This is EDP Ventures' first investment in a hydrogen startup: in a Series A funding round completed at the end of the month, EDP invested €2 million in HySiLabs, a France-based company that is developing a simpler and cheaper method for the safe transport and storage of hydrogen.

In addition to EDP Ventures, the financing operation led by Equinor Ventures was supported by the European Innovation Council Fund and PLD Automobile, as well as investors Kreaxi, Région Sud Investissement and CAAP Création - in total, this Series A round was worth a total of €13 million. The funding now raised will support the development of HySiLabs' patented technology, which aims to address the challenges of hydrogen transport and storage. 

"EDP believes that renewable hydrogen will be a key driver of the energy transition and aims to be an active player in its development on a global scale," explains Luís Manuel, board member of EDP Innovation, of which EDP Ventures is a member. "As we focus on its production, we see HySiLabs' technology as an innovative driver for the creation of a renewable hydrogen market worldwide.

The startup's innovation lies in the development of a unique process created to encase hydrogen molecules in a silica-based liquid carrier, from which they can be extracted when desired. Initial tests have shown very positive results, demonstrating that the transport is stable and that hydrogen can be safely stored in infrastructures with the right pressure and temperature conditions.

In this model, the molecule needs energy to bind the hydrogen in the carrier, but none to release it, which is a significant difference compared to current solutions. In a future where hydrogen production is expected to be sent to energy centres, this ability to release hydrogen at no energy cost offers enormous potential.

"Hydrogen will be a cornerstone of the energy transition, whether for long-term seasonal energy storage or for use as an industrial fuel. HySiLabs has developed a unique solution that can overcome the challenges of hydrogen transport and storage," says Corine Dubruel, President and CEO of Hysilabs. "This investment by some of the leading figures in the European energy sector is a testament to the company's technological advances and confidence in our experienced team."

For Lars Klevjer, acting director of Equinor Ventures, "Building on decades of energy innovation, Equinor is involved in several important hydrogen-related projects. We look forward to working with HySiLabs to support their development and take them to the next phase of their journey".

Based in Aix-en-Provence (France), HySiLabs was founded in 2015 by Pierre-Emmanuel Casanova (CBO) and Vincent Lôme (CSO). Currently, the startup has other industrial pilot projects underway, such as H2Gate with the Port of Amsterdam (industrial-scale hydrogen storage) and QualifHY with Helion Hydrogen Power (integration of the HySiLabs solution with fuel cells). HySiLabs also recently signed an agreement with Vinci Geostock to test underground hydrogen storage. In 2022, the young company was selected in the French Tech Green20 (development programme for the 20 most promising French startups in the field of green technology). The €13 million Series A will be completed with additional capital in a second closing scheduled for February this year.