H2B2

Spain-based H2B2 provides proton exchange membrane (PEM) electrolysis-based clean hydrogen engineering services. The company promotes, develops, finances, designs, integrates, builds, operates, and maintains clean hydrogen production systems including generation, compression, storage, commercialization, and refilling stations.

H2B2 has developed three types of electrolyzers based on size: 1) small-scale electrolyzers of 0.5 to 5 normal cubic meters per hour (Nm³/h) for laboratories, homes, small fleets, etc., 2) medium-scale electrolyzers of 10 to 105 Nm³/h integrated into a container, 3) large-scale electrolyzers of 100 to 580 Nm³/h integrated into a 40-foot container.

In November 2023, H2B2 unveiled SoHyCal, a green hydrogen production facility in central California powered entirely by renewable energy and reportedly the largest in North America to date. In its first phase, SoHyCal will harness the power of renewable energy and electrolysis technology to produce up to one ton of green hydrogen per day from biogas. In phase two, it will transition into solar energy and produce a total of three tons of green hydrogen per day from PV by Q2 2025.

Key customers and partnerships

H2B2 has carried out several projects in Europe for clients and partners such as Cepsa (Spain), Center for Industrial Technological Development (Spain), CEU Cardenal Herrera University (Spain), FM Logistic (France), Tecnicas Reunidas (Spain), the VTT Technical Research Center of Finland, Vigo Free Trade Zone (Spain), GP JOULE (Germany), Rijnstate Hospital (Netherlands), and Greenstat and NTE (Norway).

In June 2022, the Colombian oil company Ecopetrol selected H2B2 as one of six strategic allies to decarbonize and develop green hydrogen energy in Colombia, starting with the Cartagena refinery. In November 2022, H2B2 and GR Promoter Group formed a joint venture—GreenH Electrolysis—to develop hydrogen solutions for the Indian market, with the possibility of expanding to other countries in Asia.

Funding and financials

In December 2021, the company received a USD 10 million investment from the Tekpolio investment group to support the development of its technology, expansion of its engineering team, development of new patents, and growth of its production facilities. Previously, in 2019, H2B2 received a USD 3.96 million grant from the California Energy Commission (CEC) Clean Transportation Program for the SoHyCal project.

In May 2023, the company announced plans to go public on the NASDAQ through a USD 750 million SPAC transaction with RMG Acquisition Corp. III, with the transaction expected to close in 1H 2024.

As of June 2023, H2B2 expected revenues of USD 15.8 million and a net loss of USD 16.6 million in 2023, and revenues of USD 206.8 million in 2025.