The ARC Centre of Excellence for Electromaterials Science (ACES) secured venture capital investment from True North Venture Partners in a spin out company named ‘AquaHydrex’ in late 2012.
AquaHydrex water splitting technologies were the culmination of years of research at ACES nodes at the University of Wollongong (UOW) and Monash University as well other Australian Research Council (ARC) supported projects at Monash. According to ACES Energy Program Leader Professor Doug MacFarlane, the research teams developed new electrochemical systems for splitting water, with and without the use of sunlight to produce hydrogen; a second set of technologies was inspired by photosynthesis to produce oxygen gas from water.
UniQuest partnered with UOW and Monash University to develop the business plan and raise capital for AquaHydrex.
True North Venture Partners was seeking disruptive innovations, working with management teams to build companies for the long-term in the areas of energy, water, waste, and agriculture.