ZEG Power has closed on an investment from StartupLab, an incubator focusing on building and scaling technology startups out of Norway, combining funding, support and a unique network.
«This investment is strategic to StartupLab, as it aligns with our focus on the green energy sector», says Tor Bækkelund, partner at StartupLab. «We have followed the team over a period, and we are strongly impressed by the team’s ability to execute».
Kathrine K. Ryengen, CEO of ZEG Power, responds: “This investment is of important value to ZEG Power. StartupLab is respected and well recognized and their recognition of the ZEG technology for high efficient green energy production from gas is thus highly appreciated. By this investment, ZEG Power can accelerate the growth of the team, required for further commercialization»
ZEG Power is aiming at a further capital raise short term to enable execution of key activities, including the upscaling of the technology to a first commercial 1MW hydrogen production plant with integrated CO2 capture.