Dynelectro Secures €4.5M to Drive Affordable Production of Green Fuels
Copenhagen-based Dynelectro (Check company here), a startup developing new technology for producing green hydrogen, has secured €4.5 million in a seed round of funding. The round was led by the Danish state fund EIFO, with participation from German fund Vsquared and existing investor, PreSeed Ventures.
The funding will be used to accelerate the development and commercialization of Dynelectro’s technology. The company plans to use the funds to build a pilot plant and to begin testing its technology with potential customers.
Dynelectro’s technology uses solid-oxide electrolysis to produce green hydrogen from renewable energy sources, such as solar and wind power. The company’s technology is said to be more efficient and cost-effective than traditional methods of producing green hydrogen.
The investment in Dynelectro is a sign of growing interest in the green hydrogen market. The global market for green hydrogen is expected to grow significantly in the coming years, as governments and businesses around the world look to reduce their reliance on fossil fuels.
Investment Trends in the Energy Sector
The investment in Dynelectro is part of a larger trend of investment in the green hydrogen sector. In the past five years, there has been a significant increase in the amount of money invested in green hydrogen startups. This investment is driven by a number of factors, including the growing demand for clean energy, the falling cost of renewable energy, and the increasing political support for green hydrogen.
The global market for green hydrogen is expected to grow significantly in the coming years. According to a report by BloombergNEF, the global market for green hydrogen could be worth $110 billion by 2050.
The company’s technology has the potential to make green hydrogen more affordable and accessible, which could help to accelerate the transition to a clean energy future.
A BIT OF CONTEXT
What is Green Hydrogen?
Green hydrogen is a clean, renewable fuel that is made by using electricity from renewable sources to split water molecules into hydrogen and oxygen. It has the potential to play a major role in decarbonizing the global economy and reducing greenhouse gas emissions. It is still in its early stages of development, but it is gaining momentum as governments and businesses invest in research and development.
Competitors of Dynelectro
Bloom Energy (California, USA)
H2O at Scale (Canada)
Plug Power (New York, USA)
Dynelectro Company Profile by Startup Dope
|Søren Højgaard Jensen |
|€4.5M||EIFO, Vsquared, PreSeed Ventures|
|Samantha J. Phillips|
|Anne Lyck Smitshuysen|