GOVERNMENT INVESTS IN REVOLUTIONARY HYDROGEN STORAGE TECHNOLOGY
Published Wednesday, 04 October, 2006 at 08:09 AM
Minister for State Development, Employment and Industrial Relations
The Honourable John Mickel
04 October, 2006
A new technology which could make hydrogen a viable green fuel alternative has received an investment from teQstart Pty Ltd, the Queensland Government owned high technology, early stage investment fund.
Minister for State Development John Mickel announced a $250,000 teQstart investment in UniQuest spin off company, Hydrexia Pty Ltd.
“The company has an exclusive licence to an innovative magnesium alloy which stores hydrogen in a solid form,” Mr Mickel said.
“While the technology, developed at The University of Queensland, is still in its early stages, Hydrexia has already attracted international attention.”
Mr Mickel said the technology offered great promise at a time when the world was seeking alternative energy sources.
“Hydrogen is favoured as a clean energy to replace hydrocarbons but up until this point in time there hasn’t been a cost effective and practical way to store it and make it work as a fuel,” he said.
“Under laboratory conditions Hydrexia’s alloys have been shown to deliver commercially viable hydrogen storage capacities at low cost and safely. The combination of these attributes makes Hydrexia’s technology revolutionary and may position the company to play a key role in the commercialisation of hydrogen-based technologies, such as fuel cells.”
The investment, in partnership with Uniseed Pty Ltd, would enable Hydrexia 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.
Hydrexia Chief Executive Officer, Jeffrey Ng said both he and UniQuest were delighted to have closed the company’s first round of investment.
“I look forward to working with teQstart to take Hydrexia to the next stage of development,” he said.
“teQstart’s involvement is another tangible show of support by the Queensland Government following on from the ISUS and QSEIF grants Hydrexia has received to date.”
teQstart Pty Ltd was established by the Queensland Government as part of the Smart State strategy to manage the teQstart and BioStart investment funds aimed at stimulating the growth of the State’s high-technology, knowledge intensive industries.
The fund co-invests amounts up to $250,000 on a matching basis with expert private and venture capital sources. Early stage, high-technology Queensland companies seeking to develop their intellectual property into commercially successful ventures are eligible to qualify for teQstart investment.
The teQstart Pty Ltd portfolio currently comprises 19 companies in co-investment with 10 early stage venture capital firms and one angel investment group, across both funds. Industry sectors represented in the portfolio include biotechnology and health, agricultural biotechnology, medical devices, environment, sustainable energy, nanotechnology and advanced materials, education, and information and communications technologies.
For more information about teQstart and BioStart phone Ms Ruth Drinkwater, Manager teQstart Pty Ltd on 07 3227 9702, www.teqstart.com.au.
Ministerial Media Contacts:Chris Brown 3224 7349 or Elouise Campion 3224 6784
Company Contact:
Jeffrey Ng
CEO Hydrexia
Ph: 0431-879-928
Email: jeffrey.ng@hydrexia.com
A new technology which could make hydrogen a viable green fuel alternative has received an investment from teQstart Pty Ltd, the Queensland Government owned high technology, early stage investment fund.
Minister for State Development John Mickel announced a $250,000 teQstart investment in UniQuest spin off company, Hydrexia Pty Ltd.
“The company has an exclusive licence to an innovative magnesium alloy which stores hydrogen in a solid form,” Mr Mickel said.
“While the technology, developed at The University of Queensland, is still in its early stages, Hydrexia has already attracted international attention.”
Mr Mickel said the technology offered great promise at a time when the world was seeking alternative energy sources.
“Hydrogen is favoured as a clean energy to replace hydrocarbons but up until this point in time there hasn’t been a cost effective and practical way to store it and make it work as a fuel,” he said.
“Under laboratory conditions Hydrexia’s alloys have been shown to deliver commercially viable hydrogen storage capacities at low cost and safely. The combination of these attributes makes Hydrexia’s technology revolutionary and may position the company to play a key role in the commercialisation of hydrogen-based technologies, such as fuel cells.”
The investment, in partnership with Uniseed Pty Ltd, would enable Hydrexia 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.
Hydrexia Chief Executive Officer, Jeffrey Ng said both he and UniQuest were delighted to have closed the company’s first round of investment.
“I look forward to working with teQstart to take Hydrexia to the next stage of development,” he said.
“teQstart’s involvement is another tangible show of support by the Queensland Government following on from the ISUS and QSEIF grants Hydrexia has received to date.”
teQstart Pty Ltd was established by the Queensland Government as part of the Smart State strategy to manage the teQstart and BioStart investment funds aimed at stimulating the growth of the State’s high-technology, knowledge intensive industries.
The fund co-invests amounts up to $250,000 on a matching basis with expert private and venture capital sources. Early stage, high-technology Queensland companies seeking to develop their intellectual property into commercially successful ventures are eligible to qualify for teQstart investment.
The teQstart Pty Ltd portfolio currently comprises 19 companies in co-investment with 10 early stage venture capital firms and one angel investment group, across both funds. Industry sectors represented in the portfolio include biotechnology and health, agricultural biotechnology, medical devices, environment, sustainable energy, nanotechnology and advanced materials, education, and information and communications technologies.
For more information about teQstart and BioStart phone Ms Ruth Drinkwater, Manager teQstart Pty Ltd on 07 3227 9702, www.teqstart.com.au.
Ministerial Media Contacts:Chris Brown 3224 7349 or Elouise Campion 3224 6784
Company Contact:
Jeffrey Ng
CEO Hydrexia
Ph: 0431-879-928
Email: jeffrey.ng@hydrexia.com