The raising is one of the biggest Series B cleantech funding rounds in the country's history
Baker McKenzie has guided Hysata on a landmark Series B fundraising which raised $172m (US$111m).
This fundraising is among the largest Series B cleantech funding rounds in Australia’s history; moreover, it is among the bigger venture capital financings in the country in the last two years.
The round was led by bp Ventures and Templewater, with significant support from current strategic and financial investors IP Group Australia, Kiko Ventures (the cleantech platform of IP Group plc), Virescent Ventures on behalf of the Clean Energy Finance Corporation, Hostplus, Vestas Ventures and BlueScopeX. Also joining the round were new strategic and financial investors POSCO Holdings, POSCO E&C, IMM Investment Hong Kong, Shinhan Financial Group Co., Twin Towers Ventures, Oman Investment Authority VC arm IDO and TelstraSuper.
Baker McKenzie lead partner Liam Hickey said that the funds would "assist the company to proceed with the expansion of production capacity and the ongoing development of its innovative technology”. Hysata plans to increase production capacity at its beachside manufacturing facility in Wollongong and to progress its efforts to achieve gigawatt-scale manufacturing.
“This is a major milestone for Hysata and the green hydrogen industry in Australia", Hickey said.
Hickey received support from a team consisting of Po Tsai, Sean Paulding, Toby Patten, Alex Hewitt, Matt Coleman, Max Dowzer-Strode, Jonathan Kelt, Erica Kidston and Ben Burke.
Hysata is in the process of developing high-efficiency electrolysers to produce green hydrogen at scale.
