative approach to green hydrogen production.”
The CEO added, “In order to realise the green energy transition, we need companies like Stargate that innovate on the material level and can radically bring down the cost of the energy transition.”
Last year, Stargate was selected by Fortum to supply an alkaline electrolyser plant to Loviisa, Finland.
Read more:Stargate to provide alkaline electrolyser to Finnish project
Furthermore, the company said last April (2024) that its alkaline system boasts an 80% stack-level efficiency.
According to Stargate, its Stellar 100 stack is the “most efficient” stack for green hydrogen production on the market.
Read more:Stargate Hydrogen unveils ‘Stellar 100’ alkaline stack with 80% efficiency
Media Guide
Don’t just stay at the forefront of the latest news and views in the hydrogen economy, position yourself at the forefront with H2 View. Reach the right target audience for your company through our range of promotional platforms.
Whether online, in print, or as part of our newsletters, H2 View has a range of advertising options to meet your objectives. Download H2 View’s 2025 media guide today.
