hysun, a Spanish JV between European firms Nanogap and Tewer Engineering, will raise $15m over three years for its first industrial plant and commercialization by 2026, CEO and Co-founder Tatiana Lopez said in an interview.
hysun has not engaged a financial advisor to date, but is open to meetings, Lopez said.
The new venture, formed in November, has raised $2m and is actively seeking another $3m (pre-money valuation of $10m) equity for a100 g H2/h prototype to close by the end of the year.
The company will then need $4m for an industrial plant, locations for which are being scouted now in the US and Europe. After that, the founders intend to enter a commercialization phase.
hysun’s intellectual property allows it to produce off-grid “white hydrogen” via steam generated with concentrated solar technology, Lopez said. The lack of electrolyzers means about eight times less land is needed to generate projects as large as 200 MW assuming 2,500 hours of sunlight per year.
“You don’t need to be next to a wind farm or solar plant,” Lopez said, adding that the hydrogen is produced at $1 per kilo.
Average project sizes range between 50 and 100 tonnes per year, assuming the same amount of sunlight, though the technology is applicable on a micro scale. The company sees the end uses being for ammonia production, replacement of grey hydrogen in industry and remote location deployment.
Lopez said the company is interested in growing in the US and Europe but believes the US will develop its industry faster.
