Oort Energy, a developer of hydrogen electrolyser technology based in the UK, has raised £5 million in its Seed funding round.
The funding was oversubscribed and led by Energy Revolution Ventures (ERV), an investor specializing in early-stage electrochemistry projects.
In addition to this investment, Oort Energy has also secured approximately £800,000 in non-dilutive grants from various government bodies in the UK and EU.
Notable participants in the Seed round include TRIREC, a decarbonisation fund based in Asia, and a corporate strategic investor. The capital raised will be utilized to establish Oort Energy’s manufacturing facility for electrolyser stacks and deploy their first fully compliant demonstrator, which aims to produce green hydrogen using renewable energy sources.
The Seed funding was divided into two equal tranches. The initial tranche enabled Oort Energy to build its team and launch the manufacturing facility. The second tranche facilitated the entry of a strategic investor who will contribute expertise in supply chain management and large-scale manufacturing.
Oort Energy’s proprietary polymer electrolyte membrane (PEM) electrolyser technology plays a crucial role in reducing the costs associated with green hydrogen production. The company has already completed the design of a 250 kW stack platform and is preparing for mass production. The first fully compliant containerised electrolyser solution is expected to be delivered to a customer site in Q3 2023, with commissioning scheduled accordingly.