# Verdagy

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/verdagy

- Industry: Renewable Energy
- Headquarters: US
- Website: www.verdagy.com
- Total disclosed funding: $98M
- Latest round: Series B (Aug 8, 2023)
- Investors on record: 14

## About

Based in California, US, and founded in 2021, Verdagy, Inc., a spun out from Chemetry, operates as a developer of a proprietary technology, designed to produce utility-scale green hydrogen by using water and renewable energy as raw materials. In August 2023, Verdagy, Inc. raised USD 73 million in series B funding co-led by returning investors Shell Ventures and Temasek Holdings, with participation from new investors Bidra Innovation Ventures, BlueScope Steel Limited, Galp Energia, Samsung Venture Investment, Toppan Global Venture Partners, Tüpras Ventures, Yara Growth Ventures, and Zeon Ventures. As of 2022, the company is being led by its CEO, Rahul Bammi, and has pilot plant facilities and a lab in Moss Landing (CA).

Verdagy, Inc. engages in the production of green hydrogen using proprietary Verdagy Water Electrolysis (VWE) technology, which is a combination of traditional Alkaline water electrolysis (AWE), and Proton Exchange Membrane (PEM) water electrolysis. The company utilizes water and renewable energy sources for the production process, and hence no harmful by-products are being generated, and the firm’s technology is capable to produce utility-scale green hydrogen at the lowest production costs while minimizing the upfront project costs.

Verdagy, Inc. intends to use the February 2022 funding to further accelerate the development and commercialization of its technology.

## Funding rounds

- Series B, Aug 8, 2023, $73M — Temasek Holdings, Samsung Venture Investment, Shell Ventures, Yara Growth Ventures, BlueScope Steel Limited, Toppan Global Venture Partners, Bidra Innovation Ventures, Zeon Ventures, Tupras Ventures
- Series A, Dec 7, 2021, $25M — Temasek Holdings, Khosla Ventures, Shell Ventures, TDK Ventures, Orbia Ventures, BHP Ventures, Doral Energy-Tech Ventures

## Investors

- Temasek Holdings — Series A, Series B
- Khosla Ventures (https://capitalatlas.ai/funds/khosla-ventures) — Series A
- Shell Ventures (https://capitalatlas.ai/funds/shell-ventures) — Series A, Series B
- TDK Ventures (https://capitalatlas.ai/funds/tdk-ventures) — Series A
- Orbia Ventures (https://capitalatlas.ai/funds/orbia-ventures) — Series A
- BHP Ventures (https://capitalatlas.ai/funds/bhp-ventures) — Series A
- Doral Energy-Tech Ventures (https://capitalatlas.ai/funds/doral-energy-tech-ventures) — Series A
- Samsung Venture Investment (https://capitalatlas.ai/funds/samsung-venture-investment) — Series B
- Yara Growth Ventures — Series B
- BlueScope Steel Limited — Series B
- Toppan Global Venture Partners (https://capitalatlas.ai/funds/toppan-global-venture-partners) — Series B
- Bidra Innovation Ventures (https://capitalatlas.ai/funds/bidra-innovation-ventures) — Series B
- Zeon Ventures (https://capitalatlas.ai/funds/zeon-ventures) — Series B
- Tupras Ventures (https://capitalatlas.ai/funds/tupras-ventures) — Series B