Italian Hydrogen Company Tulum Energy Secures €22.9 Million In Seed Round

The round was co-led by TDK Ventures (part of TDK Corporation) and CDP Venture Capital, with support from Doral Energy-Tech Ventures, MITO Tech Ventures, and TechEnergy Ventures.

“We are thrilled to partner with TDK Ventures, whose global reach and technical expertise will be invaluable as we move to pilot and commercial scale,” said CEO and Co-founder Massimiliano Pieri. “Their investment and belief in us are an equal win for both of our companies. Along with their financial investment comes its famous ‘TDK Goodness,’ which provides access to various strategic synergies across TDK’s power electronics and materials businesses. Similarly, Tulum has the very real potential of expanding TDK’s impact in decarbonisation, particularly in hard-to-abate sectors.”

The startup uses electric arc furnace (EAF) technology, typically used in steelmaking, in a new way to produce clean hydrogen. Backed technically by Tenova, Techint’s EAF specialist, Tulum targets up to 95% lower emissions and aims for cost levels similar to grey hydrogen.

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Led by CEO Massimiliano Pieri (ex-M2X Energy, Eni Next) and CTO Donald Kendrick (ex-Ekona), Tulum leverages plasma reactor technology to produce clean hydrogen without depending on subsidies or carbon credits. The company plans to launch commercial operations after its first pilot phase.

“Tulum’s innovative reactor could be a game-changer in geographies where green hydrogen is cost-prohibitive or logistically infeasible,” said Nicolas Sauvage, President of TDK Ventures. “Their technology offers superior energy efficiency, smaller land footprint and compelling economics that meet the immediate needs of heavy industry. By harnessing the potential of turquoise hydrogen, Tulum is well positioned to decarbonise heavy industry and create a more sustainable future for generations to come.”

Tulum Energy’s approach to hydrogen production is designed to tackle the high costs and infrastructure challenges typically associated with green hydrogen. Its technology offers several key advantages: it is projected to be about five times more energy-efficient than current green hydrogen methods and uses scalable electric arc furnace (EAF) technology already operating above 100 MW.

This makes it suitable for large industrial users like steel plants and refineries that require 20 to 200+ tons of hydrogen per day. Tulum’s method is cost-competitive with grey hydrogen and doesn’t rely on subsidies or carbon credit sales to be viable. Unlike catalytic systems, it uses a non-catalytic electric arc process for methane pyrolysis, avoiding technical complexities.

The system also has a compact design, requiring eight times less land than green hydrogen plants, enabling on-site production and lowering transport costs. The company will use its oversubscribed seed round to build its first pilot plant in Pesquería, Mexico, inside Ternium’s industrial complex.

About Tulum Energy

Founded in 2024, Tulum Energy is a spin-out from Techint Group, a global leader in steel, engineering, and energy. Built by TechEnergy Ventures, Techint’s energy transition arm, Tulum aims to offer a scalable, cost-effective, and low-emission alternative to traditional hydrogen production.