The archive · Climate & Energy · Product decision · 2021–2026
Hysata's efficiency bet pays off: first MW-scale electrolyser order lands 2026
Hysata bets that a 95%-efficient capillary-fed cell, not incremental tweaks, will make green hydrogen affordable — then books its first megawatt-scale order.
Hysata
What the business is
Hysata makes capillary-fed alkaline electrolysers that split water into hydrogen at roughly 95% cell efficiency, aiming to make green hydrogen cheap enough for steel, chemicals and shipping to adopt.
Starting capital：US$111.3M Series B (May 2024), co-led by bp Ventures and Templewater; CEFC, POSCO Holdings, Shinhan Financial and TelstraSuper among participants.
How it started
Hysata was founded in the Illawarra region of New South Wales in 2021 and is led by CEO Paul Barrett. Its founding bet was that incremental improvements to conventional electrolysers would never make green hydrogen cheap enough for hard-to-abate industry: because electricity is the largest cost in hydrogen production, the company built its strategy around one lever — cell efficiency.
What happened
The capillary-fed alkaline cell feeds water to the electrode so hydrogen bubbles clear instantly, cutting electrical resistance; Hysata says the design runs at about 95% efficiency versus roughly 65% for incumbent stacks. In May 2024 it closed a US$111.3M Series B co-led by bp Ventures and Templewater to scale toward gigawatt manufacturing in Wollongong, with CEFC, POSCO, Shinhan Financial and TelstraSuper joining. A demonstration trial with ACWA in Saudi Arabia followed, and on 15 June 2026 Hysata announced its first binding megawatt-scale commercial order — an unnamed global heavy-industry leader in a hard-to-abate sector with secured hydrogen offtake — with delivery scheduled for the first half of 2027.
How it ended up
Still independent and scaling: Hysata says the order marks its transition from technology validation to commercial supply. It employs more than 120 people from more than 30 countries and is expanding partnerships across Asia-Pacific, North and South America, with growing interest in Europe and the Middle East. No exit has been announced.
Background
Hysata is an Australian electrolyser maker founded in the Illawarra region of New South Wales in 2021 and led by CEO Paul Barrett. Its bet is that a fundamentally more efficient cell, not incremental improvements to conventional alkaline stacks, is what makes green hydrogen cheap enough for steel, chemicals and shipping — because electricity is the largest cost in hydrogen production.
The company's capillary-fed alkaline cell feeds water to the electrode so hydrogen bubbles escape instantly, removing the resistance losses that plague rivals. Hysata says the design runs at roughly 95% cell efficiency versus about 65% for incumbent technology, giving customers more hydrogen from every megawatt of electricity and a simpler, cheaper balance of plant.
In May 2024 Hysata closed a US$111.3M Series B co-led by bp Ventures and Templewater — described by regional press as Australia's largest clean-technology Series B — with CEFC, POSCO Holdings, Shinhan Financial and TelstraSuper among participants, to expand toward gigawatt-scale manufacturing in Wollongong. A demonstration trial with ACWA in Saudi Arabia followed.
On 15 June 2026 Hysata announced its first binding megawatt-scale commercial order from an unnamed global heavy-industry leader in a hard-to-abate sector with secured hydrogen offtake; the system is to be delivered in the first half of 2027. Industry press marked the deal as the company's transition from technology validation to commercial supply, and Hysata now employs more than 120 people as it expands across Asia-Pacific, the Americas, Europe and the Middle East.
What has to be true
- Efficiency is the right lever: electricity is the largest cost in green hydrogen, so a cell at ~95% efficiency versus ~65% incumbents directly lowers the price customers pay.
- The milestone is dated and hard: a binding megawatt-scale order signed 15 June 2026, with delivery in H1 2027, is concrete evidence the market will buy the technology.
- Backing is institutional and global: bp Ventures, Templewater, CEFC, POSCO and TelstraSuper financed the US$111.3M Series B, de-risking a science bet.
- The wedge is a physical redesign, not a cheaper copy: capillary-fed water supply and instant bubble removal cut resistance losses at the cell, so the product beats incumbents on performance.
What can be applied
Attack the physics, not the price list: the step-change that won Hysata its first order was removing the bubble-and-resistance losses rivals live with — not undercutting them on price.
Aftermath
As of July 2026 Hysata remains independent and scaling from Port Kembla. Its first megawatt-scale system is contracted for delivery in H1 2027 to an unnamed global heavy-industry customer with secured offtake, and it is running demonstration programs including a Saudi trial with ACWA. With 120+ staff, it reports expanding interest across Asia-Pacific, the Americas, Europe and the Middle East. The open question is whether efficiency leadership converts into multi-megawatt orders and gigawatt-scale manufacturing before hydrogen demand uncertainty cools the market.
Sources
- Hysata celebrates milestone with first electrolyser order
- Is this the moment homespun hero Hysata 'made it'?
- CEFC backed Hysata raises US$111 million in Series B round
spotted an error? The archive wants to know.
Your turn
You just read one. Describe what you are building, and see who is betting on the same thing.
Free account · 3 free questions · no card