Spanish-based Matteco has closed a €15m ($16.2m) Series A investment round to ramp up the production of its hydrogen electrolyser catalysts and electrodes.
Seeing support from Grupo ASV, Napil and Zubi, the capital will be used for the opening of the firm’s catalyst and electrode factory in Valencia, which it says will produce the equivalent of 1GW of electrodes per year.
With a 10,000m2 facility in Paterna, Valencia, the firm expects to open its doors imminently.
Designed for alkaline and AEM electrolysers, Matteco says its material can improve the efficiency of systems by up to 30% by increasing current densities and extending lifetimes, without the use of platinum group metals (PGMs).
As part of the scale-up, Matteco plans to grow its team from 30 to 100 by next year, with capital also set to be spent on further innovation and production optimisation.
“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,” said Matteco co-founder and CEO, Iker Marcaide.
Launched last November, the company span out of Zubi Group’s Zubi Labs after 10 years of research.
Read more:Spanish green hydrogen materials company launched with global electrolyser plans
In July, it partnered with electrolyser original equipment manufacturer (OEM) Ariema Enerxía to supply it materials for alkaline electrolyser systems.
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