Borit NV (Borit), a supplier of key components in hydrogen fuel cells and electrolysers, has closed a €7.5m equity fundraising, of which a first tranche of €4.8m has been fully funded.

The investment will support the further up-scaling of Borit’s industrial capabilities built around its proprietary Hydrogate technology, with a strong focus on the fuel cell and electrolyser markets.

The round of funding is subscribed by Borit’s main shareholder Finindus and a new investor, PMV Tina Fund.

Luc Wanten, CEO at Borit NV, stated, “Borit has realised an impressive growth since its last funding round, fuelled predominantly by many international customers active in fuel cells and electrolysers, but also reaching-out to an increasing diversified number of users of high-precision thin sheet forming.”

“Our customers are attracted by our expanded offering which now also includes additional operations such as high-precision laser welding as a complement to our Hydrogate forming technology.”

Borit manufactures sheet metal products and assemblies using its proprietary Hydrogate forming technology, resulting in advanced product designs with high forming quality and precision.

“The additional investment will allow us to further build our industrial production platform, expand our customer base and increase our market penetration,” added Wanten. “We are excited to partner with PMV-TINA as their experience and network supports our endeavor to establish a sustainable and innovative industrial company in Flanders.”