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Tuesday, June 18, 2024

Estonian greentech company Stargate Hydrogen bags huge amount of seed funding!

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Tallinn-based greentech Stargate Hydrogen has completed a successful seed round of €42 million. The round includes an equity investment by UG Investments and grant financing from IPCEI (Important Project of Common European Interest) framework for hydrogen technologies, with the participation from other investors and grants. The company has come up with a green hydrogen technology to fight against climate change in the industries such as steelmaking, fertilizers and chemicals. What new they bring to the table is to count the cost of green energy. The funding will feed their goal to scale up their patented electrolyser technology. They also appoint Skeleton Technology’s founder Taavi Madiberk as Non-Executive Chairman.

Stargate Hydrogen is a pioneering force in green hydrogen solutions and their 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 per kilogram. 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. Additionally, Stargate has developed its proprietary stack and system design, using a development approach that considers electrolyser as a battery system, thereby adopting the learnings from the rapid developmental cycles of lithium-ion batteries over the past 15 years.

Stargate is proud to be recognized as an IPCEI project and to be part of the hydrogen technology wave that includes industry-leading companies such as Enel Green Power, De Nora, Sunfire and others. 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.

Stargate Hydrogen is thrilled to announce the appointment of Mr. Taavi Madiberk. The IP portfolio of Stargate covers all the levels of the system, including materials, electrodes, stack and even control systems of the whole plant. The first installations of Stargate´s electrolyzer technology are already on the field, and offtake customers include Utilitas, one of the largest renewable energy developers in the Baltic Sea region. In tandem with this financing achievement, Stargate Hydrogen is thrilled to announce the appointment of Mr. 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.”

Taavi Madiberk also commented on his appointment:

“When I first met with the CTO, Dr. 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”.

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.

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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