Hydrogen technology startup H2SITE announced that it has raised €36 million (USD $37.2 million) in a Series B funding round, with proceeds from the financing aimed at scaling up its hydrogen production capacity to multi tons per day.

Established in 2021, Spain-based H2SITE provides solutions to the hydrogen transport problem by converting hydrogen carriers with well-known supply chains and separating hydrogen gas blends into fuel cell purity hydrogen, offering reactors and separators for the conversion of different feedstocks into hydrogen. The company 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. Separation technologies, the company said, play a critical role in the suite of innovations required to build a reliable, scalable, and efficient low-carbon hydrogen economy by enabling efficient transport of hydrogen for its use as fuel. H2SITE has built and operated 15 projects in Western Europe and is now developing large-scale infrastructure projects in North America, the EU and Asia Pacific.

The company said that it plans to use the new capital to reach multi tons per day hydrogen production capacity in operation by 2026, and to address several end-use markets such as large scale and decentralized ammonia cracking, natural hydrogen production in the USA and maritime decarbonization applications.

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.”

The round was co-led by Hy24 and SC Net Zero Ventures who are joined by Breakthrough Energy Ventures, Enagas Emprende, Equinor Ventures, Exergon, Ezten, and MassMutal Ventures. Hy24, through its Clean Hydrogen Equipment Fund, is the world’s leading low-carbon hydrogen pure-play investment manager. SC Net Zero Ventures is a climate tech venture capital fund with focus on industrial and mobility decarbonization, and is managed by Suma Capital.

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.”