Today, the Australian firm revealed it had raised AU$11.8 million, or roughly $7.8 million
Intermittency is a significant issue with renewable energy sources like wind, solar, and hydro. This means that they cannot always be relied upon because, for instance, the sun might set or it might be a calm, windless day. Users frequently rely on diesel generators or batteries to fill gaps. Batteries, however, have a finite lifespan, while diesel generators emit pollution. Endua, a clean technology startup, claims its modular hydrogen generation and storage technology holds the answer. Today, the Australian firm revealed it had raised AU$11.8 million, or roughly $7.8 million. A total of AU$ 7.5 million was invested in the round by new investors, Queensland Investment Corporation (QIC), Melt Ventures, and 77 Partners.
The remaining funds were provided by Main Sequence, a deep tech fund established by the Australian government's CSIRO, and Ampol, the country's major transport energy supplier. Over the next 18 months, Endua will utilize its new funding to expand its trial systems and make hires. Including awards from the Entrepreneurs' Programme Accelerating Commercialization Grant, the Cooperative Research Centres Project, and the Advanced Manufacturing Growth Centre Grant, Endua was awarded an aggregate of $4.3 million in support in addition to its funding. It currently has production facilities being built in Queensland, and all of its products are made in Australia.