“New Castle County is the ideal place for startup companies like Versogen to create innovative green technologies,” said New Castle County Executive Matt Meyer. “We are proud to welcome Versogen and know that it will find the first-rate talent for employees and further growth.”
Officials from FMC agreed.
“At the FMC Stine Research Center, we work hard to change the world for the better,” said Dr. Kathleen Shelton, FMC executive vice president and chief technology officer. “We are excited to welcome Versogen and applaud them for developing industry-leading green energy technologies. We appreciate Delaware Prosperity Partnership for the continued collaboration and actively building a strong entrepreneurial and innovation ecosystem in the State of Delaware.”
Versogen officials presented today to Delaware’s Council on Development Finance the company’s application for a Delaware Lab Space Grant of $450,380 and a Jobs Performance Grant of $151,343 from the Delaware Strategic Fund to support the company’s investment of more than $4.8 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Versogen’s request for up to $601,723 in total grant funding.
“Versogen has been strongly supported by the State of Delaware directly or indirectly from its inception,” said Yushan Yan, Versogen co-founder and CEO. “The grants approved today for Versogen from the Delaware Strategic Fund demonstrate Delaware’s unwavering commitment to building a vibrant entrepreneurial environment for startups and to providing critically needed facilities grants for them to grow.”
Versogen began with research conducted in Yan’s lab in his role as Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware. As Yan said, Delaware recognized the startup’s promise right away. So did entities throughout the United States, with numerous supporting the company’s work to bring to market a new class of polymer membranes that will make green hydrogen and fuel cells more economical.
Originally branded as W7 Energy and rebranded as Versogen in 2021, the company has been supported by more than $5 million in grants. These include the prestigious BIRD Project grant in 2020 and selection as one of three startups for the fourth cohort of the Shell GameChanger Accelerator (GCxN) program in 2021.
Earlier this year, Versogen closed a Series A funding round that raised $14.5 million. This investment allows the company to scale development of its low-cost green hydrogen electrolyzer stacks.
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About Delaware Prosperity Partnership
Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.
About Versogen
Versogen is an industry-leading green energy startup founded by Yushan Yan, the Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware and a member of the National Academy of Engineering. The company’s focus is decarbonizing heavy, hard-to-abate carbon by producing low-cost green hydrogen with its zero-emission AEM electrolyzer that uses natural materials, water and renewable energy to produce hydrogen at scale. Versogen systems are engineered to make green hydrogen affordable and sustainable – from the materials used in manufacturing right through to the costs of operations.
