The startup hydrogen bilbain H2Site is reinforced with almost a dozen investors and 36 million euros to finance its expansion plans. The company has closed its Series B financing round in which it has obtained the support of Suma Capital, through its SC Net Zero Ventures fund, and Hy24, a company 50% owned by the French entity Ardian.
These two actors They lead a consortium of investors in which they have been accompanied by MassMutual Ventures, Enagás Emprende and Exergon. In addition to these new partners, the H2Site financing round has also had the support of Breakthrough Energy Ventures, Equinor Ventures and Ezten, FCR (the venture capital fund of the Basque Country), which already participated in the previous phase of investment in 2022 with which 12.5 million euros were raised.
The funds will be used in the next phase of growth of the Biscayan companyfocused on the development of solutions for hydrogen transportation. In this sense, H2Site seeks to achieve a production capacity of several tons of hydrogen per day next year and expand its reach into the ammonia cracking markets – the process that converts it into hydrogen. On the other hand, H2Site seeks to deepen the production of natural hydrogen in the US, in addition to exploring maritime decarbonization applications.
The startupfounded in 2020 from the spin-off of Tecnalia and the Eindhoven University of Technology in collaboration with Engie New Ventures, has a reactor technology membrane that separates hydrogen with gas streams and easy-to-transport molecules, such as ammonia, methanol and biogas. H2Site has built and commissioned 15 projects in Western Europe and is now developing large-scale infrastructure projects in North America, the European Union and Asia-Pacific.
The operation with which H2Site obtained the 36 million was advised by Gómez-Acebo and Pombowhile Hy24 has had the support of Pinsent and SC Net Zero Ventures with Tribeca Abogados.
With the support of Suma Capital and Hy24, the company founded by Andrés Galnares is supported by the financial muscle of two large funds. Suma Capital manages 1,000 million in assets and, through its vehicle for green investments, it has capital of 150 million euros to allocate to investments aimed at the ecological transition.
Hy24 is the largest clean hydrogen alternative investment fund manager in the world and is supported by Ardian, which manages $176 billion in assets. Hy24 is currently deploying a €2 billion Clean Hydrogen Infrastructure Fund (Infra Fund) dedicated to infrastructure expansion, which has attracted more than fifty industrial and institutional investors.
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