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(Sharecast News) - IP Group announced the completion of a $111m series B funding round by its Australian portfolio company Hysata on Thursday.
The London-listed firm said Hysata specialises in developing electrolysers for large-scale green hydrogen production, prioritising enhanced energy efficiency and reduced costs.
It said the funding would enable Hysata to further advance product development and expand production capabilities at its manufacturing facility in Wollongong, New South Wales.
The company was aiming to achieve gigawatt-scale manufacturing as it progressed towards its goals.
In the previously-announced investment on 22 December, IP Group contributed $15m (£12m) from its balance sheet and an additional $18m from its managed private funds to the funding round.
Post-completion, IP Group held an undiluted beneficial holding of 37% in Hysata, valued at £79m.
BP Ventures and Templewater spearheaded the funding round, with support from IP Group and other existing investors including Clean Energy Finance Corporation, Hostplus and Vestas Ventures.
The round also included new investors such as Posco, Shinhan Bank, IMM Investment Group, the Oman Investment Authority, Twin Towers Ventures, and TelstraSuper.
"We're delighted to see such continued strong support for Hysata and today's announcement of major new strategic and financial investors strengthens Hysata's leadership position," said IP Group chief executive officer Greg Smith.
"We have supported Hysata since before inception combining our local presence with expertise from our leading cleantech investment platform, Kiko Ventures.
"It's a great example of what can be achieved by combining world-class research with global markets, partners and capital to build truly world-leading technology companies."
At 1237 BST, shares in IP Group were down 2.02% at 48.55p.
Reporting by Josh White for Sharecast.com.