Stargate Hydrogen, an Estonian company that produces green hydrogen solutions, has announced the successful completion of its seed funding round, raising €42 million. This significant investment, including equity and grant instruments, will be used to scale up its patented electrolyser technology.

The financing round is led by an equity investment by UG Investments and grant financing from the IPCEI (Important Project of Common European Interest) framework for hydrogen technologies. The funding also includes contributions from other investors and grants.

The core of Stargate’s IPCEI is complementing reliable and robust alkaline technology with a new form of catalyst material that is inherently more active compared to alternatives available on the market today.

Taavi Madiberk will join as Stargate Hydrogen´s Non-Executive Chairman

Stargate’s IP portfolio covers all the system levels, including materials, electrodes, stack and even control systems of the whole plant. The first installations of Stargate´s electrolyser technology are already on the field, and offtake customers include Utilitas, one of the largest renewable energy developers in the Baltic Sea region.

In addition to this financing milestone, Stargate Hydrogen welcomes Taavi Madiberk, the founder and CEO of Skeleton Technologies, the world’s leading manufacturer of graphene-based supercapacitors, as the company’s Non-Executive Chairman.

With a deep understanding of disruptive innovation, Taavi Madiberk brings invaluable expertise and strategic vision to Stargate Hydrogen’s board. “We are delighted to welcome Taavi Madiberk to our leadership team as Non-Executive Chairman,” remarked Marko Virkebau, CEO of Stargate Hydrogen. “His proven leadership in driving deep-tech advancements will be instrumental in guiding Stargate Hydrogen through its next phase of organizational and manufacturing scale-up.”

Game-changer on the market

“When I first met with the CTO, Rainer Küngas, I immediately realized that his approach to developing electrolysers is completely different and could be a game-changer on the market. The management team of Stargate has made exceptional progress over the past years and there are already large corporations using their technology. I have been supporting Stargate from the beginning, but I look forward to working with the team even closer now,” commented Taavi Madiberk.

Stargate Hydrogen’s technology is fundamentally different from other electrolysers in terms of both materials and the development approach used, allowing to bring down the cost of green hydrogen to 1 euro per kilogram.

As the global demand for clean, sustainable energy solutions continues escalating, Stargate Hydrogen remains committed to decarbonising the industry by enabling the switch from grey to green hydrogen. The infusion of €42 million in funding, coupled with the appointment of Mr. Madiberk as Non-Executive Chairman, positions Stargate Hydrogen at the forefront of the growing hydrogen economy.

GOOD TO KNOW

• Instead of precious metals, Stargate is using ceramic-based catalyst material that significantly contributes to the reduction in levelised cost of hydrogen, without renouncing the reliability of alkaline technology.
• Stargate has developed its proprietary stack and system design using a development approach that considers electrolysers as battery systems, thereby adopting the learnings from the rapid developmental cycles of lithium-ion batteries over the past 15 years.

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