H2SITE, a Bilbao-based industrial hydrogen technology company, has completed a second closing of its Series B round, bringing the total raised to more than €42 million. The new investment brings the EIC Fund and a private investor into the company’s shareholder base, alongside participants from the first closing, including BEV, Suma Capital, Hy24, Crane, Enagás Emprende, Calderion and CRPV.
The company develops hydrogen production and separation technologies for energy and industrial applications. In simple terms, H2SITE’s technology helps produce and purify hydrogen from easier-to-transport molecules, such as ammonia and methanol, making hydrogen more accessible for industrial users.
The new funding will support H2SITE’s next phase of growth as it moves from technology validation to wider industrial deployment. According to the company, the capital will help support:
H2SITE has already achieved more than 50 000 operating hours with its membrane reactors and separators. The company has also established advanced manufacturing capabilities in Europe and produces and recycles thousands of palladium-based membranes every year.
Founded in 2020 in Bilbao, H2SITE has developed an industrial technology platform for efficient hydrogen production and separation. Its membrane reactor technology enables hydrogen to be separated from gas streams and from molecules with established supply chains, such as ammonia and methanol.
This addresses one of the main challenges in the hydrogen economy: transport. Hydrogen can be difficult and costly to move directly, so carriers such as ammonia and methanol can play an important role in making low-carbon hydrogen available where it is needed. H2SITE’s technology helps convert these carriers into high-purity hydrogen for industrial and energy applications.
The EIC Fund’s investment follows previous support through the EIC Accelerator programme, which helped H2SITE advance its ammonia cracking technology for low-carbon hydrogen production. The project, planned for deployment at the Port of Antwerp, aims to support clean, secure and competitive hydrogen supply chains for hard-to-abate sectors while strengthening Europe’s energy independence.
The funding comes as hydrogen infrastructure and industrial decarbonisation technologies move towards commercial deployment. H2SITE is now focused on executing large-scale projects and expanding the use of its solutions across strategic markets in Europe and beyond.
Andrés Galnares, CEO of H2SITE, said:
‘This capital increase marks an important milestone in H2SITE’s evolution as an industrial company. The continued support of European institutions and private investors reflects confidence in our ability to transform technological innovation into industrial assets and commercial projects that are scalable, replicable, and bankable.’
Javier Cavada, Chairman of H2SITE, added:
‘The EIC Fund joining our shareholder base is a significant milestone and a strong vote of confidence in H2SITE’s ambition to become a global champion from Europe.’
Hermann Hauser, Board Member of the EIC Fund, said:
‘Europe’s energy transition will depend on our ability to move breakthrough technologies from validation to industrial deployment.’
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