Queensland-based hydrogen energy storage company Hydrexia received $4.5 million from Southern Cross Renewable Fund, which was matched dollar-for-dollar by Softbank China Venture Capital (SBCVC) in a total investment of $9.25 million.
Hydrexia’s new hydrogen storage technology, based on a hydride of a magnesium alloy, is said to have a higher energy storage density, that is, storing more hydrogen in less space. It also stores it at a lower pressure, thus reducing costs.
French company Air Liquide also made investments in Hydrexia, a move that its Vice-President Francois Darchis says will offer its industrial customers a “particularly innovative solution.”
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