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| Date | Event | Source class |
|---|---|---|
| 2019 | Founded by Arne Ballantine and Kirsten Burpee | Company / CEO interview |
| 2023 | Series C $250 million, TPG Rise Climate | Company PR |
| 2023 | 400 MW NTPC deal | Company PR |
| 2024-07 | Doddaballapura gigafactory launch, 2 GW ramp | Company PR |
| 2025-07 | Markus Tacke appointed CEO | CEO interview |
| 2026-06 | Frost & Sullivan 2026 recognition; 2 GW scalable to 4 GW still the capacity print | Company PR |
| Round (date) | Amount raised | Lead | Notes |
|---|---|---|---|
| Series C (2023) | $250 million | TPG Rise Climate | Still the cited round on 2024 and 2026 company PRs |
| Item | Figure | Caveat |
|---|---|---|
| Doddaballapura factory | About 14,000 sqm, Bengaluru area | Opened Jul 2024 |
| Stated annual capacity | Ramping to 2 GW of assembled PEM systems | Nameplate / ramp, not 2024 shipments |
| Scale-up path | Scalable to 4 GW (2026 company PR) | Expansion option, not a second printed factory |
| Other India sites | Bengaluru and Tamil Nadu assembly / stack production cited by CEO (2025 interview) | Supports the 2 GW design |
| Item | Disclosure | Caveat |
|---|---|---|
| Project pipeline | >2 GW across three continents | Company-stated pipeline, Jul 2024 and Jun 2026 PRs |
| NTPC | 400 MW deal (2023) | Company PR |
| Tata Projects | Strategic partnership (2024) | Company PR |
| SIGHT incentives | Selected in the first MNRE round; 137 MW across Tranches I and II (CEO 2025) | Policy award, not revenue |

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Private PEM electrolyzer with a modular factory model. Private comparison for the electrolyzer tab, not a listed multiple.