Copenhagen-based Dynelectro has successfully raised €11 million to advance its 1-MW Dynamic Electrolyser Unit (DEU) technology, aimed at accelerating the green hydrogen economy. The funding round saw participation from prominent investors such as Denmark’s Export & Import Fund Organisation (EIFO), Yara Growth Ventures, Vsquared Ventures, PSV DeepTech, The Footprint Firm. Additionally, Dynelectro secured €9 million in grants through partnerships with industry leaders like Shell and the European Innovation Council. The funds will be utilized to develop and deploy the DEU at European Energy’s Danish renewable energy facility, enhancing the production of sustainable hydrogen and contributing to the green energy transition.
Dynelectro’s technology focuses on next-generation solid-oxide electrolysis (SOE) and offers unparalleled system performance and longevity. SOE aids decarbonisation in hard-to-abate sectors by efficiently producing hydrogen and utilising industrial waste heat. It supports heavy industries and chemical production by providing on-site hydrogen, reducing emissions, and generating synthetic fuels and enabling the green energy transition in these sectors. SOE is poised to revolutionise the energy sector by enhancing energy efficiency, reducing costs and to facilitate broader renewable integration.
“Dynelectro is an exemplary example of a company that has developed sustainable solutions with venture capital that we need both in Denmark and worldwide. We are pleased that a Danish company has cracked the code to make electrolysis more profitable, and how Dynelectro strengthens Europe’s position as a pioneer in Power-to-X,” says Christian Winther, Partner, Tech & Industry, EIFO Investment.
“We are excited to reach this pivotal stage in our growth,” said Sune Lilbaek, Chief Executive Officer of Dynelectro. “This investment round not only validates our technology but also sets the stage for our growth and significant advancements in sustainable energy in general.”
The investment by Yara International via its investment arm Yara Growth Ventures is significant as it demonstrates industry interest for the technology. Yara is the world’s second-largest ammonia producer and leads the transition to low-carbon solutions.
Current electrolysis technologies waste 25-50% of input electricity, limiting their commercial and sustainability potential. Solid oxide electrolysis (SOE) offers the highest conversion efficiency but has been hindered by short lifespan, making it cost-prohibitive. Dynelectro’s innovative AC:DC technology addresses this issue, extending SOE lifespan from 2 years to 10 years, thereby aligning it with other electrolyser technologies. This advancement reduces costs and enables quick production adjustments, aiding in grid balancing through ancillary services. Consequently, Dynelectro becomes a crucial partner for Power-to-X developers striving to lower green hydrogen costs.
The completion of the first 1-MW unit installation at European Energy’s renewable energy facility in Denmark is scheduled for the first half of 2025, demonstrating the practical applications and benefits of this advanced energy solution.
Eva Nielsen, Global PTX Advisor, Ramboll Group, says: “Dynelectro has made inventions and holds rights to several significant patents that have the potential to lead to a significant breakthrough for hydrogen technology and Power-to-X.”
According to the European Innovation Council technical evaluation, “[the technology] may significantly transform and strongly accelerate a major new market. It therefore justifies a breakthrough characterisation. It supports the adoption of hydrogen as a major clean energy carrier and strongly contributes to the EU’s Green Deal.” The EIC Funds involvement in this round marks a step change in our maturity, transitioning our investor profile toward industrial investors.
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Read the orginal article: https://arcticstartup.com/dynelectro-raises-e11-million/
