Photo: Hydrogenera
Hydrogenera, headquartered in Bulgaria’s capital city, is shifting to megawatt-scale electrolyzer units for the production of hydrogen with a new order, which it expects to deliver before mid-2024.
Bulgaria is relying heavily on energy storage in its energy transition, counting investments in battery production plants and battery energy storage systems (BESS) and facilitating the establishment of a so-called hydrogen valley. Sofia-based startup called Hydrogenera, which is considering the possibility of conducting an initial public offering next year, bumped up the energy transition wave by announcing that it signed its first 1 MW electrolyzer contract.
The facility for the production of hydrogen from renewable or nuclear power can meet the needs of at least 100 households, according to the firm. For its clients, Hydrogenera says, it fully covers the cycle from research to installation and commissioning.
Hydrogenera seeks financing to manufacture electrolyzers
The 1 MW system designed and manufactured for a domestic client will produce 200 cubic meters of hydrogen per hour or 436 kilograms per day, the company added. Working with hydrogen solutions since 2016, it recently changed its name from Green Innovation. Hydrogenera is part of the European Clean Hydrogen Alliance and Hydrogen Global Initiative.
It revealed to Renewables Now that listing at the Bulgarian Stock Exchange or a bourse in the West is supposed to provide funds for a manufacturing hub for alkaline electrolyzers. The 1 MW electrolyzer is expected to be delivered early in the second quarter at the latest, the management said.
The Bulgarian company said it has a 200 kW flagship model and an 85% efficiency. Its website records 83 completed projects in its home market, Bulgaria and Turkey. Hydrogenera is also counting on interest from Italy and Germany and expressed the appetite to enter Romania.
Focus on industrial applications, public buildings
The company raised EUR 2 million a year ago, primarily from financial products and services firm Karoll alongside venture capital firms Impetus Capital and MFG Invest and a number of angel investors. At the time, Hydrogenera was focusing on industrial production, especially polluters in the food and construction industries, as well as on public buildings.
Green hydrogen, produced from water in electrolyzers in a process powered by renewable sources, has a long way to go before it can compete with gray hydrogen. Produced directly from natural gas and much cheaper, the latter is still the only conventional technology. But it is inappropriate for decarbonization because of high emissions.
The European Union has huge subsidies underway for green hydrogen. Other cleaner versions may also take significant market shares – especially blue and pink hydrogen. The blue tag means that emissions from producing hydrogen from fossil gas were captured and utilized or stored. Pink hydrogen is from electrolyzers as well, but the electricity is from nuclear power plants.
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