Estonian Stargate Hydrogen raises €11M

 

Stargate Hydrogen, an Estonian manufacturer of innovative stacks and systems for electrolyzers, announced that it has successfully completed a Series A and raised €11M. The company's investors were Estonian state venture capital SmartCap Green Fund, Estonian UG Investments and Estonian real estate company Giga Investeeringud.  

Stargate Hydrogen is a Tallinn-based startup founded in 2021 that specializes in the production and use of green hydrogen using advanced ceramic-based electrolysis technologies. The company has developed a patented technology aimed at increasing the reliability of hydrogen production throughout the project life cycle and minimizing equipment wear and tear. The startup's customers include major European companies Fortum, Utilitas, ABB.

Stargate Hydrogen plans to use the investment received to increase its production capacity and enter into strategic partnerships with leading players in the global green hydrogen ecosystem.

SmartCap Green Fund is part of SmartCap, the investment company, established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. A €100M SmartCap Green Fund supports early-stage Estonian green technology companies – through dedicated venture capital funds and direct investments in companies until 2026. It invests in Estonian technology companies operating in the energy, agriculture, food industry, transport and logistics, materials and chemical industries, and environmental sectors. The fund is managed by Sille Pettai.

UG Investments is a holding company that invests mainly into sustainable and export-oriented companies in the energy, industrial, infrastructure and utility sectors. The company was founded by Kristjan Rahu in Estonia in 2013.