Enagás, through its Corporate Venture tool, Enagás Emprende, has invested in the Basque startup H2SITE in a funding round co-sponsored by Hy24 and SC Net Zero Ventures, joined by Breakthrough Energy Ventures, Equinor, Exergon, Ezten, and MassMutual Ventures.

Bilbao, Spain, January 21, 2025 – H2SITE, a pioneer in advanced hydrogen separation technologies, announced today the successful closing of its Series B funding round, raising 36 million euros from a consortium of investors combining strategic and financial players focused on the company’s next growth phase.

H2SITE has received support from new lead investors Hy24, the world’s largest investment manager specializing in low-carbon hydrogen, through its Clean Hydrogen Equipment Fund, and SC Net Zero Ventures, a climate technology venture capital fund focused on industrial and mobility decarbonization, managed by Suma Capital, a pioneer in sustainable and impact investments.

These leading investors are joined by new partners such as MassMutual Ventures, Enagás Emprende, and Exergon, along with historical investors who participated in the early industrialization phases of H2SITE’s solution: Series A funding leader Breakthrough Energy Ventures, along with Equinor and Ezten (Bizkaia).

This consortium of investors will provide H2SITE with access to a broad international ecosystem of stakeholders who share a common vision of hydrogen as a key energy vector to achieve industrial decarbonization goals in Europe and globally.

Since 2021, H2SITE has been developing patented membrane reactor technology that enables hydrogen separation from gas streams and easily transportable molecules such as ammonia or methanol. H2SITE has developed and operated 15 projects in Western Europe and is currently working on pioneering large-scale infrastructure projects in North America, the EU, and the Asia-Pacific region.

The Series B funding aims to support the next industrialization and commercialization milestones of the company, including hydrogen production capacities of several tons per day in operation by 2026, targeting multiple end-use markets such as decentralized ammonia production, natural hydrogen production in the U.S., and applications for maritime decarbonization. By addressing the hydrogen supply chain challenge, separation technologies play a fundamental role in building a low-carbon, reliable, scalable, and efficient hydrogen economy.

Andrés Galnares, founder and CEO of H2SITE, commented: “For our second funding round, we have assembled a consortium of strategic and financial partners who deeply understand the challenges of production scalability, hydrogen deployment timelines, and market demand. This collective experience and the support received will allow us to drive growth and execute large-scale infrastructure projects over the next thirty-six months, focusing on hydrogen separation and ammonia production.”

Meanwhile, David San Frutos, Director of Corporate Venture & Diversification at Enagás, stated: “H2SITE’s patented technology, which enables efficient hydrogen separation and purification, aligns perfectly with our strategic objectives. This technology is crucial for the future of underground hydrogen storage, an area where we are already collaborating, among other applications of interest to Enagás. Our investment in H2SITE underscores our commitment to fostering technological advancements that support the development of a sustainable hydrogen economy.”

About Enagás Emprende

Enagás Emprende is the Corporate Venture initiative of Enagás through which it invests in startups, along with other corporate capital tools. Since its creation in 2015, Enagás Emprende has invested in a total of 19 companies, including H2SITE, driving the energy transition in areas such as new renewable gases (mainly hydrogen), sustainable mobility, and energy efficiency, among others.

Additionally, Enagás Emprende complements its investment strategy by participating in funds such as the Klima Energy Transition Fund, which invests in companies in more advanced stages of development, and the Hy24 Clean Hydrogen Infrastructure Fund (Infra Fund), focused on hydrogen infrastructure projects.

You can find more information about H2SITE on their website: h2site.eu