“We are not just producing catalysts, we have developed and patented a platform nanotechnology that enables a high level of customization based on specific customer needs.” 

Matija Gatalo, Co-founder & CTO, ReCatalyst

ReCatalyst is a spin-out from the National Institute of Chemistry in Ljubljana, Slovenia, founded in early 2021. The company is pioneering a nanotechnology platform for producing advanced (electro)catalysts for fuel cells and water electrolysis, designed to maximise the efficiency of platinum group metal (PGM) use and to accelerate the decarbonisation of the energy and transport sectors through green hydrogen.

With strong, patented intellectual property, ReCatalyst offers flexible, next-generation platinum-based catalyst solutions already validated in customer pilots across the hydrogen technology value chain. As Matija Gatalo, Co-founder & CTO of the company, explained: “Our platform allows us to tailor key parameters such as composition, structure, and performance to different application requirements, while maintaining scalability and cost-efficiency. Its versatility makes it applicable not only to fuel cells, but also to other sectors such as electrolyzers and broader clean energy technologies, such as green methanol and ammonia, significantly expanding our market potential and impact”.

Business Model Innovation for Bridging Supply and Demand

Since its inception, ReCatalyst has earned multiple awards and is rapidly building a global customer base, with active projects spanning five G7 economies and all five continents. Its business model is uniquely hybrid, strategically positioned to bridge both supply and demand sides within the value chain.

On the demand side, the company collaborates directly with OEMs through sample deliveries, PoC projects, and integration into R&D cycles, ensuring co-development and validation of solutions aligned with end-user needs.

On the supply side, ReCatalyst engages in the establishment of strategic outlicensing agreements with major chemical giants, enabling scalable manufacturing and accelerated market penetration. What sets the company apart is its role as an active intermediary, facilitating connections between suppliers and end-users.

This dual-sided approach reduces time to market, minimizes friction in the hydrogen value chain, and generates multiple revenue streams, making the model both resilient and scalable.

Creating impact on the energy and transport sectors

ReCatalyst innovations are already driving measurable impact across energy and transport. As Matija explained:

“By focusing on maximising the efficiency of Precious Group Metals use without compromising performance of our catalysts, we are enabling substantial cost reductions and improved scalability for our partners. This directly addresses one of the key barriers to wider adoption of hydrogen technologies and helps de-risk commercial deployment for both OEMs and material suppliers.”

Joining D2XCEL: The benefits

ReCatalyst was selected to join D2XCEL in February 2025. During its participation, the company reached important technological milestones: it successfully scaled its reactor to the pilot stage and developed advanced catalysts with 60 wt.% and 70 wt.% metal loading based on its GEN3 catalyst platform. As Matija noted: “Our GEN3 product family of high-loaded catalysts represents for the company a breakthrough in performance, stability, and efficiency.”

Even before joining the project, ReCatalyst had secured a Seed round of 1.7M EUR co-led by international investors. During D2CXEL, the company strengthened investor engagement, entering negotiations with new partners both within and outside the network and securing soft commitments for its upcoming Series A round.

With its patented platform, global partnerships, and hybrid business model, ReCatalyst is positioning itself as a key enabler of the hydrogen economy. By combining scientific excellence with commercial scalability, the company is helping overcome one of the most critical bottlenecks in clean energy adoption – making green hydrogen a viable and competitive solution for decarbonising industries worldwide.

*Note:

Our case studies section illustrates the concrete impact of the D2XCEL scaling programme on selected ventures. They were chosen through a structured process based on mentor and group manager nominations and pre-defined criteria, prioritising companies that demonstrated measurable progress, strong relevance to societal and industrial challenges, innovative approaches, and clear potential for scalability. Together, the cases demonstrate how tailored support, international connections, and structured mentoring are translated into real outcomes across diverse sectors. 

This project has received funding from the European Union under grant agreement Nº101121100. Views and opinions expressed are, however, those of the author(s) only and do not necessarily reflect those of the European Union or the European Innovation Council and SMEs Executive Agency (EISMEA). Neither the European Union nor the granting authority can be held responsible for them.