Hydrogen technology company H2SITE has closed a €36 million (USD$38 million) Series B funding round. The company will use the funds to advance its industrialization and commercialization.
Since 2021, H2SITE has been developing a membrane reactor technology that enables hydrogen separation from gas streams and easy-to-transport molecules, such as ammonia or methanol. The company 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 company is aiming for hydrogen capacity of multi tons per day by 2026 as well as addressing several end-use markets such as large scale and decentralized ammonia cracking, natural hydrogen production in the USA and maritime decarbonization applications. The company’s H2Ocean project was able to crack ammonia to produce high-purity hydrogen for onboard power. The company said that, 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.
“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,” said Andrés Galnares, H2SITE Founder and Chief Executive Officer. “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.”
The funding was led by Hy24, through its Clean Hydrogen Equipment Fund, and SC Net Zero Ventures, the climate tech venture capital fund managed by Suma Capital.
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).
“H2SITE has developed an innovative and efficient purification technology that serves a wide range of markets across the hydrogen supply chain,” said Guillaume Lesueur, Managing Director & Head of the Clean Hydrogen Equipment Fund, Hy24. “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.”
