A sustainable Danish green hydrogen company Dyne Electro The company has completed an investment round of €11 million.
Dynelectro's technology is focused on next generation Solid Oxide Electrolysis (SOE), delivering unmatched system performance and long life.
Current electrolysis technologies waste 25-50 percent of the input power, limiting their commercialization and sustainability potential. SOEs offer the highest conversion efficiency but have a short lifespan that makes them too costly.
SOEs are helping decarbonize hard-to-reduce sectors by efficiently producing hydrogen and using industrial waste heat. They support heavy industry and chemical manufacturing by providing hydrogen on-site, reducing emissions, generating synthetic fuels and enabling the green energy transition in these sectors.
Dynelectro's AC:DC technology extends the lifespan of SOEs from two to 10 years, bringing them on par with other electrolyzer technologies. This advancement reduces costs, enables faster production adjustments, and facilitates grid balancing through ancillary services.
Dynelectro has become a key partner for Power-to-X developers looking to reduce the cost of green hydrogen.
“We are pleased to have reached this pivotal stage in our company's growth,” said Suné Lilbeck, CEO of Dynelectro.
“This investment round not only validates our technology, but also lays the foundation for our growth and significant advancements in sustainable energy overall.”
The investment comes from a range of early-stage investors, including the Danish Export-Import Fund (EIFO), Yara Growth Ventures, Vsquared Ventures, PSV DeepTech, The Footprint Firm and the European Investment Bank (EIB).
The investment, made by Yara International through its investment arm Yara Growth Ventures, marks a significant industry interest in the technology. Yara is the world's second largest ammonia producer and is leading the transition to low carbon solutions.
“Dynelectro is a great example of a company developing sustainable solutions with much needed venture capital in Denmark and around the world,” said Christian Winther, Partner, Technology & Industry at EIFO Investment.
Eva Nielsen, Global PTX Advisor at Ramboll Group, said: “We are delighted to be working with such a dynamic and innovative company.
“Dynelectro has invented and holds rights to several key patents that have the potential to drive major advances in hydrogen technology and Power-to-X.”
The installation of the first 1 MW unit at European Energy's renewable energy facility in Denmark is expected to be completed in the first half of 2025, demonstrating the practical application and benefits of this advanced energy solution.
Complementing a €9 million grant from the European Innovation Council and the Danish Energy Development and Demonstration Programme (EUDP) and other regional programmes, Dynelectro plans to use the funding to develop the DEU from a 150 kW prototype through to a commercial-scale, fully modular 1 MW unit.
The funding will enable the company to build out its innovative 1MW Dynamic Electrolysis Unit (DEU) technology and facilitate its wider deployment into the green hydrogen market.
Main image: Dynelectro. Photo: Uncredited.
