SGInnovate leads $2m seed round of SG green hydrogen firm

SunGreenH2, a Singapore-based cleantech company, has raised US$2 million in a seed funding round led by deeptech-focused VC firm SGInnovate. The investment adds to a grant the startup recently won from the Energy Market Authority of Singapore.

SunGreenH2 co-founders Tulika Raj (left) and Saeid Masudy Panah / Photo credit: SunGreenH2

Established in 2020, SunGreenH2 is developing solutions for low-cost green hydrogen production. Its technology uses specially designed nanostructured electrodes that increase the water contact area during the hydrogen-oxygen splitting reaction.

The company said its method boosts electric current density output by almost 2x while reducing precious metal usage by “an order of magnitude.” It added that the technology can be applied to nearly all commercial electrolysis systems available on the market.

The company was founded by Tulika Raj, who serves as its CEO, and Saeid Masudy Panah, its chief technology officer. Raj is an experienced businessperson who has helped scale clean energy companies and led large investment initiatives at several renewable funds. Meanwhile, Panah is a multidisciplinary scientist who has invented a number of electrodes for water splitting.

The new funding will allow SunGreenH2 to conduct trials for its materials with global manufacturers. It has also explored partnership opportunities with major green hydrogen players in Singapore, Japan, India, the EU, and North America.

See also: The rise of cleantech in Southeast Asia

According to the company, 75% of global CO2 emissions come from heavy industries such as refining, shipping, and aviation. Green hydrogen will play a crucial role in the decarbonization efforts in these sectors.

Other investors in this round include:

• Vinci Venture Capital
• Cap Vista
• Entrepreneur First
• SOSV’s HAX
• She1K
• Apsara Investments
• Angel investor T. Chen Fong