The investment round is led by the Export & Import Fund of Denmark (EIFO), Yara Growth Ventures, Vsquared Ventures, PSV Deeptech, The Footprint Firm and the European Innovation Council (EIC) Fund.
Complemented by €9 million in grants from the European Innovation Council (EIC) and the Danish Energy Technology Development and Demonstration Program (EUDP), plus other regional programs, Dynelectro said the company will utilize the funds for the development of DEUs from 150-kW prototypes to the commercial-scale fully modular 1-MW units.
The company noted that its technology focuses on next-generation solid oxide electrolysis (SOE) and offers “unparalleled” system performance and longevity, adding:
“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. SOE is poised to revolutionise the energy sector by enhancing energy efficiency, reducing costs and to facilitate broader renewable integration.”
Dynelectro argued that SOE offers the highest conversion efficiency but has been hindered by its short lifespan, making it cost-prohibitive. It alleged that its AC:DC technology addresses this issue, extending SOE lifespan from 2 years to 10 years, thereby aligning it with other electrolyzer technologies.
Sune Lilbaek, Chief Executive Officer of Dynelectro, commented: “We are excited to reach this pivotal stage in our growth. This investment round not only validates our technology but also sets the stage for our growth and significant advancements in sustainable energy in general.”
Christian Winther, Partner, Tech & Industry, EIFO Investment, stated: “We are pleased that a Danish company has cracked the code to make electrolysis more profitable, and how Dynelectro strengthens Europe’s position as a pioneer in Power-to-X.”
To note, 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.
