H2SITE adds EIC Fund in second close, lifting Series B to €42M
What's the deal? H2SITE, a Bilbao-based industrial company specialising in hydrogen production and separation, has completed a second closing of its Series B round, bringing in the EIC Fund alongside a private investor. The new capital lifts the round's total to more than €42 million (roughly $47.7 million) and will fund the company's next phase of growth.
Why now? Europe is racing to build out clean hydrogen supply as it pushes to cut reliance on fossil fuels and hit climate targets. Backing from the EIC Fund — the investment arm of the European Innovation Council — signals public-sector confidence in homegrown hydrogen players.
What could go wrong? Clean hydrogen remains costly to produce at scale, and demand has been slower to materialise than many forecasts predicted. H2SITE will need to prove its separation technology can compete on price as larger industrial rivals enter the market.
The signal: H2SITE's on-site, high-purity hydrogen generation positions it as a breakout-stage player in Europe's bid to localise clean hydrogen supply, and the EIC Fund's involvement reflects how public investment vehicles are increasingly anchoring rounds for capital-intensive deep tech that private investors alone are wary to fund.
Read more: NAMPA (Business Wire)
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