Green energy startup Versogen has chosen Delaware as the site for its more than $4.8 million expansion. The company will move its operations from The Innovation Space in Wilmington, DE to larger, upgraded facilities at FMC Stine Research Center in Newark, DE.
To support its investment, Versogen has applied and been approved for up to $601,723 in total grant funding, comprised of a Delaware Lab Space Grant of $450,380 and a Jobs Performance Grant of $151,343 from the Delaware Strategic Fund.
“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’s investment includes renovating Stine Building 115 and creating additional lab space at the site, which will be fully operational by 2024. The company’s relocation will accommodate its next level of operations, which includes adding 49 new jobs over the next three years to the 16 positions currently staffing the company.
“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 is focused on anion-exchange membranes (AEMs) and AEM-based electrolyzers to produce low-cost green hydrogen at scale. The company’s systems are engineered to make green hydrogen affordable and sustainable – from the materials used in manufacturing through to the costs of operations.
“Delaware has been a hub for innovation for decades. Versogen is the latest success out of Delaware’s Innovation Space and a great example of the collaborative environment we have for economic development in our state,” said Governor John Carney. “We are excited for Versogen’s expansion, bringing new jobs and important technologies to New Castle County.”
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. 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.
“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.”
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