Temasek Invests in Electrolysis Spinout Verdagy
Posted on 02/10/2022
Verdagy announced the closing of a US$ 25 million funding round led by TDK Ventures Inc. Syndicate members represent leaders in a wide range of industries focused on the use of green hydrogen and renewable energy for deep decarbonization, and include (in alphabetical order) BHP Ventures, Doral Energy Tech Ventures, Khosla Ventures, Orbia Ventures, Shell Ventures, and Temasek Holdings. Spun out of Chemetry in May 2021 with seed investment from Khosla Ventures, Verdagy is leveraging years of electrochemical experience to develop technology that will meet the cost and performance targets necessary for broad adoption of green hydrogen across multiple industries. New funding will enable Verdagy to scale-up and demonstrate world-class green hydrogen electrolyzer technology.
TDK Ventures Inc. invests in startups to bolster innovation in materials science, energy/power and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly-owned subsidiary of TDK Corporation, the corporate venture company’s vision is to propel the digital and energy transformations of segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates.
BHP Ventures is the in-house venture capital arm of BHP, seeking investments in emerging technologies and management teams to help drive innovation within BHP today and provide a valuable portfolio of potential growth options for the decades ahead. BHP is a leading global natural resources company with over 80,000 employees and contractors, primarily in Australia and the Americas. BHP’s products are sold worldwide, and it is among the world’s top producers of major commodities, including iron ore, copper, nickel and metallurgical coal.
Doral Energy-Tech Ventures (Doral-Tech) is the technology, innovation and investment arm of the Doral Renewable Energy Resources Group, a renewable energy and environmental infrastructure developer. Doral-Tech partners with inspiring entrepreneurs to build breakthrough companies taking on major global sustainability challenges. We invest in promising energy innovators, providing the expertise, capital and strategic support to bring to market groundbreaking technologies in a range of renewable energy and clean-tech related fields.
Orbia Ventures is the venture investment arm of Orbia, a community of companies bound by a shared purpose: to advance life around the world.
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc.
NOTE: Verdagy (derived from verde – green, agy – energy).
