H2SITE raises €36M funding round for Hydrogen transport

H2SITE, a Bilbao-based company specializing in hydrogen transport solutions, has successfully closed a €36 million Series B financing round. The round attracted a consortium of strategic and financial investors committed to supporting the company’s next phase of growth.

The investment was co-led by two prominent new investors: Hy24, the world’s leading investment manager in low-carbon hydrogen through its Clean Hydrogen Equipment Fund, and, also, SC Net Zero Ventures, a climate technology venture capital fund managed by Suma Capital, which focuses on industrial and mobility decarbonization.

Joining the lead investors are additional new backers, including MassMutual Ventures, Enagás Emprende, and Exergon, alongside historical investors from H2Site’s early industrialization phase. These also include Breakthrough Energy Ventures (the leader of the Series A round), Equinor Ventures, and Ezten, a fund managed by Gestión de Capital Riesgo del País Vasco (SPRI Group – Basque Government).

Founded in 2020 as a spin-off from Tecnalia and Eindhoven University of Technology, in collaboration with Engie New Ventures, H2SITE has quickly positioned itself as a leader in innovative hydrogen transport technologies. The newly secured funds will fuel the company’s international expansion, with a strong focus on the U.S. market, and support the development of critical infrastructure projects for hydrogen transport and maritime decarbonization.

Pinsent Masons has advised Hy24 on the acquisition of a share capital stake in Hydrogen Onsite (H2Site). The transaction was led by partner Francisco Aldavero (pictured left) and Tatiana Fernández de Casadevante (senior associate).

GA_P has also advised H2SITE, the deep-tech company specializing in hydrogen separation solutions. The legal team included partner Álvaro Mateo Sixto (pictured right), senior associates Andrés Castro Isla and Carla Sancho-Tello Safont, as well as Sonia Sánchez Vallejo from the Corporate department.

Bird & Bird advises Mass Mutual Ventures with a team formed by counsel Alberto Rodriguez and associate Monica Sangalli.

Julia Gil

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