Professional services firm GHD Group is to become a cornerstone investor in hydrogen electrolyser and storage system manufacturer Lavo.
The equity investment is part of LAVO’s $50 million Series A capital raise now underway, with the firm joining Providence Asset Group, UNSW, and Gowings Bros as investors.
In addition to holding an equity stake in the company, GHD will support Lavo in fast tracking the development of products and services.
The firm will drive engineering and commercialising activities for the LAVO System, which was developed by researchers at UNSW and is set to be installation-ready by mid-2021.
The alignment of GHD’s work with the Lavo business strategy is a key aspect of GHD’s approach to ventures investment, according to a statement.
GHD Group CFO, Phillip Bradley who will join Lavo’s Board, said the firm’s energy vision was to support clients moves towards affordable, reliable, secure and low‑carbon energy.
Bradley said: “We know that renewables are the key to decarbonising our energy systems but the transition to renewables is being constrained by lack of clean energy storage.
“Lavo is a ground-breaking solution that helps bridge that gap.”
Bradley said the two companies were different in size and age, but they shared a commitment to swift changes in global energy systems.
“Our experts are already well-integrated with the team at LAVO and we are confident that together we will deliver innovative solutions to sustain our communities into the future.”
Lavo CEO Alan Yu said the company’s hydrogen energy storage had many applications beyond the LAVO System.
Lavo’s target markets include residential, telco, commercial and industrial, and off-grid and back-up diesel.
Lavo launched in Australia in September 2020 and in February committed to building a $20 million factory in Springfield City in Queensland.
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