Tulum Energy, the startup created by TechEnergy Ventures, has secured a USD 27 million investment, allowing it to launch its own pilot plant in Mexico.

The financing round was masterminded by CDP Venture Capital, through its Green Transition Fund, with support from TDK Ventures and an international consortium of investors, including TechEnergy Ventures, MITO Technology, and Doral Energy-Tech Ventures. The funds will jumpstart the construction of a pilot plant in Pesquería, Mexico, in Ternium’s industrial complex.

Tulum Energy was launched by TechEnergy Ventures, Tecpetrol's corporate venture capital fund, based on technology developed by Tenova, a leading industrial solutions provider and part of the Techint Group. In 2022, the two companies came together to form a strategic alliance that gave rise to the startup, backed by registered intellectual property, a solid team, and the seed capital needed to bring its business plan to life.

“Ternium is the perfect partner to host our operations during this initial phase,” said Massimiliano Pieri, CEO of Tulum Energy. “They are very keen to use our hydrogen for direct reduced iron (DRI) and apply our solid carbon to other industrial processes. More importantly, they already have the infrastructure in place to scale our technology without missing a beat.”

The company is also planning to launch Tulum Energy’s Italian subsidiary, based in Milan, which will focus on research, development, and engineering both for the pilot plant and for future facilities. With this new investment, Tulum Energy is positioning itself to support the decarbonization of energy-intensive industries like steel, offering a scalable and efficient alternative.

“The heart of our innovation is using proven steel industry technology to produce turquoise hydrogen,” explained Pieri. “We’re essentially repurposing an electric arc furnace as a high-temperature heat source to split methane molecules, generating clean hydrogen and high-value solid carbon instead of smelting iron.”

The partnership with Tenova gives Tulum Energy a competitive edge, combining top-tier industrial expertise with access to a global network of customers and suppliers.

The new investment marks a key step in Tulum Energy’s path to becoming an independent company, reinforcing the success of TechEnergy Ventures’ venture-building model to scale technology solutions with global impact.

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