Investible backs Sydney clean hydrogen injection tech startup DeCarice in pre-seed round

While financial details of the pre-seed round have not been disclosed, Investible has made the investment through its Climate Tech Fund, which is focused on supporting groundbreaking technologies that address the urgent challenges of climate change.

DeCarice, which was founded last year by engine industry veteran Goran Bozic and University of NSW researcher Professor Shawn Kook, has developed hydrogen injection technology that it says can significantly reduce carbon emissions in heavy-duty diesel engines.

The technology is capable of replacing up to 90 per cent of diesel fuel in heavy-duty vehicles and machinery while maintaining the same power output.

The founders say this has the potential to reduce carbon emissions by up to 85 per cent, offering a “transformative solution for industries that are traditionally difficult to decarbonise, such as mining, maritime and heavy transportation”.

"Investible is thrilled to support DeCarice as they tackle one of the most pressing challenges in the transition to a net-zero economy,” says Ben Lindsay, investment manager at Investible.

“The ability to retrofit existing diesel engines with DeCarice’s hydrogen injection technology provides a scalable, near-term solution for reducing emissions in sectors where the electrification of big and heavy things is extremely challenging.”

DeCarice represents the 29th investment by Investible’s Climate Tech Fund in under three years making the Sydney and Singapore-based private equity group one of the Asia Pacific region’s most active investors in the climate tech sector.

“The team at DeCarice is excited to partner with Investible as we scale our hydrogen engine technology globally,” says Bozic, the CEO of DeCarice.

“This investment will enable us to accelerate our commercialisation efforts and bring our solution to market, helping industries transition to cleaner fuel sources.”

DeCarice’s technology was originally developed by Kook, the company’s CTO, at the UNSW Engine Research Laboratory where he has previously undertaken carbon-neutral fuel research involving hydrogen, ethanol, methanol, jet fuel and biodiesel.

The dual-direct hydrogen injection technology, which has been rigorously tested, peer-reviewed and patented, is described as a “best-in-class solution that allows for significant emission reductions without compromising on engine performance’.

The startup is aiming to target rising demand for green hydrogen globally, particularly from Japan and South Korea. DeCarice reveals that it has already garnered interest from major engine manufacturers and industrial diesel fleet operators.