A Valencia-based cleantech startup has secured €15 million in Series A funding, supported by a coalition of socially conscious investors, including Grupo ASV from Spain, Napali from Chile, and Zubi also from Spain. As a spin-off from the College of Valencia and a part of Zubi Labs, Matteco is revolutionizing innovative supplies to drive down the costs of green hydrogen production, thereby making it increasingly competitive with fossil fuels.
To address the escalating costs of renewable hydrogen production in 2023, Matteco has engineered a distinctive range of platinum-free materials (PGMs) designed specifically for electrolysers.
Progressive catalysts, innovative coatings, and high-performance electrodes are crucial enablers of scalable, cost-effective renewable hydrogen production through advanced alkaline electrolysis and cutting-edge AEM technology. Matteco’s expertise optimizes energy efficiency, increasing power density and delivering exceptional stability and durability – crucial factors in making green hydrogen economically viable?
According to Gonzalo Abellán, co-founder and CTO, he highlights that these innovative supplies effectively address a critical business issue: minimizing the operational and capital expenditures necessary for immature hydrogen to become a viable alternative to fossil fuels?
The €15 million investment will support the imminent launch of a state-of-the-art 10,000 square meter manufacturing facility in Paterna, Valencia, enabling Matteco to supply ample quantities of electrodes for up to 1 gigawatt (GW) of electrolysis capacity annually. This facility is strategically positioned to enable Matteco to cater to the surging global demand for advanced materials among electrolyser manufacturers, serving a diverse client base spanning Europe, North America, and Asia.
Iker Marcaide, Matteco’s co-founder and chief executive officer, noted that
This funding milestone not only underscores the immense growth potential of Matteco in the renewable hydrogen market, but also reinforces its commitment to driving meaningful and sustainable impact. The corporation intends to augment its personnel from 30 to 100 employees by 2025, thereby fostering further innovation in distinct areas of expertise and decarbonization strategies.
