Oort Energy, a UK-based next-generation hydrogen electrolyser developer, today announced that it has closed its oversubscribed £5m Seed raise led by Energy Revolution Ventures (ERV), according to a news release.
The funding augments approximately £800k in non-dilutive grants awarded to the company by various UK and EU government bodies. The major Seed round investors include TRIREC, an Asian based decarbonization fund, as well as a corporate strategic investor.
The funding will support the set-up of the company’s electrolyser stack manufacturing facility and the deployment of their first fully compliant demonstrator to produce green hydrogen from renewable energy.
The Seed funding round was closed in two equal tranches, with the first tranche utilized to build the team and launch its manufacturing facility, whilst the second tranche allowed the company to bring in a strategic investor, who will assist with supply chain and large-scale manufacturing.
