CommBank has highlighted Australian manufacturing company Hysata’s development of energy-efficient hydrogen electrolysers, following the company’s first commercial order and $172 million capital raise to scale up manufacturing.
In a case study published by CommBank, Hysata co-founder and CEO Dr Paul Barrett said the company’s electrolyser technology uses 20 per cent less energy to split water into hydrogen and oxygen than existing technology.
“We use 20% less energy to split the water than anyone else in the world,” Barrett said.
CommBank said the technology was developed through research at the University of Wollongong before Hysata expanded into manufacturing at Port Kembla in the Illawarra.
Barrett said electricity was the largest operating cost in producing green hydrogen, making energy efficiency an important factor in the economics of the technology.
“We’re really driving down the cost of hydrogen and transforming the economics of green hydrogen,” he said.
According to CommBank, Hysata is targeting industrial applications including steelmaking, ammonia, methanol, high-grade industrial heat and feedstock for sustainable aviation and shipping fuels.
Barrett said the company had focused on industrial decarbonisation rather than applications such as hydrogen-powered homes and cars.
“We’ve been going after the profitable but unglamorous and less headline-grabbing industrial decarbonisation,” he said.
The company’s manufacturing operations in Port Kembla have also been positioned by CommBank as an example of the potential for Australian businesses to commercialise locally developed intellectual property while building advanced manufacturing capability.
CommBank Group Executive Business Banking Mike Vacy-Lyle said Hysata demonstrated the importance of supporting businesses that develop and commercialise technology in Australia.
“It is absolutely critical that we celebrate those that are embracing advanced technologies, advanced manufacturing, the development of IP, keeping that IP in Australia and commercialising it globally,” Vacy-Lyle said.
Hysata recently completed a $172 million Series B capital raise to scale its manufacturing operations. CommBank said the raise was the largest clean-energy capital raise of its kind in Australian history.
Vacy-Lyle said the Illawarra was among Australia’s fastest-growing regions and pointed to businesses such as Hysata as contributors to investment, jobs and advanced manufacturing.
For Hysata, Barrett said securing its first commercial order represented an important step in moving from technology development to commercial operations.
“This is a deep tech company and we’re really proud of the technology,” he said. “But the success for us was getting that first order. That’s when a deep tech company becomes a real business.”
CommBank is also promoting Hysata as an example of the businesses eligible for its Innovation Awards, which recognise emerging, scaling and established innovators across Australia.
“At CommBank we are backing innovation because we know that innovation benefits society through improving productivity levels,” Vacy-Lyle said.
“We are backing innovation across Australia and across the economy.”
With its first commercial order secured, Barrett said Hysata’s focus was now on delivering the technology and continuing to grow its manufacturing operations.
CommBank Innovation is open to Australian businesses across all industries.
Entries can be submitted through the CommBank Innovation website.
