Steelmaking start-up CullBeck raises $20m at $60m valuation
Victoria University of Wellington spinout CullBeck has raised $20 million to commercialise low-emissions iron and steel technology, alongside signing a major anchor customer.
CullBeck, a spinout from Victoria University of Wellington's Robinson Research Institute, has raised $20 million in what it believes is the largest recorded first funding round for a New Zealand deep-tech company. The raise values the company at $60 million. CullBeck is developing hydrogen-based technology to produce low-emissions iron and steel from New Zealand's iron sands deposits, and has signed an anchor customer described as worth about $1 billion.
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NZ Herald
Hydrogen-powered steelmaking start-up CullBeck raises funds at $60m valuation, signs ‘$1b’ anchor customer
But there's a 'grey hydrogen' catch.
BusinessDesk
CullBeck raises $20m in record first funding round for hydrogen steelmaking tech
Victoria University of Wellington spinout company CullBeck has raised $20 million, which includes what it believes is the largest recorded first raise for a New Zealand deep-tech company. CullBeck was formed to commercialise research from the university’s Robinson Research Institute…