The CEFC is backing HydGene Renewables, a new Australian company that has developed an alternative green hydrogen solution that turns biomass into hydrogen in a process that is both renewable and carbon negative.
The HydGene technique uses novel biocatalysts to convert the sugars derived from organic waste, including agricultural waste, into valuable products like hydrogen. The process takes place in HydGene-designed modular plants, enabling localized green hydrogen production in rural and remote areas, where the cost of transporting hydrogen can be high.
Backed by a $2 million investment from the CEFC via the CEFC Clean Energy Innovation Fund, HydGene’s $6 million seed raise also attracted $2.5 million from lead investor Agronomics, a specialist UK investor. HydGene will draw on the additional capital to establish a pilot plant, expand its team and conduct further research.
The CEFC investment is managed by specialist climate-tech venture capital manager Virescent Ventures.