Spark Cleantech, a spin-off from the CentraleSupélec laboratories, announced on December 4, 2025 the closing of a €30 million Series A (including €17 million in equity, with the balance in debt/grants). The round was led by 360 Capital and Taranis, with participation from the Île-de-France Regional Reindustrialization Fund (operated by Innovacom) and existing investor Asterion Ventures. The company develops pulsed plasmolysis technology to decarbonize industrial thermal applications.
A Series A to move from the lab to the first commercial module
According to EU-Startups, the round aims to finalize and operate the first production module, which will then be deployed at customer sites. Three priorities guide the use of the funds:
- Industrialization of the commercial module and testing under the real conditions of a high-temperature industrial burner.
- Qualification of the first commercial grades of solid carbon, a key resource for the profitability of the business model.
- Strengthening the teams in process engineering, sales, and operations.
The company reports that contracts have already been signed with industrial players for initial commercial deployments in 2027.
Pulsed plasmolysis: extracting hydrogen and carbon from natural gas
Spark's technology belongs to the family of methane pyrolysis — a hydrogen production pathway known as "turquoise". The principle: thermally split the CH₄ molecule into hydrogen (H₂) and solid carbon (C), with no CO₂ emissions, unlike conventional steam reforming (which produces "grey" hydrogen).
Spark's innovation lies in using a pulsed plasma powered by decarbonized electricity. The module is installed between the customer's gas network and their high-temperature burners: the plasma extracts the carbon before combustion, leaving only a stream of hydrogen to burn. According to the press release covered by Renewable Energy Magazine, the approach cuts emissions by 85% and generates a recoverable solid carbon, quadrupling the economic value extracted from the original gas.
Market: industrial decarbonization, a strategic arena
The turquoise hydrogen market is still emerging but accelerating. According to Transparency Market Research, the segment was worth $80 million in 2024 and is projected to grow at a 37% CAGR through 2035. Analysts at IDTechEx identify methane pyrolysis as one of three key pathways to industrial carbon neutrality, alongside green hydrogen (electrolysis) and blue hydrogen (CO₂ capture/storage).
Three factors are driving this momentum:
- Competitive specific energy: theoretical pyrolysis requires ~5.2 kWh/kg H₂ versus ~39 kWh/kg for electrolysis, making the pathway economically attractive even with unsubsidized electricity.
- Valuable co-product: solid carbon finds outlets in polymers, rubber, lithium-ion batteries (anodes), or composites.
- European regulatory pressure via the Green Deal and the Carbon Border Adjustment Mechanism (CBAM), which drives up the cost of emissions for heavy industry.
Competition: a landscape driven by German, American, and French players
Spark competes with several categories of players:
- Monolith Materials (United States): large-scale plasma pyrolysis, the most commercially mature.
- Hazer Group (Australia): catalytic pyrolysis with a mineral byproduct.
- BASF (Germany): internal development of a pyrolysis route by 2030.
- Hycamite, Ekona Power, C-Zero: the new wave of plasma and catalytic players in Europe and North America.
Spark's angle of attack is to offer a modular solution installed at the customer's site rather than a centralized plant: the module plugs directly into the existing gas network, avoiding the logistics cost of hydrogen transport, one of the major barriers to adoption.
Business model: dual monetization
The model is elegant in theory: for every cubic meter of gas processed, the customer recovers a decarbonized fuel (hydrogen) and the company sells a high-value byproduct (specialty-grade solid carbon). In practice, the marginal cost of H₂ for the customer becomes competitive with natural gas thanks to the carbon revenue on Spark's side.
According to analyses published in the journal Energies, the structural challenge remains the massive absorption of the carbon produced: for every kilogram of hydrogen, around 3 kg of solid carbon are generated. The global carbon black market currently stands at only ~20 Mt/year, which mechanically caps very large-scale deployment of the sector. Spark's ability to qualify premium grades (batteries, technical polymers) will therefore be decisive.
Investor profile
360 Capital and Taranis are two early/growth funds with a solid industrial deeptech portfolio. The Fonds de Réindustrialisation Île-de-France sends a political signal: industrial decarbonization is now a regional public priority. Asterion Ventures, already a shareholder, reaffirms its conviction on the deal.
For deeptech founders structuring their growth trajectory, the deal illustrates the advantage of a public-private mix on a file where CapEx amortization is heavy: a public reindustrialization fund typically accelerates the signing of the first industrial contracts.
Execution risks
- Technical scale-up: plasma pyrolysis at the scale of an industrial burner remains a process engineering challenge.
- Carbon qualification: monetizing the by-product requires certifications by segment (batteries, polymers).
- Global competition with highly capitalized players like Monolith or the German corporates.
Takeaways for the climate tech ecosystem
Spark Cleantech is part of a wave of companies applying AI and advanced modeling to industrial processes. The transition of heavy industry to carbon neutrality will rely on this type of modular innovation, deployable without disrupting existing industrial facilities. French manufacturers in chemicals, glassmaking, and steel are natural candidates.
FAQ
How much has Spark Cleantech raised?
Spark Cleantech raised €30 million in a Series A announced on December 4, 2025, including €17 million in equity. The round is led by 360 Capital and Taranis, with the Fonds de Réindustrialisation Île-de-France and Asterion Ventures.
What does Spark Cleantech do?
The company develops a pulsed plasmolysis technology that extracts hydrogen and solid carbon from natural gas before combustion. The module installs directly on industrial sites equipped with high-temperature burners.
What is the advantage of pulsed plasmolysis?
According to Spark, the technology cuts emissions by 85% and generates two decarbonized materials (solid carbon and hydrogen), quadrupling the economic value extracted from the source gas, without emitting CO₂, unlike conventional reforming.
When are the first commercial deployments planned?
Spark Cleantech has already signed preliminary contracts with industrial players and is targeting its first commercial deployments in 2027.
How big is the turquoise hydrogen market?
The turquoise hydrogen segment was worth $80 million in 2024 according to Transparency Market Research, with an expected CAGR of 37% through 2035, driven by regulatory pressure on European industrial decarbonization.