H2SITE secures 36 million euros from a consortium of investors co-led by Suma Capital and Hy24 to consolidate its position as an industrial player.
H2SITE has announced the successful closure of its Series B funding round for 36 million euros from a consortium combining strategic and financial investors focused on its next phase of growth.
The company has received the support of new co-lead investors Hy24, the world's leading low-carbon hydrogen investment manager, through its Clean Hydrogen Equipment Fund, and SC Net Zero Ventures, the climate tech venture capital fund focused on industrial and mobility decarbonisation, managed by Suma Capital, which specialises in sustainable and impact investments.
The lead investors are joined by MassMutual Ventures, Enagás Emprende and Exergon, as well as the existing investors and historical partners involved in the early industrialisation phases of the H2SITE solution: Breakthrough Energy Ventures, which led the Series A funding round, together with Equinor Ventures and Ezten, FCR, a fund managed by Gestión de Capital Riesgo del País Vasco of the SPRI Group - Basque Government.
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 successfully set up and operated 15 projects in Western Europe and is now developing first-of-a-kind large-scale infrastructure projects in North America, the EU and Asia Pacific.
The Series B funding aims to support the company's next industrialisation and commercialisation milestones, including a multi-tonne-per-day hydrogen production capacity to be online by 2026, and to address several end-use markets, such as large-scale and decentralised ammonia cracking, natural hydrogen production in the US and maritime decarbonisation applications.
Source: H2SITE