Shinhan, POSCO invest USD 20m

South Korean steel giant POSCO Holdings Inc. and banking conglomerate Shinhan Financial Group have invested a combined USD 20M in Australian green hydrogen technology startup Hysata.

Shinhan Securities Co. said that the two Korean companies participated in Hysata’s USD 111M Series B funding, billed as the largest in Australian clean tech history.

Shinhan and POSCO joined the funding round through a Korean fund, in which the two firm’s affiliates, including POSCO E&C, Shinhan Bank, and Shinhan Capital, invested as limited partners or LP investors.

Shinhan Securities is the operating manager of the Korean fund.

POSCO, which is eyeing hydrogen production for use in the manufacture of green iron and steel, and Shinhan said they are participating in Hysata’s funding round as strategic and financial investors.

Established in 2021, Wollongong-based Hysata produces high-efficiency electrolyzers, aimed at delivering low-cost green hydrogen and accelerating the shift from fossil fuels.

Hysata said it is developing a highly efficient electrolyzer that reduces the amount of electricity required to separate water into hydrogen and oxygen for the production of hydrogen.

Hydrogen is viewed as one of the key building blocks of the transition to a cleaner energy future. The development of clean hydrogen capacity, such as green hydrogen, which uses renewable energy to power the process of extracting hydrogen from other materials, will require massive investments in areas including infrastructure, electrolysis, transport, and storage.

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