ESG Today writes that 2021-founded Hysata is an Australian startup that develops and manufactures highly-efficient electrolyzers, which are used to separate water molecules in order to create hydrogen. The company's electrolyzers are more efficient than others on the market, cutting the amount of electricity required to sustain the process, generating lower-cost hydrogen in the process.

Hysata officials said they plan to use the 111 million USD to increase production capacity for its current electrolyzers, while improving on those, as well to make them even more efficient, as they approach gigawatt scale production.

Hysata CEO Paul Barrett said that "our mission at Hysata is to accelerate the deep decarbonization of hard-to-abate sectors such as steel, chemical manufacture, and heavy transport, by delivering the world’s most efficient, simple, and reliable electrolyzers. With high-efficiency, intrinsically low capex and a mass-manufacturable design, Hysata aims to drive down the levelized cost of hydrogen."

Templewater and bp Ventures were among the investors that led the financing round, each investing 10 million USD and they were joined by the likes of IP Group Australia and Kiko Ventures.

As per company officials, this Series B round is the largest in the history of Australia's clean tech industry.