Hydrexia scores funding to continue storage tech
Southern Cross Venture Partners, has announced it will be investing $4.5 million in Brisbane based Hydrexia to continue its work on its hydrogen storage technology.
Federal Minister for Resources and Energy, Gary Gray, welcomed the announcement, which will see a total of $9.25 million invested in the technology.
"Southern Cross Venture Partners, through the Southern Cross Renewable Energy Fund, provide investment capital and active management to help leading Australian renewable energy companies commercialise new technologies," Minister Gray said.
"Hydrexia will use the investment to commercialise its hydrogen storage technology in existing industrial gas markets, which will provide a commercialisation pathway for emerging applications such as hydrogen refuelling and renewable energy storage,” he said.
Hydrexia’s technology can store more hydrogen in less space than traditional storage technology and at low pressure which reduces cost; making it desirable for use in existing hydrogen markets and renewable energy generation.
The Southern Cross Renewable Energy Fund is a 13-year venture capital fund that was established under the Australian Government's $100 million Renewable Energy Venture Capital (REVC) Fund Program.