Estonia’s emerging hydrogen ecosystem has got one more success story in the making. Tallinn-based Stargate Hydrogen has raised €42M in seed funding. The investment will be used to scale its unique electrolyser technology, which differs in materials and development approach, enabling the cost of green hydrogen to be reduced to €1 per kilogram.
The financing round is led by UG Investments through equity investment and grant funding from the EU-led IPCEI framework for hydrogen technologies. Other investors and grants are also involved.
So, what’s the big deal? Stargate’s IPCEI focuses on enhancing alkaline technology with a new catalyst material that is more active than current market alternatives. The startup is utilizing ceramic-based catalyst material instead of precious metals to lower the cost of hydrogen production without sacrificing the reliability of alkaline technology. Furthermore, Stargate has created its own stack and system design by treating the electrolyser as a battery system, leveraging insights gained from the rapid advancements in lithium-ion battery technology over the last 15 years.
A hydrogen revolution in the making
Hydrogen should be used in systems, just like any other type of fuel, and an electrolysis stack is the heart of a system for green hydrogen production. Introduced at the World Hydrogen Summit, its European-made Alkaline Electrolysis Stack, named Stellar 100, can produce up to 100Nm3/h of green hydrogen. This capacity is equivalent to powering a car for 1000 kilometres every hour.
Stargate’s IP portfolio includes all system levels, from materials and electrodes to control systems. Stargate has already installed its electrolyser technology, with Utilitas as a notable offtake customer.
But the company has more to unveil beyond an impressive fundraising feat. In addition, Taavi Madiberk, Founder and CEO of Skeleton Technologies — Estonia’s most likely future unicorn according to polls, — has been appointed as Stargate Hydrogen’s Non-Executive Chairman.
“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.”
“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,” said Taavi Madiberk on his appointment.
Do you want to participate in a future $2.5 trillion hydrogen global market? Start in Estonia! Book a time via e-Consulting to speak to your personal investment advisor.
