Dynelectro, a company in sustainable energy solutions, announced the closing of an €11 million investment round led by early-stage investors, including Denmark’s Export & Import Fund Organisation (EIFO), Yara Growth Ventures, Vsquared Ventures, PSV DeepTech, The Footprint Firm and the European Investment Bank (EIB).
This funding will enable the company to build its innovative 1-MW Dynamic Electrolyser Unit (DEU) technology, facilitating broader deployment into the green hydrogen market.
Complemented by €9 million in grants from the European Innovation Council and the Danish Energy Technology Development and Demonstration Program (EUDP), plus other regional programs, Dynelectro will utilise the funds for the development of DEUs from 150-kW prototypes to the commercial-scale fully modular 1-MW units.
“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.”
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,” commented Christian Winther, Partner, Tech & Industry, EIFO Investment.
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.
Read the orginal article: https://www.eu-startups.com/2024/07/copenhagen-based-dynelectro-secures-e11-million-to-boost-the-green-hydrogen-economy/
