Opportunity
Green hydrogen can help decarbonise the global economy but technical barriers currently make it expensive and energy-intensive to produce.
Solution
Bspkl's high-performance catalyst coated membranes reduce the costs of producing green hydrogen, making it a viable green energy source.
Just about wherever you look around the world, green hydrogen is being touted as a means of decarbonising transport and industry.
There’s just one problem — the electrolysis technology required to split water into hydrogen and oxygen is expensive and energy-intensive. That’s where Bspkl, GNS Science’s first spin-out company comes in.
Its co-founder, Dr Jérôme Leveneur developed a new way of manufacturing the Catalyst Coated Membranes (CCMs) that are required for green hydrogen production. Bspkl’s name derives from the speckled coating the company’s process applies to the catalyst, which results in 25% less catalyst material being used.
That has huge implications for the cost equation of producing green hydrogen powered by renewable energy sources. Leveneur and his colleague at GNS, Christina Houlihan, teamed up to commercialise the technology. The next step was to find a funding partner, which led them to the door of WNT Ventures, the deep tech investor and longest-serving Callaghan Innovation Deep Tech Incubator Programme partner.
Bspkl joined the incubator in 2023. Initially, WNT provided crucial support in securing B.spkl's first capital raise of $2.8 million, which included a $750,000 repayable grant from Callaghan Innovation. As the relationship matured, WNT Ventures Managing Partner, Maria Jose “MJ” Alvarez joined B.spkl's Board, offering ongoing strategic guidance.
"One of the most valuable things MJ did is she became the third member of our team for a while," says Houlihan.
This hands-on approach helped B.spkl navigate the complex early stages of licensing, foundation building, and capital raising.
Houlihan says WNT's support goes beyond just financial investment, providing a "friendly hand" as they navigate the challenges of building a deep tech startup and ramp up production of their catalysts at the Gracefield campus in Lower Hutt, Wellington.
WNT's approach to incubation is tailored to each company's needs, typically lasting 12-14 weeks and covering areas like market insights, financial modelling, intellectual property, and business model development.
Alvarez stresses that their role is to make the startup journey easier for founders, while also providing honest feedback when needed.
Bspkl has also been working extensively with the Callaghan Innovation-led New Zealand Cleantech Mission, which works to develop stronger connections between NZ CleanTech innovators and international investors, and multinational corporations.
“It’s growing in momentum, in no small part thanks to the work of Phil Anderson at Callaghan who has been organising us to get over to clean tech forums internationally. Apart from the loan, the greatest value that Callaghan Innovation has provided Bspkl has come from that work Phil does,” says Houlihan.
The pre-incubation grants of $35,000 also on offer from Callaghan Innovation, also boost WNT’s ability to do due diligence on ventures they are onsidering for inclusion in the incubator, says Alvarez.
“Add to that the ancillary services from Callaghan, like the R&D Tax Incentive, and the student grants, and I don’t think people realise the value that is being added to deep tech startups and how it boosts their ability to raise capital and commercialise their technology.”
We're looking at global opportunities, global problems. Is this addressing something that is going to disrupt and industry?
- Maria Jose Alvarez WNT Ventures
You look for the fund you have the best fit with and when it came to WNT, it was the support of our vision, and a having the same goals. They also have one of the longest track records investing in deep tech in New Zealand.
-Christina Houlihand Bspkl
$2.8 million raised to date
Read more from the Unleashing innovation: A decade of Deep Tech report.
