Agronomics invests in HydGene Renewables

HydGene engineers microorganisms, using synthetic biology, to act as a proprietary biocatalyst for the production of green hydrogen. This biocatalyst, produced via fermentation, enables the conversion of waste biomass into gases such as hydrogen and ammonia. The global hydrogen market is estimated to be worth US$160 billion in 2022, with hydrogen being derived primarily from fossil fuels and used for the production of chemicals such as ammonia and methanol. The Hydrogen Council forecast that this could become a US$2.5 trillion global market by 2050 as hydrogen's usage expands to fuel for transport applications, off-grid power generation, and seasonal energy storage, with hydrogen constituting up to 18% of the global energy supply.

Crucial to hydrogen becoming a mainstream supply of energy is the development of cost-effective green hydrogen solutions, with HydGene's biocatalyst technology providing a unique decentralised solution, allowing for hydrogen to be produced at the site of use and circumventing expensive transportation and storage costs.

Jim Mellon, Executive Director of Agronomics, said: "Efficiently and effectively harnessing hydrogen as a renewable source of energy is vital if we are to meet our net zero ambitions and reduce our reliance on fossil fuels. By upcycling waste biomasses into renewable gases, such as hydrogen and ammonia, HydGene's biocatalyst technology provides an entirely renewable carbon-negative solution which will support this global transition.

"HydGene's unique decentralised solution aims to accelerate the cost-effective adoption of low-carbon technology across the fuel sector, and we are excited to see the substantial impact this could have on the global transition to hydrogen fuel."

Louise Brown, Co-Founder and CEO of HydGene, said: "Collaborating with Agronomics as our lead investor for our Seed raise instills us with tremendous confidence and opportunities. Together, we want to provide affordable and sustainable alternatives in the production of green molecules, firstly hydrogen, derived from waste biomass. Our biocatalyst technology, which lies at the heart of our vision, is the driving force behind our mission to shape a decentralised manufacturing future."

Virescent Ventures Partner, Blair Pritchard, said: "We are proud to manage the CEFC investment of AUD2 million in HydGene. This exciting technology has the potential to grow the global green hydrogen industry as a critical factor in our net zero emissions economy of the future. The potential demand for green hydrogen is huge, and not every place has abundant renewable energy resources or the land needed for electrolysis. We need to make green hydrogen in more geographies, with a wider range of inputs than just sun and wind. Organic waste streams, which Hydgene uses, are a perfect example."

Galloway Ltd, a company indirectly wholly owned by Jim Mellon, an Executive Director of Agronomics, also participated in the fundraise, with an AUD200 000 investment on identical terms.

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/16062023/agronomics-invests-in-hydgene-renewables/?ref=ctvc.co