Valencia-based cleantech startup Matteco has raised €15 million in a Series A investment round, backed by a group of impact-driven investors, including Grupo ASV (Spain), Napali (Chile), and Zubi (Spain). As a spin-off from the University of Valencia and part of Zubi Labs, Matteco is pioneering advanced materials to lower the costs of green hydrogen production, making it more competitive with fossil fuels.
Founded in 2023 to address the high costs of renewable hydrogen production, Matteco has developed a unique line of platinum-free materials (PGMs) for electrolysers. These innovative catalysts, catalytic coatings, and electrodes are crucial for producing renewable hydrogen via alkaline electrolysis and Anion Exchange Membrane (AEM) technology. Matteco’s technology offers enhanced performance by reducing energy consumption, enabling higher current densities, and providing superior stability and durability—key elements to improving green hydrogen’s economic viability.
Gonzalo Abellán, co-founder and CTO said: “Our patented technology, built on more than 10 years of R&D, has a significant impact on the competitiveness of green hydrogen production.” He notes that these advanced materials address a major industry challenge: lowering the operational and capital costs required for green hydrogen to become a viable alternative to fossil fuels.
Scaling production to meet global demand
The €15 million funding will support the imminent opening of a 10,000 sqm production facility in Paterna, Valencia, which will enable Matteco to produce enough electrodes for 1 gigawatt (GW) of electrolysis annually. This facility will help Matteco meet the growing demand for high-performance materials among electrolyser manufacturers globally, with customers already in Europe, North America, and Asia.
Iker Marcaide, co-founder and CEO of Matteco, stated, “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.”
This funding round not only underscores the high growth potential of Matteco in the renewable hydrogen market but also validates its commitment to sustainable impact. The company plans to expand its workforce from 30 to 100 employees by 2025, supporting further innovation in clean technology and decarbonization solutions.
Read the orginal article: https://www.eu-startups.com/2024/10/valencia-based-matteco-secures-e15-million-to-drive-down-green-hydrogen-costs/
