Hydrexia Pty Ltd has secured investment from Uniseed and the teQstart Investment Fund to commercialise a new technology for the inexpensive and safe storage of hydrogen.
The UniQuest start-up company has an exclusive licence to an innovative magnesium alloy, developed at The University of Queensland, which stores hydrogen in a solid form.
Hydrexia’s technology could make hydrogen a viable alternative energy source according to Omar Khalifa, Uniseed Investment Manager.
“While the technology is still early stage, Uniseed was excited by its potential to be a cost effective energy source as well as the company’s ability to have a working prototype developed,” said Mr Khalifa.
Hydrexia Chief Executive Officer, Jeffrey Ng said both he and UniQuest were delighted to have closed the company’s first round of investment.
“We’re looking forward to working with Uniseed and teQstart to build on the firm technology foundation created by Dr Arne Dahle and Dr Kazuhiro Nogita and move to the next stage of commercialisation,” said Mr Ng.
Having built its first working storage system, over the next twelve months Hydrexia plans to advance its technology – including the performance of the material and working prototypes – as well as strengthen relationships with industry players to form collaborative partnerships.
UniQuest Managing Director, David Henderson said Hydrexia had been attracting international attention in its hydrogen technology.
“While industry interest in Hydrexia has been intense, the investment from Uniseed and teQstart was absolutely vital for progressing the company’s technology in Australia,” said Mr Henderson.
Hydrexia has received funding through the Queensland Government Innovation Start-up Scheme and the Queensland Sustainable Energy Innovation Fund.
In addition, Hydrexia has won the 2005 UQ Business School’s business plan competition, Enterprize, the Advanced Materials category of the 2006 Future Materials awards and the Advanced Engineering/Materials and LESANZ Licensing prizes in the 2006 Commercialisation Expo Commercialisation Plan competition.
Media: Jeffrey Ng, Hydrexia (0431 879 928, jeffrey.ng@hydrexia.com); David Henderson, UniQuest (07 3365 4037); Omar Khalifa, Uniseed (0411-693014), or Ruth Drinkwater, teQstart (07 3327 9702).
