Stargate Hydrogen, a Tallinn-based greentech startup specializing in electrolyser development, has raised €11 million in Series A equity investments, backed by SmartCap and strategic customers, including Giga and UG Investments.
- Founded in 2021 by Marko Virkebau and Rainer Küngas, Stargate Hydrogen develops advanced alkaline electrolysers using a ceramic-based catalyst to improve efficiency and reduce costs.
- Their technology lowers energy consumption and extends equipment lifespan, making green hydrogen more viable for industries like steel, fertilizers, and chemicals.
- Stargate Hydrogen has been recognized by the European Commission as an Important Project of Common European Interest (IPCEI) and has partnered with major companies like Fortum and McPhy.
Details of the deal
- The funding round includes strategic customers from the renewable energy and utility sectors, such as Giga and UG Investments. SmartCap, which supports Estonian startups by investing in VC funds from pre-seed to scaleup stages, also took part.
“We decided to invest in Stargate Hydrogen due to their highly innovative approach to green hydrogen production, accompanied by an impressive list of customers and strong unit economics," claims Sille Pettai, CEO of SmartCap and manager of SmartCap Green Fund.
- With the Series A funding, Stargate Hydrogen will scale manufacturing, expand testing capabilities, and form strategic partnerships to enhance production and reduce costs.
"This funding gives us firepower to execute our roadmap, enhance our production capabilities, and provide our customers with electrolysis technology that allows significant cost-down on the price of green hydrogen," CEO of Stargate Hydrogen, Marko Virkebau, stated.
