Galp
Avenida da Índia, 8, Lisboa, 1349-065, Portugal
Overview
For more than 100 years, we have been laying out a path of innovation. We explore and produce oil and natural gas. We refine and market oil products. We distribute and supply natural gas. We generate and market electricity. Exploration & Production Galp’s portfolio comprises over 50 projects in different phases of exploration, development and production. Galp’s development projects include two of the largest oil and natural gas discoveries of the last decades, located, respectively, at the Santos basin pre-salt, in Brazil, and the Rovuma basin, in Mozambique. The Company is focused on the implementation of its projects in the development phase in three core locations: Brazil, Angola, and Mozambique. Refining & Marketing Galp processes raw materials at two refineries in Portugal and markets oil products in Iberia and Africa. Galp also exports to several countries and markets to other operators. Gas & Power The Gas & Power business incorporates the sourcing, distribution and supply of natural gas, activities which are gradually being integrated with the production and marketing activities for electricity. The Company also operates in the international natural gas and LNG market through its trading activity.
- Total investments
- 1
- Lead investments
- 0
- Investments · 12mo
- 0
- Active investors
- 5
Sector focus
- Energy
- Oil and Gas
- Renewable Energy
Investment portfolio
- Verdagy
Participated · Series B · Aug 2023
Verdagy develops Advanced Alkaline Water Electrolysis (AWE) eDynamic® electrolyzers designed for large-scale green hydrogen production. Its technology targets low levelized cost of hydrogen (LCOH) through high current densities, the widest dynamic range in the industry, and fast response to match renewable power. The company announced a gigawatt-scale Silicon Valley factory in 2023 and operates R&D and highly automated commercial pilot plants in Moss Landing, California. Verdagy plans to commence shipments from its Newark, CA manufacturing facility in 2025 to enable infrastructure-scale deployments. To accelerate high-volume manufacturing, Verdagy has been awarded a $39.6 million grant from the U.S. Department of Energy (pending negotiations). The company is ramping up commercial deployments and is committed to helping meet the DOE's $2/kg LCOH target by 2026. Verdagy develops scaling electrolyzer technologies for industrial markets, headquartered in Moss Landing, CA. Its core product is the eDynamic® family; the company is accelerating launch and commercialization of the eDynamic 20 megawatt (MW) electrolyzer module. The 20MW module is intended to serve as a fundamental unit for future systems at the 200MW scale and beyond. Verdagy will expand deployments after initial commercial unit deployments with existing partners to customers in heavy industries such as oil and gas, ammonia, steel and e‑fuels to support industrial decarbonization. The company’s leadership includes CEO Marty Neese (SunPower, Ballard), COO Peter Cousins (scaled Tesla gigafactories) and founder Dr. Ryan Gilliam (founder of Fortera and Chemetry). Verdagy has created a membrane-based electrolysis technology that blends advantages of alkaline water electrolysis (AWE) and proton-exchange membrane (PEM) approaches, using very large active-area cells that can operate at high current densities and wide dynamic ranges. The company’s single-element architecture focuses on proprietary interior cell design—heat dissipation, gas/liquid circulation and flow management—which Verdagy says is difficult to replicate. Its cells enable both efficient operation in a max-efficiency range and the ability to absorb excess renewable electricity to produce large amounts of hydrogen for storage or use. Verdagy is targeting industrial hydrogen applications—on-site or near-site supply for oil refining, fertilizer production, food processing and metal-alloy production—where it says a smaller footprint and lower lifecycle emissions are beneficial. The technology is patent-pending and the company emphasizes industrial-scale deployment tied to renewable power sources like wind and solar. Financially, Verdagy completed an over-subscribed $25 million strategic investor round to support its development and commercialization efforts.