Temasek and Shell Ventures co-led the Series B round, with participation from new global investors Bidra Innovation Ventures, BlueScope, Galp, Samsung Venture Investment, Toppan Ventures, Tupras Ventures, Yara Growth Ventures and Zeon Ventures.

Verdagy is innovating water electrolysis technology for the large-scale production of green hydrogen. Its industry-leading solution reduces both upfront capital costs and ongoing operating expenses, to achieve the industry's lowest levelized cost of hydrogen. Verdagy operates its laboratory and highly automated commercial pilot plants in Moss Landing, California where it continues to advance its cutting-edge technology.