18 July 2006
Investment to commercialise hydrogen technology
Uniseed and teQstart have invested in Hydrexia Pty
Limited to commercialise a new technology for the inexpensive
and safe storage of hydrogen.
Hydrexia, a 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)
www.hydrexia.com
