Dynelectro has announced the successful closing of an €11m investment round for the company’s green hydrogen technology.
This funding will facilitate the development of Dynelectro’s innovative 1-MW Dynamic Electrolyser Unit (DEU), aimed at expanding its reach in the green hydrogen market.
The investment is further complemented by €9m in grants from the European Innovation Council and the Danish Energy Technology Development and Demonstration Program (EUDP), alongside other regional programmes.
These funds will be used to transition Dynelectro’s DEUs from 150-kW prototypes to fully modular 1-MW commercial-scale units.
Green hydrogen innovation
Dynelectro’s next-generation solid-oxide electrolysis (SOE) technology stands out for its exceptional system performance and longevity.
SOE plays a crucial role in decarbonising hard-to-abate sectors by efficiently producing hydrogen and utilising industrial waste heat.
The green hydrogen technology supports heavy industries and chemical production by providing on-site hydrogen, thereby reducing emissions and facilitating the production of synthetic fuels.
This technology is expected to revolutionise the energy sector by improving energy efficiency, reducing costs, and enhancing the integration of renewable energy.
Christian Winther, Partner at EIFO Investment, expressed his optimism about Dynelectro’s potential: “Dynelectro is an exemplary example of a company that has developed sustainable solutions with venture capital that we need both in Denmark and worldwide.
“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.”
Advantages of solid oxide electrolysis
Current electrolysis technologies often waste 25-50% of input electricity, limiting their commercial viability and sustainability.
However, solid oxide electrolysis offers the highest conversion efficiency. Historically, SOE’s short lifespan has been a significant barrier, making it cost-prohibitive.
Dynelectro’s innovative AC:DC technology overcomes this challenge by extending the lifespan of SOE from two years to ten years, thereby aligning it with other electrolysis technologies.
This advancement not only reduces costs but also enables quick production adjustments, aiding in grid balancing through ancillary services.
As a result, Dynelectro is poised to become a crucial partner for Power-to-X developers aiming to reduce green hydrogen costs.
Dynelectro’s CEO, Sune Lilbaek, explained the significance of this investment round: “This investment round not only validates our technology but also sets the stage for our growth and significant advancements in sustainable energy in general.”
The inclusion of industrial giant Yara, which operates the largest global ammonia network and leads the green transition in the fertiliser industry, highlights the market interest and potential impact of Dynelectro’s technology.
Upcoming milestones
The first installation of a 1-MW unit at European Energy’s renewable energy facility in Denmark is scheduled for the first half of 2025.
This milestone will demonstrate the practical applications and benefits of Dynelectro’s advanced energy solution, marking a significant step forward in the green energy transition.
