'I think Europe can show its true colours': Green hydrogen startup Matteco on track with 10,000 square metre factory

Matteco is an advanced materials company with the goal of decarbonising industry through boosting the use of hydrogen (instead of fossil fuels) in sectors like steel production, chemicals and long-distance transport.

Last October it scored a €15 million Series A investment round backed by a group of Spanish and international family offices including Grupo ASV (Spain), Napali (Chile) and Zubi (Spain).

At the time, Matteco said the money would help the company to open a "next generation" catalyst and electrode factory in Paterna (north of Valencia) designed to improve the efficiency and cost-effectiveness of hydrogen production.

"Need to produce things in high volume"

Now, in an exclusive interview with Impact Loop, the firm’s CEO – Spanish serial entrepreneur and investor Iker Marcaide – has confirmed the 10,000-square-metre factory’s completion is on track, and should open before the end of June.

"We need to produce things in high volume …that's the opportunity that’s unlocked by our factory," he tells Impact Loop. "Today we're supplying from our initial facilities which are smaller, and we're limited in volume, in size, in [in terms of] the units we can sell."

Marcaide says Matteco’s patented technology can offer improvements in energy efficiency of up to 30 percent compared to traditional hydrogen production methods. By reducing the energy needed to produce each unit of hydrogen, this, he explains, makes production more cost-competitive, potentially driving broader adoption.

A university spin-off

Alongside scoring investment from family offices, Matteco is backed by Zubi Labs, an impact company builder and venture capital firm founded by Marcaide. The company’s co-founder is Gonzalo Abellán, who spent over a decade developing the technology with a team at the Institute of Molecular Science (ICMol) at the University of Valencia.

Matteco has already gained customers in Europe, North America, and Asia, generating significant buzz since its launch just two years ago. Spanish news site The Objective listed it as one of the most promising startups in Spain in 2023. Last year it scored a €1.1m grant from the Spanish government and picked up a major business prize in Spain, the Cinco Días Award for Business Innovation.

This February it was shortlisted as a finalist for the prestigious Future Unicorn Award 2025. The award, presented by DIGITALEUROPE (the main trade association representing digitally transforming industries in Europe) celebrates Europe’s most promising tech firms with the potential to become industry leaders.

Marcaide says that working for a startup can be a "rollercoaster," and he hopes the recent accolades have helped boost morale among the company’s employees, providing some "highs" to balance out the inevitable "lows" and challenges.

Increasing its headcount to 100

Matteco hopes to increase its headcount to around 100 by the end of the year, and Marcaide believes that the startup’s expansion will help enhance Valencia’s reputation as an emerging innovation hub in Europe.

"I would love to think that Matteco can be one of these companies that really provides critical mass, that provides traction to the [impact] ecosystem," says the CEO.

Perhaps most importantly, Marcaide’s broader mission is ensuring Europe remains a global leader in tackling climate change, especially in the context of rising geopolitical tensions and a shift away from climate targets in the United States.

Building on similar comments he made in a recent LinkedIn post, Marcaide tells Impact Loop: "As Europeans today, I think we have a great opportunity of showing what we stand for, in a world of uncertainty". He adds: "I think Europe can show its true colours at this time."

Matteco is one of a growing number of European companies working to drive down costs and make hydrogen a more viable solution for a sustainable future. Other businesses in the space include Nel Hydrogen in Norway, ITM Power in the UK, and Enapter in Germany.