Yara Growth Ventures, an entity committed to advancing the green hydrogen economy through venture capital investments, made public its decision to invest in Dynelectro ApS (Dynelectro), a Danish startup specializing in manufacturing electrolyzers for the production of low-cost green hydrogen. This recent financial backing builds upon Dynelectro's earlier round of seed funding, orchestrated in May 2023 by the Export and Investment Fund of Denmark (EIFO), the Export and Investment Fund of Denmark, which is committed to promoting, banking, and facilitating export credit activities at the national level, collaborated with Vsquared Ventures, a notable European deep-tech fund, and several local venture investors to contribute to the initiative.Dynelectro has clarified that the funding will primarily bolster demonstration projects and further advancements in its technology.

The inclusion of Yara Growth Ventures in Dynelectro's investor lineup marks a noteworthy milestone for the startup, as it signifies the entry of its first industrial investor. This development underscores a discernible market demand and positive reception for innovative solutions within the realm of clean and sustainable technologies. At present, Dynelectro is directing its efforts toward the development of technology designed to unlock the potential of solid oxide electrolysis (SOE). Despite SOE's promising capacity to generate low-cost renewable hydrogen and e-fuels, it has encountered challenges pertaining to the lifespan of its systems.

Yara Growth Ventures expresses confidence in Dynelectro's capability to confront and surmount these challenges, viewing it as a trailblazer in realizing the vision of affordable renewable hydrogen. Dynelectro's innovative strategy aims to significantly prolong the lifespan of SOE systems, elevating it from the conventional two-year timeframe to an impressive decade. Moreover, their technology facilitates seamless integration of SOE with intermittent renewable electricity, a pivotal requirement for widespread adoption, as affirmed by Yara in an official statement.

While specific details regarding Yara's financial commitment to Dynelectro were not disclosed, it is noted that typical initial investments by Yara hover around the $3 million mark. Serving as the corporate venture capital arm for Yara International ASA, Yara Growth Ventures maintains a focused approach toward investing in startups poised to revolutionize agriculture and contribute to the burgeoning hydrogen economy. Driven by an ambitious objective to decarbonize the fertilizer value chain and propel the hydrogen economy forward, Yara is steadfast in its support of innovative ventures such as Dynelectro, championing sustainability and technological progress.

Yara Growth Ventures invests in startups and funds as a limited partner. In both investment categories, our objective is to serve as an exemplary partner by utilizing our extensive network, spanning across Yara and various industries, to support the success of our partners. Company recognize that sectors such as agriculture and clean hydrogen necessitate collaborative efforts to effect substantial change, and company position ourselves as facilitators of this transformative process.