A New Zealand deep tech manufacturing startup that helps produce cleaner hydrogen with less precious metals has raised NZ$2.5 million (A$2.3m) in a seed round.
Bspkl has developed a new, more sustainable method for producing catalyst-coated membranes (CCM) for the hydrogen industry.
CCM typically uses platinum and iridium for the solid-state membrane, hydrogen productionElectrolysis as water passes through the CCM breaks the molecule into oxygen, protons, and electrons.
Bspkl’s technology reduces the amount of precious metals required to manufacture CCM by up to 25 times.
Funding led by New Zealand deep tech investor WNT Ventures supported Sydney VC Investible. The round includes his $750,000 repayable grant from Callaghan Innovation’s Technology Incubator Program.
Bspkl is the first spin-out company from GNS Science’s Kiwi Crown Research Institute, a veteran company focused on energy and environmental sciences.
The technology used was invented by Jérôme Louveneur during his time at GNS Science, completely reinventing the method of manufacturing the essential components of the catalyst-coated membranes in hydrogen electrolysers. He is currently co-founder and CTO of Bspkl.
“We have spent the last decade working to bring this research to life, and we can see how it can help usher manufacturing into a more sustainable future,” he said. said.
This funding will support the company through the next 18-24 months of R&D towards commercialization.
“We have a bold vision for the future of hydrogen production, and this funding round helps us deliver on that vision,” Leveneur said.
His co-founder and CEO, Christina Houlihan, said the availability and price of iridium poses significant challenges to the growth of the hydrogen industry.
“We are extremely proud to have launched our company and completed our seed round. This funding will support product development and testing in New Zealand in preparation for our launch into the global community of electrolyser manufacturers. ‘ she said.
“Bspkl has solved a major challenge in the hydrogen electrolyser industry. We have solved the iridium problem and know how to manufacture it on a large scale. I am happy.”
GNS Science interim CEO Peter Benfell said the company will support research and collaboration with Bspkl as it brings products to market.
“GNS Science will play a key role in enabling New Zealand’s transition to a carbon-free future. Bspkl is a great example of the impact our Green Hydrogen Program will create.
“We look forward to meeting Bspkl. We will accelerate the transition to a green economy and support continued research collaboration with Jerome and the team at Bspkl.”