Versogen Closes Series A Funding, Raises $14.5M

May 10, 2022

Investment will scale up the development of low-cost green hydrogen electrolyzer stacks

Versogen, an industry-leading green energy startup, announces a $14.5M Series A funding round led by Doosan Corporation and its affiliate HyAxiom, Inc. Other investors include The Chemours Company, TechEnergy Ventures, Wenstone H2Tech LLC, TOP Ventures America LLC, a CVC arm of Thai Oil Public Company Limited, DSC Investment and CN Innovations Investments Limited. The new funding will support the development and prototype of Versogen’s next-generation electrolyzer stacks and expand the production of their patented anion exchange membranes (AEM).

Versogen was founded by Yushan Yan, the Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware and a member of the National Academy of Engineering. The company aims to decarbonize heavy, hard-to-abate industries by producing low-cost green hydrogen with their zero-emission AEM electrolyzer that uses earth-abundant materials, water, and renewable energy to produce hydrogen at scale.

“Versogen, since its inception, has been making significant progress in scaling up its AEM production, and our AEMs have found a long list of loyal customers around the globe. This new investment will allow us to scale up the membrane manufacturing process further to bring down the costs and expand our customer base,” comments Yan. “More importantly, this new investment will enable Versogen to develop the next generation AEM electrolyzer stacks. We are incredibly pleased to have our new investors led by Doosan Corporation join us on this exciting journey to a net-zero future.”

Versogen systems are engineered to make green hydrogen affordable and sustainable—from the materials used in manufacturing right through to the costs of daily operation. Here’s how:

  • Patented anion exchange membranes, created from commodity chemicals, are inexpensive and high-performing.
  • The revolutionary electrolyzer is built with earth-abundant construction materials.
  • Plain water and renewable energy are the only inputs needed.
  • Versogen electrolyzer stacks are designed to respond smoothly to intermittent electricity flowing from wind and solar arrays.