8 May 2013
Hydrexia raises A$9.25 million investment from Air Liquide (ALIAD), Southern Cross Renewable Energy Fund and Uniseed for innovative, solid state hydrogen storage.
Hydrexia Pty Ltd, an early stage company based in Brisbane, Australia, has closed its Series B funding round, raising A$9.25 million from Air Liquide lnvestissements d’Avenir et de Demonstration S.A. (ALIAD), the corporate venturing arm of Air Liquide SA, Southern Cross Renewable Energy Fund, a co-investment arrangement between the Australian Government (through the Australian Renewable Energy Agency’s Renewable Energy Venture Capital Fund) and SBCVC, managed by Southern Cross Venture Partners, and Uniseed, the early-stage commercialisation fund, a founding investor in the Company when it was spun off from The University of Queensland in June 2006.
Hydrexia is commercialising innovative solid state hydrogen storage technology based on its proprietary magnesium alloy. Hydrexia’s solid state storage systems have the potential to be superior to conventional compressed hydrogen storage systems in both cost and density of hydrogen storage, while enhancing safety by operating at low pressure. As well, this technology can address other emerging hydrogen applications such as hydrogen refuelling and energy storage.
To date, Hydrexia has proven its technology with commercial-scale prototypes. The Company will now focus on scaling up its systems and processes, and work with its development and supply chain partners to deliver commercial ready products to its customers.
“Hydrexia is very pleased to announce the closing of this A$9.25 million, Series B funding round and to welcome the addition of Air Liquide, Southern Cross Renewable Energy Fund and SBCVC to the existing investors, including Uniseed, Conduit Ventures and GBS Ventures. The Hydrexia team has worked hard to develop its innovative technology to this stage and is looking forward to working with our partners and customers to get our products into the market”, said Jeffrey Ng, CEO.
Based in Brisbane, Australia, Hydrexia is an early-stage company commercialising hydrogen storage technology based on its proprietary magnesium alloy. The Company’s systems have advantages over conventional, compressed hydrogen storage systems, including lower cost, higher storage densities and enhanced safety. This enables Hydrexia to address the existing industrial market for hydrogen, as well as other emerging hydrogen applications such as hydrogen refuelling for fleets and over-the-road vehicles, and energy storage, particularly linked to renewable energy generation.