IP Group PLC - invests in companies pursuing breakthrough science - Portfolio company Hysata Pty Ltd completes $111.3 million series B funding round. Hysata is developing electrolysers to produce green hydrogen efficiently. It will use the fresh cash to advance product development and expand production capacity at its manufacturing facility in Wollongong, New South Wales, Australia, as it focuses on ‘reaching gigawatt scale manufacturing’. The funding round, which Hysata calls ‘the largest series B in Australian clean tech history’, is led by bp Ventures, part of oil major BP PLC, and private equity firm Templewater Ltd, a spin-off from Investec PLC.
For its part, IP Group invests $15 million from its balance sheet and $18 million from its managed private funds. IP Group now has a 37% stake in Hysata, worth £79 million.
IP Group Chief Executive Officer Greg Smith says: ‘We’re delighted to see such continued strong support for Hysata, and today’s announcement of major new strategic and financial investors strengthens Hysata’s leadership position. We have supported Hysata since before inception combining our local presence with expertise from our leading cleantech investment platform, Kiko Ventures.’
Current IP Group stock price: 48.85 pence, down 1.4% in London on Thursday
12-month change: down 7.0%
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