H2SITE, a Bilbao-based hydrogen production and separation technology company, has announced the completion of a second closing of its Series B funding round, bringing total capital raised in the round to more than €42m.

The second closing introduces the European Innovation Council (EIC) Fund and an undisclosed private investor to H2SITE's shareholder base. They join existing investors BEV, Suma Capital, Hy24, Crane, Enagás Emprende, Calderion and CRPV, who participated in the first closing.

According to H2SITE, the company's membrane reactors and separators have accumulated more than 50,000 operating hours, with the company producing and recycling thousands of palladium-based membranes annually at its European manufacturing facilities. The company says it is now focused on executing large-scale industrial projects and expanding commercially across multiple markets.

The EIC Fund's involvement builds on support previously provided through the EIC Accelerator programme, which H2SITE noted enabled it to advance its ammonia cracking technology for low-carbon hydrogen production. A project based on this technology is slated for deployment at the Port of Antwerp, with the aim of establishing hydrogen supply chains for hard-to-abate sectors.

H2SITE chief executive Andrés Galnares commented: "This capital increase marks an important milestone in H2SITE's evolution as an industrial company. The continued support of European institutions and private investors reflects confidence in our ability to transform technological innovation into industrial assets and commercial projects that are scalable, replicable and bankable. Our focus is now on executing flagship projects that will contribute to Europe's industrial competitiveness and energy independence."

Javier Cavada, chairman of H2SITE, stated: "The EIC Fund joining our shareholder base is a significant milestone and a strong vote of confidence in H2SITE's ambition to become a global champion from Europe. This support will help us accelerate growth, scale our technology worldwide and create long-term value for all our stakeholders."

Hermann Hauser, board member of the EIC Fund, remarked: "Europe's energy transition will depend on our ability to move breakthrough technologies from validation to industrial deployment. H2SITE demonstrates how European deep tech companies can develop strategic technologies, build industrial capabilities and strengthen Europe's energy resilience. We're proud to support the company as it scales its hydrogen solutions and contributes to the development of more secure and competitive energy systems."