Valencia-based start-up Matteco has successfully raised €15 million (approximately $16.2 million) in a Series A funding round aimed at supporting the upcoming launch of its factory dedicated to producing catalysts and electrodes for green hydrogen production. The company plans to expand its production capacity to 1 GW per year.
The funding round attracted investments from a range of local and international family offices, including Spain's Grupo ASV and Zubi, as well as Chile's Napali, according to a press statement from Matteco.
Situated in Paterna, the factory will utilize patented technology developed over a decade of research and development to manufacture platinum-free high-performance catalysts, catalytic coatings, and electrodes for alkaline and anion exchange membrane (AEM) electrolysers. The facility is anticipated to reach its targeted gigawatt-scale capacity as early as this year.
The newly secured capital will also enable Matteco to increase its workforce from the current 30 employees to 100 by 2025 and support further innovation and optimization of its production processes. Matteco is a spin-off from the University of Valencia and operates under Zubi Labs, the impact company builder of the Zubi Group.
