The EIC-backed Dynelectro, a pioneering company in sustainable energy solutions, announces the successful closing of an €11 million investment round. This funding will enable the company to build its innovative 1-MW Dynamic Electrolyser Unit (DEU) technology, facilitating broader deployment into the green hydrogen market.
Founded in 2018, Dynelectro is at the forefront of developing advanced, sustainable energy solutions. Utilising cutting-edge solid-oxide electrolysis technology, Dynelectro achieves unprecedented system performance and lifespan.
Dynelectro’s technology focuses on next-generation solid-oxide electrolysis (SOE) and offers unparalleled system performance and longevity. SOE aids decarbonisation in hard-to-abate sectors by efficiently producing hydrogen and utilising industrial waste heat. It supports heavy industries and chemical production by providing on-site hydrogen, reducing emissions, generating synthetic fuels and enabling the green energy transition in these sectors. SOE is poised to revolutionise the energy sector by enhancing energy efficiency, reducing costs and to facilitate broader renewable integration.
The investment round is led by prominent early-stage investors, including Export & Import Fund of Denmark (EIFO), Yara Growth Ventures, Vsquared Ventures, PSV Deeptech, The Footprint Firm and the European Innovation Council (EIC) Fund.
Dynelectro has additionally secured €9 million in grants through collaborations, including Shell, which underscores the robust support for sustainable energy solutions.
Benefit of SOE
Current electrolysis technologies waste 25-50% of input electricity, limiting their commercial and sustainability potential. Solid oxide electrolysis (SOE) offers the highest conversion efficiency but has been hindered by short lifespan, making it cost-prohibitive. Dynelectro’s innovative AC:DC technology addresses this issue, extending SOE lifespan from 2 years to 10 years, thereby aligning it with other electrolyser technologies. This advancement reduces costs and enables quick production adjustments, aiding in grid balancing through ancillary services. Consequently, Dynelectro becomes a crucial partner for Power-to-X developers striving to lower green hydrogen costs.
The completion of the first 1-MW unit installation at European Energy’s renewable energy facility in Denmark is scheduled for the first half of 2025, demonstrating the practical applications and benefits of this advanced energy solution.
Market Validation
According to the European Innovation Council technical evaluation
[the technology] may significantly transform and strongly accelerate a major new market. It therefore justifies a breakthrough characterisation. It supports the adoption of hydrogen as a major clean energy carrier and strongly contributes to the EU’s Green Deal.
At this regard, the European Investment Bank’s involvement in this round marks a step change in the company maturity, transitioning their investor profile toward industrial investors.
To get a closer look to their project and get more insights, read the press release.
About EIC Accelerator Challenges
The EIC Accelerator Challenges calls are open to proposals in predefined topics that have been identified in areas where breakthrough technologies or game-changing innovations developed by start-ups or SMEs can have a major impact on EU objectives. For projects that match any of the pre-defined topics of the EIC Accelerator Challenges, the overall budget for the EIC Accelerator Challenges in 2024 is €300 millions.
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.