H2SITE

Hydrogen equipment pioneer H2SITE successfully raises EUR36 million from a consortium of investors co-led by Hy24 and SC Net Zero Ventures

• The Series B Funding round is co-led by Hy24 and SC Net Zero Ventures who are joined by Breakthrough Energy Ventures, Enagás Emprende, Equinor Ventures, Exergon, Ezten, and MassMutual Ventures.
• The investment round will support the next phases of H2SITE’s innovative hydrogen technology deployment, focusing on scaling up to multi tons per day reactors in operation by 2026.
• H2SITE’s solution addresses the challenges of transporting hydrogen, making the technology more accessible and creating significant cost savings. 

Bilbao, Spain, January 16th, 2025 – H2SITE, a deep-tech pioneer of hydrogen separation solutions, announces today the successful closing of its Series B funding round at EUR36 million from a consortium of investors, combining strategic and financial investors focused on the next growth phase. H2SITE has received support from new co-lead investors Hy24, the world’s leading low-carbon hydrogen pure-play investment manager, through its Clean Hydrogen Equipment Fund, and SC Net Zero Ventures, the climate tech venture capital fund with focus on industrial and mobility decarbonization, managed by Suma Capital, a pioneer in sustainable and impact investments. 

The lead investors are joined by new investors MassMutual Ventures, Enagás Emprende and Exergon, and existing historical investors and partners involved in the first phases of H2SITE’s solution industrialization: Series A Funding round leader Breakthrough Energy Ventures along with Equinor Ventures and Ezten, FCR (a fund managed by Gestión de Capital Riesgo del País Vasco of the SPRI Group - Basque Government). This consortium of investors will provide H2SITE with access to a broad international ecosystem of stakeholders who share the unified vision of hydrogen as a vital energy vector for achieving European and global industrial decarbonization targets.

Since 2021, H2SITE has been developing a proprietary membrane reactor technology which enables hydrogen separation from gas streams and easy-to-transport molecules, such as ammonia or methanol. H2SITE has built and operated 15 projects in Western Europe and is now developing large-scale infrastructure first-of-a-kind projects in North America, the EU and Asia Pacific.  

The Series B funding aims to support the company’s next industrialization and commercialization milestones, including multi tons per day hydrogen production capacity in operation by 2026, and addressing several end-use markets such as large scale and decentralized ammonia cracking, natural hydrogen production in the USA and maritime decarbonization applications. By tackling the challenge of hydrogen supply chain, separation technologies play a critical role in the suite of innovations required to build a reliable, scalable, and efficient low-carbon hydrogen economy. 

Andrés Galnares, Founder and Chief Executive Officer, H2SITE, said: “For our third funding round, we have assembled a consortium of strategic and financial partners who deeply understand the challenges of scaling production, hydrogen deployment timelines, and market demand. This collective expertise and support will empower us to drive growth and execute large-scale infrastructure projects over the next thirty-six months, with a focus on ammonia cracking and hydrogen separation.”

Guillaume Lesueur, Managing Director & Head of the Clean Hydrogen Equipment Fund, Hy24, said: “H2SITE has developed an innovative and efficient purification technology that serves a wide range of markets across the hydrogen supply chain. This versatility, combined with the team’s extensive industrial expertise, aligns with the strategic objectives of Hy24’s Clean Hydrogen Equipment Fund: supporting breakthrough equipment providers and scalable technologies. It also highlights Hy24’s continued role as a leading investment catalyst in the hydrogen ecosystem and our dedication to addressing the equipment manufacturing challenge.”

Natalia Ruiz, Managing Partner, SC Net Zero Ventures, said: “At SC Net Zero Ventures, we are committed to supporting technology solutions that accelerate the pace towards energy transition. H2SITE's innovation in hydrogen separation is a key example of that, with a proprietary technology that addresses a key challenge in the hydrogen supply chain. We are proud to support a company that is not only leading technological innovation, but also making a tangible impact on the decarbonization of strategic sectors.”

H2SITE was advised by Gómez-Acebo & Pombo (GA_P). Hy24 was advised by Pinsent Masons. SC Net Zero Ventures was advised by Tribeca Abogados.