Matteco secures €15 million to expand production of green hydrogen materials

October 29, 2024, by Aida Čučuk

To scale up the production of its materials for green hydrogen, Spanish Matteco has closed a €15 million Series A investment round backed by a group of national and international family offices, including Grupo ASV (Spain), Napali (Chile) and Zubi (Spain).

As disclosed, the capital raised will be used for the imminent opening and ramp-up of Matteco’s catalyst and electrode factory in Paterna, Valencia, which is expected to enable the company to produce the equivalent of 1 gigawatt (GW) of electrodes per year.

Matteco said the company will increase its production capacity to meet the growing demand for integrating its catalysts and electrodes with alkaline and AEM electrolyzer manufacturers worldwide. Matteco has customers in Europe, North America and Asia.

The growth and scale-up of production will grow the current team from 30 to 100 in 2025, Matteco revealed, adding that the funds will also contribute to further innovation and optimization of production processes “to remain at the technological forefront of the clean technology sector and help build a competitive European industry leading the transition to a decarbonized economy.”

Iker Marcaide, Co-Founder and CEO of Matteco, commented: “We look forward to this new phase of growth and scaling up with partners who strongly believe in impact investing so that together we can harness the potential of materials innovation to solve the environmental challenges we face.”

Gonzalo Abellán, Co-Founder and CTO of Matteco, noted: “Our patented technology, built on more than 10 years of R&D, has a significant impact on the competitiveness of green hydrogen production.”

To remind, at the beginning of 2024, Matteco partnered with Siemens Energy and Horiba, as well as the Institute of Molecular Sciences (ICMol) of the University of Valencia, and the Helmholtz Institute Erlangen-Nuremberg for Renewable Energies (HI ERN) to develop a sustainable, efficient, and scalable electrolyzer that will reduce the cost of green hydrogen production.

Furthermore, the company became a member of Hydrogen Europe, an industry organization representing European-based companies and stakeholders that are committed to moving towards a carbon-neutral economy.