H2Pro Valuation, Funding & Investors

H2Pro is valued at $300M as of January 2022.

See full H2Pro profile

Last H2Pro valuation

$300M

Series B · Jan 2022

Last H2Pro funding round

$75M

Series B · Jan 2022

Cumulative funding H2Pro raised

$107M

across 3 funding rounds

Key investors in H2Pro

  • Hyundai
  • IN Venture
  • Temasek
  • OurCrowd
  • Horizons Ventures
  • Breakthrough Energy Ventures

H2Pro Overview

About H2Pro

H2Pro is a Nes Ziona-headquartered startup developing the E-TAC electrolysis technology for efficient green hydrogen production. Its electrode-reversible water-splitting method reduces energy use and costs compared to traditional electrolyzers. The company targets integration with renewable energy sources like solar and wind for large-scale hydrogen generation to support decarbonization in industry and transportation.


Founded

2019

HQ

IsraelCaesarea

Website

h2pro.co

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Valuation

$300M (Jan 2022)

H2Pro Valuation

H2Pro is currently valued at $300M, based on its Series B in January 2022. Read the announcement ↗

The $75M round was led by Horizons Ventures and Temasek, with participation from ArcelorMittal, Extantia Capital, Breakthrough Energy Ventures, Hyundai, CSN Inova Ventures and 1 other investor.

H2Pro valuation by funding round

H2Pro valuation by funding round
DateStageValuation
Jan 2022Series B$300M

H2Pro Funding History

H2Pro has raised a total of $107M across 3 funding rounds.

H2Pro's first fundraising round was a $10M seed round in October 2019. The most recent completed round was a $75M Series B in January 2022.

H2Pro funding rounds

H2Pro funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2022Series BHorizons Ventures (lead); Temasek (lead); ArcelorMittal; Extantia Capital; Breakthrough Energy Ventures; Hyundai; CSN Inova Ventures; Yara Growth Ventures$75M$300MH2Pro announced a USD75 million Series B financing on January 25, 2022, supported by strategic and financial investors. ArcelorMittal invested USD5 million through its XCarb innovation program, while other investors included Temasek, Horizons Ventures, Breakthrough Energy Ventures and Yara. The Israeli company develops E-TAC, meaning Electrochemical–Thermally Activated Chemical, a process that separates hydrogen and oxygen production into different stages. Its technology originated at the Technion and was being developed toward commercial deployment when the financing was announced. The investment supported the development of hydrogen production technology relevant to industrial decarbonization. CSN Inova Ventures also participated as part of its strategy to explore technologies connected with lower-carbon industrial processes. The financing is recorded as the company’s Series B round, rather than a separate acquisition or an investment into ArcelorMittal’s innovation program.
Dec 2020Series ABill Gates (lead); IN Venture (lead); Li Ka-shing; Hyundai; OurCrowd; Sumitomo; iAngels$22M-H2Pro is an Israeli startup founded in 2019 that develops E-TAC (Electrochemical-Thermally Activated Chemical) technology for producing green hydrogen through a membrane-free electrolysis process that achieves over 95% efficiency, significantly higher than traditional alkaline or PEM electrolyzers at around 70%. The technology splits water into hydrogen and oxygen in separate steps, reducing energy loss and capital expenditures by half compared to conventional methods, aiming to produce green hydrogen at $1 per kilogram by the second half of the decade, far ahead of industry projections like BloombergNEF's estimate of 2050 for that price point, with current costs at $2.50-$6.80 per kilogram. In early 2021 (announced around March, aligning with the approximate December 2020 date), H2Pro raised $22 million from investors including Bill Gates via Breakthrough Energy Ventures, IN Venture (as a lead), Hyundai, iAngels, Li Ka-shing, OurCrowd, and Sumitomo. The funds are intended to scale the technology from lab prototypes—currently producing about 100 grams of green hydrogen per day—to commercial-scale electrolyzers capable of 1 kilogram per day, and eventually to a factory in Israel producing hundreds of megawatts by 2023. At the lab stage, H2Pro competes with firms like ITM Power, Nel Hydrogen, Green Hydrogen Systems, Siemens Energy, Thyssenkrupp, and Haldor Topsoe in scaling efficient green hydrogen production. The investment reflects growing investor interest in hydrogen amid global net-zero pledges, with H2Pro positioning its cost-competitive, safe technology to accelerate adoption over fossil-fuel derived hydrogen.
Oct 2019SeedIN Venture (lead); Hyundai; TPY Capital; Contrarian Ventures$10M-H2Pro is an Israel-based green hydrogen technology company founded in 2019 by hydrogen experts from Technion and serial entrepreneur Talmon Marco. The company has developed E-TAC (Electrochemical–Thermally Activated Chemical) technology, a proprietary water-splitting method that generates hydrogen and oxygen in separate steps, offering superior energy efficiency compared to conventional electrolysis. H2Pro received seed funding of $3.5 million in October 2019 from Hyundai Motor Company and Contrarian Ventures. The company has since grown to secure backing from leading investors including Bill Gates–founded Breakthrough Energy Ventures, Temasek Holdings, Horizons Ventures, ArcelorMittal, Yara, and others, accumulating over $100 million in total funding. By September 2024, H2Pro had raised $75 million in a Series B round at a $300 million valuation.

Who has invested in H2Pro?

16 investors have backed H2Pro across its funding rounds, including Hyundai, IN Venture, Temasek, OurCrowd, Horizons Ventures and Breakthrough Energy Ventures.

Lead investors include Horizons Ventures, Temasek, Bill Gates and IN Venture.


H2Pro Investors

Investors in H2Pro by funding rounds participated
InvestorHQRoundsRoleFirst check
HyundaiSouth KoreaSouth Korea3ParticipantOct 2019
IN VentureIsraelTel Aviv2LeadOct 2019
TemasekSingaporeSingapore1LeadJan 2022
ArcelorMittalUnited StatesLuxembourg1ParticipantJan 2022
Extantia CapitalGermanyBerlin1ParticipantJan 2022
Li Ka-shingHong KongHong Kong1ParticipantDec 2020
Breakthrough Energy VenturesFranceParis1ParticipantJan 2022
TPY CapitalIsraelTel Aviv1ParticipantOct 2019
Bill GatesUnited StatesSeattle, WA1LeadDec 2020
CSN Inova VenturesCayman IslandsGeorge Town1ParticipantJan 2022
Contrarian VenturesLithuaniaVilnius1ParticipantOct 2019
Horizons VenturesHong KongHong Kong1LeadJan 2022
OurCrowdIsraelJerusalem1ParticipantDec 2020

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H2Pro Competitors

H2Pro competitors include listed companies like Montauk Renewables and EnviTec Biogas, and private ones like Innovo Renewables, Stockyard Hill Wind Farm, Doral Renewables and Hydro Rein.

Public and private companies comparable to H2Pro
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Innovo RenewablesItalyMilanPrivate--$311M-
Montauk RenewablesUnited StatesUnited StatesPublicly listed$176M$32M$313M2.3x
EnviTec BiogasGermanyGermanyPublicly listed$384M$69M$274M-
Stockyard Hill Wind FarmAustraliaBeaufortPrivate--$330M-
Doral RenewablesUnited StatesUnited StatesPrivate$28M$21M$333M11.9x
Hydro ReinNorwayOsloPrivate--$333M-

H2Pro Public Comps

H2Pro is still privately-owned, but its public comps include SINOTECH Co, BayWa, Strike Energy, Montauk Renewables, Horizon Oil, Omega Oil & Gas, Afentra, Cloud Live Technology, EnviTec Biogas and Kistos Holdings.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SINOTECH Co$263M$2M1.6x1.7x282.7x-
BayWa$25B($901M)0.3x0.5x(6.9x)43.0x
Strike Energy$52M($86M)6.2x6.4x(3.8x)17.7x
Montauk Renewables$176M$32M2.6x2.3x14.1x9.5x
Horizon Oil$94M$13M3.4x3.1x25.5x-
Omega Oil & Gas$56K($4M)5058.3x348.5x(79.4x)(47.0x)
Afentra$114M$43M2.2x1.5x6.0x2.7x
Cloud Live Technology$50M($11M)5.9x-(25.8x)-

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Common questions about H2Pro

When was H2Pro founded?H2Pro was founded in 2019.
Where is H2Pro headquartered?H2Pro is headquartered in Caesarea, Israel.
Is H2Pro publicly listed?No, H2Pro is a private, VC-backed company.
What is H2Pro's valuation?H2Pro was last valued at $300M in its Series B in January 2022.
How much funding has H2Pro raised?H2Pro has raised $107M across 3 funding rounds.
What was H2Pro's last funding round?H2Pro's last funding round was a $75M Series B in January 2022, led by Horizons Ventures and Temasek.
Who are H2Pro's investors?H2Pro's investors include Hyundai, IN Venture, Temasek, ArcelorMittal, Extantia Capital, Li Ka-shing, Breakthrough Energy Ventures, TPY Capital, Bill Gates, CSN Inova Ventures and 6 others.
Which companies are comparable to H2Pro?Companies comparable to H2Pro include Innovo Renewables, Montauk Renewables, EnviTec Biogas, Stockyard Hill Wind Farm, Doral Renewables and Hydro Rein.

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