Yara Growth Ventures, the investment team within Yara International ASA, reported that it has invested in Denmark-based Dynelectro, which provides electrolysis technology for low-cost renewable hydrogen. The investment is part of Yara’s ambition to decarbonize fertilizer production and enable the hydrogen economy.
Yara said Dynelectro’s approach dramatically increases the lifetime of solid oxide electrolysis (SOE) systems from typically two to 10 years, and also allows for integration of SOE with intermittent renewable electricity, a key requirement for large scale adoption.
While SOE has the best potential for low cost, it suffers a niche existence due to system lifetime issues, explained Björn Heinz, Investment Director and part of the Yara Growth Ventures team. “We believe Dynelectro will overcome these issues and pave the way to make low-cost renewable hydrogen a reality,” he said.
Dynelectro CEO Sune Lilbæk said the addition of Yara Growth Ventures is a significant milestone as they are the first industrial investor to demonstrate market readiness and pull for innovation within clean sustainable technologies.
The investment follows the company’s seed investment round, which was led in May 2023 by The Export and Investment Fund of Denmark (EIFO), Denmark’s national promotional bank and export credit agency, with contributions from Vsquared Ventures, a European deep-tech fund, and further local venture investors. The funding will be used for demonstration projects and further technology development.