Valencia startup Matteco raises €15 million in a Series A funding round aimed at lowering green hydrogen costs. The investment will help the company enhance its innovative technologies and expand its manufacturing capabilities.
Originating as a spin-off from the University of Valencia, Matteco is part of Zubi Labs, the impact-focused venture builder within the Zubi Group. The company specializes in developing high-performance catalysts, catalytic coatings, and electrodes, essential components for producing renewable hydrogen through alkaline electrolysis and Anion Exchange Membrane (AEM) technology.
Matteco aims to address a significant challenge in green hydrogen production: the high costs associated with both operations and equipment. Its innovative platinum-free materials reduce energy consumption in electrolysers, enhance current densities, and offer improved stability and durability, thereby making green hydrogen more competitive with fossil fuels.
The completion of this Series A funding, along with the addition of new investors just one year after the company’s inception, underscores its strong growth potential within the cleantech sector.
The funding round attracted support from a mix of national and international family offices focused on impact investing, including Grupo ASV (Spain), Napali (Chile), and Zubi (Spain).
Also read: Spain increases its target for green hydrogen production capacity
Iker Marcaide, co-founder and CEO of Matteco, expressed enthusiasm for the next phase of growth, stating, “We look forward to scaling up with partners who believe in impact investing, enabling us to leverage materials innovation to tackle environmental challenges.”
Matteco already serves clients across Europe, North America, and Asia and plans to expand its workforce from 30 to 100 by 2025. The funding will also facilitate the opening and operational ramp-up of its 10,000 square meter catalyst and electrode manufacturing facility in Paterna, Valencia, which is expected to produce the equivalent of 1 gigawatt (GW) of electrodes annually.
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