H2SITE, based in Spain, raises 12.5 million euros to upgrade its on-site hydrogen production devices
Based in Spain H2SITEa company that produces on-site, renewable hydrogen (H2) for small and medium-sized businesses, announced Thursday that it has raised 12.5 million euros in a Series A funding round.
The tour was led by Breakthrough Energy Companies (BEV), with the participation of Equinor Ventures, ENGIE New Ventures, TECNALIA and institutional investors from the Basque Country – Capital Riesgo País Vasco (EZTEN FCR) and Seed Capital Bizkaia (SCB).
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Founded in 2019, H2SITE is a high-tech startup that uses advanced membrane reactor technology to solve the hydrogen transport problem by converting hydrogen carriers with well-known supply chains and separating mixtures hydrogen gas into fuel cell purity hydrogen.
H2SITE has created on-site hydrogen production devices. Durable double-skinned inorganic membranes can break down hydrogen carriers, extract hydrogen from mixtures in natural gas infrastructures or purify it in specialized hydrogen infrastructures. These membranes are integrated into process units.
The company says it has seen strong commercial traction in 2022. It has won projects to convert ammonia to H2 for the bus fleet in Birmingham, England; H2 biogas for hydrogen refueling stations in Spain and France; and several H2/natural gas mixture separation projects in gas transmission infrastructure under construction.
Use of capital
H2SITE says the product will help accelerate the scale-up of its integrated membrane reactor and membrane separation technologies. This will help the company obtain pure hydrogen for fuel cells from the cracking of ammonia or methanol, or enable the transport of hydrogen within existing natural gas infrastructure.
H2SITE CEO Andres Galnares says. “While the focus is on reducing the cost of hydrogen production, less attention is paid to reducing the cost of transporting hydrogen. Hydrogen transport is a complex task, as it It is a small molecule that is difficult to contain Current solutions for compression, storage, decompression and transport are both economically and environmentally inefficient.
TECNALIA, the largest private research center in Spain, and the Technical University of Eindhoven understood this 13 years ago and developed the advanced membrane reactors. They combine special membranes with single-stage reactors to produce renewable hydrogen at low cost on site. ENGIE’s R&D entity, CRIGEN, contributed to the development of the commercial version of the reactor. The intellectual property was transferred into the newly created H2SITE to commercialize the technology.
The funds will help H2SITE increase its membrane manufacturing capabilities, operating a “world’s only” membrane manufacturing facility in northern Spain.
Carmichael Roberts of Breakthrough Energy Ventures, says: “Hydrogen is a promising pathway to decarbonize many parts of the economy, but transporting it remains one of the biggest challenges. H2SITE has developed a solution that solves the transportation problem and will be a game changer in how quickly hydrogen can be deployed in already established pipelines, which in turn could save billions of dollars in utility costs. ‘infrastructure.
Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, says: “The hydrogen economy needs to take off and I think investments such as the current could indeed be one of the triggers we expect. Facilitating the transport of hydrogen will be important to develop it. This shows that public funds can be successfully married to private funds, as happened with BEV-E. Investments in the energy transition must, however, be made at an even faster pace if we are to succeed in our climate ambition.
Breakthrough Energy Ventures Europe (BEV-E) was founded by the European Commission, the European Investment Bank and Breakthrough Energy Ventures, to invest in European companies and sell new clean energy innovations. It was created to help European clean energy entrepreneurs whose products can permanently reduce greenhouse gas emissions.
Breakthrough Energy Ventures was founded by Bill Gates and backed by many of the world’s top business leaders. He has raised over $2 billion to support companies leading the world toward net zero emissions.
Ricardo Mourinho Félix, Vice-President of the European Investment Bank (EIB), said: “To meet global climate and energy challenges, we need to increase investment in clean energy technologies. Together with our partners in the European Commission, we support Breakthrough Energy Ventures Europe, which invests in European companies such as H2SITE to find innovative solutions that will put the world on the path to net zero emissions.
“Transporting green hydrogen from geographies with strong renewable energy resources to demand centers is an important part of the EU’s hydrogen and decarbonisation strategy. At the EIB, we will continue to work with our partners and project leaders to support the transition to clean energy in Europe and around the world,” adds Félix.
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