Verdagy

Verdagy, a spin-out of Chemetry, manufactures innovative hydrogen electrolyzers. The company’s electrolyzers use its unique water electrolysis technology, “eDynamic,” which leverages the world’s largest membrane-based electrochemical cell. The company’s flagship product is its 20 MW eDynamic hydrogen electrolyzer.

In November 2022, Verdagy launched its three-cell 500 kW commercial electrolyzer module at its 25,000 sq. ft. pilot facility in Moss Landing, California, followed by the 1,000-hour run demonstration of its 20kW Anion Exchange Membrane (AEM) cell. In September 2023, the company announced the opening of its new facility in Newark, California, with more than 100,000 sq. ft. of advanced manufacturing space. The Silicon Valley facility is due to commence operations in Q1 2024 and will reportedly be the first to manufacture advanced water electrolyzers in high volume in the US.

Key customers and partnerships

In September 2021, Verdagy partnered with Permascand Top Holding AB, a manufacturer of electrochemical solutions, to develop a novel electrochemical cell for the production of green hydrogen which will form the basis of the Verdagy Water Electrolysis (VWE) process.

Funding and financials

Verdagy’s most recent funding was in August 2023, when it raised USD 73 million in a Series B funding round led by Temasek and Shell Ventures. The company intended to use the funding to manufacture its industrial-scale electrolyzers. Prior to that, in February 2022, the company raised USD 25 million in a venture round led by TDK Ventures. The funds were used to expand its operations and to further develop its electrolyzer technology.