Wilmington-area green energy startup Versogen has secured a $14.5 million Series A funding round led by Korea-based Doosan Corporation and its affiliate HyAxiom, Inc.
Other investors include Wilmington-based Chemours Company, TechEnergy Ventures, Wenstone H2Tech LLC, TOP Ventures America LLC, a CVC arm of Thai Oil Public Company Limited, DSC Investment, and CN Innovations Investments Limited. The new funding will support the development and prototype of Versogen’s electrolyzer stacks and expand the production of their anion exchange membranes (AEM).
Versogen was founded by Yushan Yan, Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware.
The company is based at the Delaware Innovation Space at the DuPont Experimental Station near Wilmington.
The company aims to provide cleaner fuel for energy-intensive heavy industries by producing low-cost green hydrogen with a zero-emission anion exchange membrane (AEM) electrolyzer that uses more common materials, water, and renewable energy.
“Versogen, since its inception, has been making significant progress in scaling up its AEM production, and our membranes have found a long list of loyal customers around the globe. This new investment will allow us to scale up the membrane manufacturing process further to bring down the costs and expand our customer base,” comments Yan. “More importantly, this new investment will enable Versogen to develop the next generation AEM electrolyzer stacks. We are incredibly pleased to have our new investors led by Doosan Corporation join us on this exciting journey to a net-zero future.”
Bloom Energy, another company with Delaware ties, is also commercializing a hydrogen electrolyzer that uses the technology from its fuel cell generation systems. Bloom operates a plant in Newark that is slated to produce electrolyzer. In addition, Bloom has partnered with a Korean company that is part of that nation’s effort to use hydrogen as a clean energy source.
Newark-based W.L. Gore is also a long-time player in producing membranes used in hydrogen-powered vehicles.