"An innovative hydrogen storage idea was given a kick-start late last year when its start-up company won 100 thousand dollars seed funding to progress their technology in the University of Queensland's Enterprise competition. Their technology has the potential to enable wider use of hydrogen as a fuel source..."

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"A new technology which could make hydrogen a viable green fuel alternative has received an investment from teQstart Pty Ltd, the Queensland Government owned high technology, early stage investment fund..."

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Hydrexia Pty Ltd has won the $100,000 UQ Business School Enterprize competition with its innovative hydrogen storage technology. 

Hydrexia beat seven Enterprize competition finalists to score $100,000 seed funding to progress their technology.

The company's technology uses a solid-state storage method based on an innovative magnesium alloy that is manufactured using low cost casting techniques.

Hydrexia CEO Jeffrey Ng said the technology was five times cheaper than its closest competitor.

“Hydrogen has the highest potential of the alternative fuels to replace carbon-based fuels, such as oil and coal, because its by-products – heat and water – have no negative impact on the environment,” he said.

“Progress towards the wider adoption of fuel cells that use hydrogen has been hampered by the lack of a hydrogen storage technology that meets three key requirements: storing a high density of hydrogen, safely and at low cost.

“Hydrexia's proprietary technology solves the hydrogen storage problem by delivering on all three of these requirements. That is why this technology removes one of the last remaining technical barriers to the broader use of fuel cells and hydrogen.”

Head of the UQ Business School Professor Tim Brailsford said the competition was fierce with all eight finalists presenting very strong commercialisation prospects.

“The standard of entries this year has been extremely high and I think all the finalists have the potential to become successful businesses,” he said.

Now in its fifth year, UQ Business School's Enterprize competition provides $100,000 in seed capital to the winner.

Professor Brailsford said all the finalists were winners because the detailed business plans developed for Enterprize made each of the businesses much more appealing to investors.

“The Enterprize after-party is full of conversations between team members and potential investors, advisors, and mentors,” he said.

“It's very exciting to be in at the beginning of so many future success stories.”