Spain’s H2Site completes €42m funding round

Spanish membrane firm H2Site is eyeing large-scale industrial projects after securing €42m ($47.7m) in a Series B funding round featuring the European Innovation Council (EIC).

The EIC and an unnamed private investor join partners including Hy24, Enagás Emprende, and Calderion in backing the Bilbao-based firm’s technologies.

Since 2020, H2Site has been developing membrane reactor and separator technology for recovering hydrogen from gas streams and carriers such as ammonia and methanol, alongside ammonia crackers based on this technology.

The firm says it has achieved over 50,000 hours of operation with its equipment.

With the fresh backing, H2Site said it will target growing manufacturing capacity and explore entry into overseas markets, including Asia.

The EIC, backed by the EU’s Horizon Europe framework, provides grants, equity investments, and strategic resources to bridge the gap between early-stage scientific research and commercial scaling.

It comes after the EU tech investor supported H2Site to advance its ammonia cracking technology.

Andrés Galnares, CEO of H2Site, said that support from investors and European institutions “reflects confidence” in the firm and its ability to scale into industrial assets and commercial projects.

“Our focus is now on executing flagship projects while contributing to Europe’s industrial competitiveness and energy independence,” he added.

Earlier this year, Spanish oil refining company for use in on-site stream methane reforming equipment, and its ammonia cracker could be deployed on ships through its own Norwegian subsidiary .