Yara Growth Ventures has invested in Dynelectro, a developer of technologies to unlock the potential of solid oxide electrolysis (SOE), according to a news release.
Dynelectro’s approach increases the lifetime of SOE systems dramatically from typically 2 to 10 years, and it also allows for integration of SOE with intermittent renewable electricity – a key requirement for large scale adoption.
“While solid oxide electrolysis has the best potential for low cost, it suffers a niche existence due to system lifetime issues. We believe Dynelectro will overcome these issues and pave the way to make low-cost renewable hydrogen a reality,” said Björn Heinz, Investment Director and part of the Yara Growth Ventures team.
The investment follows the company’s seed investment round, which was led in May 2023 by The Export and Investment Fund of Denmark (EIFO), Denmark’s national promotional bank and export credit agency, with contributions from Vsquared Ventures, a leading European deep-tech fund, and further local venture investors. The funding will be used for demonstration projects and further technology development.
Additional details of the investment were not disclosed.
