Investor Updates
UQ hydrogen innovation wins joint investment from Government, French multinational
22 May 2013
French multi-national Air Liquide and the Australian Government’s Southern Cross Renewable Energy Fund have invested more than A$9 million in hydrogen storage technology developed by Australia’s University of Queensland (UQ).
They invested A$9.25 million in Hydrexia, a UQ spin-off company, which holds the hydrogen storage process developed by UQ researchers Professor Arne Dahle and Associate Professor Kazuhiro Nogita.
The pair found that a new magnesium alloy, hydride, could absorb hydrogen much like a sponge absorbs water, developing a process far cheaper than existing ones.
The commercial potential of the research led the university’s commercialisation arm, UniQuest, to create Hydrexia Pty Ltd in 2006.
“We believe that Hydrexia's alloy – hydride –makes possible the production of high density and high-performance hydrogen storage systems at a competitive price compared to existing compressed gas technologies,” Hydrexia Chief Executive Officer Jeffrey Ng said in a statement.
The Australian Government has vowed to raise the nation’s innovation profile by committing funds to bringing more developments to market and by establishing innovation precincts aimed at becoming research and development centres of excellence.
Air Liquide is a French company with 50,000 employees in 80 countries. It has traditionally been an industrial gas supplier but has recently diversified into health and environmental businesses.
The Southern Cross Renewable Energy Fund is a $200 million, 13-year co-investment arrangement by the Australian Government, Southern Cross Venture Partners (SXVP) and Softbank China Venture Capital (SBCVC). The Australian Government’s commitment of $100 million has been matched equally with private sector investment from SBCVC. The fund invests in Australian clean energy companies.
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