Estonian greentech Stargate Hydrogen closes a seed round of €42M

A Tallinn-based startup working on green hydrogen solutions Stargate Hydrogen has closed a €42 million round to scale up its ceramic-based electrolysers. The round was led by UG Investments and grant financing from IPCEI. The startup appointed Mr. Taavi Madiberk as a non-executive Chairman.

What is Stargate Hydrogen?

  • Stargate Hydrogen is a startup developing green hydrogen solutions. Instead of precious metals, Stargate uses a ceramic-based catalyst material, allowing to deacresed the cost of green hydrogen to €1 per kilogram. Additionally, Stargate has developed its proprietary stack and system design, using a development approach that considers electrolyser as a battery system.
  • Stargate is also recognized as an IPCEI project and to be part of the hydrogen technology wave that includes companies such as Enel Green Power, De Nora, Sunfire and others. The core of Stargate’s IPCEI is complementing and robust alkaline technology with a new form of catalyst material that is inherently more active compared to alternatives available on the market today.
  • The IP portfolio of Stargate covers all the levels of the system, including materials, electrodes, stack and even control systems of the whole plant. Among its clients are Utilitas, one of the largest renewable energy developers in the Baltic Sea region.

The investment details:

  • The financing round is led by a Tallinn-based VC fund UG Investments, focusing on sustainable businesses in the energy, industrial, infrastructure and utility sectors. Stargate is alo received a grant financing from IPCEI (Important Project of Common European Interest) framework for hydrogen technologies but also includes other investors and grants.
  • With the fresh investment, Stargate Hydrogen is thrilled to announce the appointment of Mr. Taavi Madiberk, Skeleton founder, as a non-executive Chairman.

When I first met with the CTO, Dr. Rainer Küngas, I immediately realized that his approach to developing electrolysers is completely different and could be a game-changer on the market. The management team of Stargate has made exceptional progress over the past years and there are already large corporations using their technology. I have been supporting Stargate from the beginning, but I look forward to working with the team even closer now,

Taavi Madiberk commented on his appointment.

The fresh investment will help Stargate remains committed to decarbonising the industry by enabling the switch from grey to green hydrogen.

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