Sustainable Danish green hydrogen company Dynelectro has closed a €11 million investment round.
Dynelectro's technology focuses on next-generation solid-oxide electrolysis (SOE), offering unparalleled system performance and longevity.
Current electrolysis technologies waste 25-50 per cent of input electricity, limiting their commercial and sustainability potential. SOE offers the highest conversion efficiency but has been hindered by short lifespan, making it cost-prohibitive.
SOE aids decarbonisation in hard-to-abate sectors by efficiently producing hydrogen and utilising industrial waste heat. It supports heavy industries and chemical production by providing on-site hydrogen, reducing emissions, and generating synthetic fuels and enabling the green energy transition in these sectors.
Dynelectro’s AC:DC technology extends SOE lifespan from 2 years to 10 years, thereby aligning it with other electrolyser technologies. This advancement reduces costs and enables quick production adjustments, aiding in grid balancing through ancillary services.
Dynelectro has become a crucial partner for Power-to-X developers striving to lower green hydrogen costs.
"We are excited to reach this pivotal stage in our growth," said Sune Lilbaek, Chief Executive Officer of Dynelectro.
"This investment round not only validates our technology but also sets the stage for our growth and significant advancements in sustainable energy in general.”
The investment comes from various early-stage investors including Denmark’s Export & Import Fund Organisation (EIFO), Yara Growth Ventures, Vsquared Ventures, PSV DeepTech, The Footprint Firm and the European Investment Bank (EIB).
The investment by Yara International via its investment arm Yara Growth Ventures is significant as it demonstrates industry interest in the technology. Yara is the world’s second-largest ammonia producer and leads the transition to low-carbon solutions.
"Dynelectro is an exemplary example of a company that has developed sustainable solutions with venture capital that we need both in Denmark and worldwide," says Christian Winther, Partner, Tech & Industry, EIFO Investment.
Eva Nielsen, Global PTX Advisor, Ramboll Group, says:
“Dynelectro has made inventions and holds rights to several significant patents that have the potential to lead to a significant breakthrough for hydrogen technology and Power-to-X."
The completion of the first 1-MW unit installation at European Energy’s renewable energy facility in Denmark is scheduled for the first half of 2025, demonstrating the practical applications and benefits of this advanced energy solution.
Complemented by €9 million in grants from the European Innovation Council and the Danish Energy Technology Development and Demonstration Program (EUDP), plus other regional programs, Dynelectro will utilise the funds for the development of DEUs from 150-kW prototypes to the commercial-scale fully modular 1-MW units.
This funding will enable the company to build its innovative 1-MW Dynamic Electrolyser Unit (DEU) technology, facilitating broader deployment into the green hydrogen market.
Lead image: Dynelectro. Photo: uncredited.