Helios Aragon Exploracion

What Helios Aragon Exploracion does

Helios Aragon Exploracion is a privately-held natural hydrogen and helium exploration and production company developing Europe's first commercial natural ('gold') hydrogen project at the Monzon Field in Huesca, Aragon, Spain. The company exploits a hydrogen accumulation discovered in the 1960s at depths of 3,500-3,600m beneath a salt cap-rock, extracting it via conventional drilling rigs and processing technology adapted from the geothermal and natural gas industries. Its core technical proposition is to produce hydrogen continuously at a stated break-even cost under €1/kg — a 4-10x cost gap versus green hydrogen — with no intermittency, no water consumption, and an estimated 1.1 million tonnes of recoverable volume at the Monzon Field alone, equivalent to roughly 10% of Spain's current hydrogen consumption for 20+ years. The company also plans to co-produce helium (an EU-designated critical raw material) and, post-depletion, to repurpose reservoirs for subsurface storage of green hydrogen.

The business model is enterprise B2B: planned revenue streams are pipeline-direct sales of hydrogen and helium to large industrial customers in the Monzon area (ammonia, fertilizer, fuel cells, energy), with broader European distribution via the H2med pipeline network operated by Enagas. The company engages directly with government stakeholders, regulators, and potential offtakers via an executive-led field-sales motion, supplemented by thought-leadership channels (SPE, EAGE, IEA, BloombergNEF) to shape emerging regulation around natural hydrogen. Backed by British investors and led by senior O&G operators (Ian Munro as CEO, Dr Chris Atkinson as Chairman and Co-founder, Dr Michael Hession as Co-founder), Helios Aragon has expanded its portfolio beyond Spain into Poland (Helios Polska, 2022), the UK (acquired Helium Resources Limited in August 2024), Oman (Joint Study Agreement with Rex International, September 2024), and additional permit activity in Australia and Southeast Asia. The Monzon-2 appraisal well entered final environmental review in late 2025 with a decision expected by February 2026, and total project capital over the asset life is stated at €800M, with first production targeted before the end of the decade.

Name

Helios Aragon Exploracion

Legal name

Helios Aragón Exploration, S.L

Website

https://helios-aragon.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Helios Aragon Exploracion is a Spain-based natural hydrogen and helium explorer developing Europe's first commercial natural hydrogen project at the Monzon Field in Aragon, targeting sub-€1/kg production for European industrial offtakers via pipeline.

Ownership category

akta.pro rank

Product category

Natural Hydrogen Exploration and Production

NAICS

Industrial Gas Manufacturing (325120), Industrial Gas Manufacturing (32512)

SIC

Oil & Gas Field Exploration Services (1382), Industrial Inorganic Chemicals (2810)

akta.pro primary industry

Hydrogen (Industrial & Mobility) (IMAEACAB)

akta.pro secondary industries

Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC), Hydrogen Production Supply & Offtake (Green/Blue H2) for Utility Blending (EUAJAJAF), Hydrogen Storage EPC, Engineering & Construction (Aboveground/Underground Facilities) (EUAFAEAK)

Keywords

• Natural hydrogen exploration
• Hydrogen production services
• Helium co-production
• Subsurface gas extraction
• Clean energy development

Headquarters

HQ city

Huesca

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Natural Hydrogen Production and Sales: Production and direct sale of natural (gold) hydrogen to industrial customers via pipeline. Expected production of 55,000-70,000 tonnes per annum at plateau from Monzon Field, with break-even cost under €1/kg.
2. Helium Co-production: Co-production of helium alongside hydrogen from the Monzon Field. Helium is classified as a 'critical raw material' by the EU and used in medical, technological, and research industries.
3. Green Hydrogen Storage Services: Post-extraction use of depleted reservoirs for storing locally-produced green hydrogen, providing infrastructure for the broader hydrogen economy.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Helios Aragon Exploracion extracts and produces natural (gold) hydrogen and co-produces helium from subsurface accumulations, primarily at the Monzon Field in Huesca, northern Spain. The company uses conventional drilling rigs and gas processing facilities adapted from the geothermal and natural gas industries to produce hydrogen on a 24/7 basis without intermittency, with a planned plateau production of 55,000–70,000 tonnes per annum. It is also developing Phase II services for green hydrogen storage in depleted reservoirs and is expanding natural hydrogen and helium exploration activities across Europe (UK, Poland), the Middle East (Oman), and Asia-Pacific.

Product overview

Helios Aragon Exploracion is a natural hydrogen exploration and production company operating the Monzon Natural Hydrogen Project in Aragon, Spain — Europe's first natural hydrogen project. The company's core offering consists of natural hydrogen extraction from subsurface accumulations discovered in the 1960s, with associated helium production as a valuable byproduct. The Monzon Field is being developed using existing drilling technology proven in geothermal and natural gas industries, producing hydrogen 24/7. The project has an expected recoverable volume of 1.1 million tonnes of hydrogen at plateau production rates of 55,000-70,000 tonnes per annum. Phase II plans involve using depleted reservoirs for green hydrogen storage. The company has expanded globally with affiliates in Poland and the UK, exploration activities in Oman, and permit applications pending in Europe and Asia-Pacific including Australia.

Differentiator

Problem solved

Functional benefit

Products and services

• Monzon Natural Hydrogen Project Europe's first natural hydrogen production project, located in northern Spain (Huesca province), extracting naturally occurring hydrogen and helium from a sandstone reservoir at depths of 3,500–3,600m in the Monzon Field. Targeted plateau production of 55,000–70,000 tonnes per annum at break-even cost under €1/kg, supplying local industrial customers via pipeline and the planned H2med network.
• Natural Hydrogen Supply Natural (gold/white) hydrogen extracted from subsurface accumulations at the Monzon Field using existing drilling technology proven in the geothermal and natural gas industries, producing hydrogen 24/7 without intermittency and at break-even cost of less than €1/kg. Sold as an industrial feedstock and energy source for ammonia plants, fuel cell manufacturers, fertilizer producers and direct energy replacement applications in Spain and Europe.
• Helium Production and Sales Co-production of helium (deemed a critical raw material by the EU) extracted alongside natural hydrogen from the Monzon Field. To be distributed via pipeline or truck for medical, technological, and research-industry customers, representing what is expected to be the first potential production of natural helium in Spain.
• Green Hydrogen Storage Services (Phase II) Planned Phase II subsurface storage service that uses depleted Monzon reservoirs to store green hydrogen produced locally from wind and solar electrolysis, providing safe, large-scale, long-duration storage for renewable-hydrogen producers in the Iberian Peninsula.

Quantifiable outcome

• 1.1 million tonnes recoverable hydrogen from Monzon Field at under €1/kg production cost
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Enagas (H2med Pipeline)coreChannel Partner/ Reseller/ Distributor · 1 May 2026Enagas is promoter and Spanish operator of the H2med network, a transnational initiative to interconnect hydrogen networks of Iberian Peninsula to Northwest Europe. Helios confirmed interest in using H2med to transport Monzon production, providing flexibility for local, regional, and European supply of up to 2 million tonnes per annum by 2032.
• Rex International Holding LtdcoreStrategic or Co-development Partner · 1 September 2024Joint Study Agreement signed September 2024 to explore for natural hydrogen in Oman. Leverages Helios exploration learnings from Spain with Rex's local operational expertise. Oman considered highly prospective for near-term discovery of commercial quantities of natural hydrogen with multiple surface seeps.
• Helium Resources Limited (HRL)coreStrategic or Co-development Partner · 1 August 2024Co-founders acquired HRL, a UK-based natural hydrogen and helium exploration company, in August 2024. HRL has identified a highly prospective play fairway for both natural hydrogen and helium in the UK. Takeover enables drilling of UK's first exploration well for natural hydrogen and helium.
• International Energy Agency (IEA) Hydrogen TCP Task 49coreStrategic or Co-development Partner · 1 May 2024Helios Aragon EVP Carmen Font designated to join team of experts working on Task 49 'Natural Hydrogen' within IEA's Hydrogen Technology Collaboration Programme. Task brings together 31 experts from 16 countries for joint research on exploration, production, reserves evaluation, policy, and environmental impacts.
• Helios Polska sp. z o. o. (Poland affiliate)coreStrategic or Co-development Partner · 1 November 2022Wholly-owned subsidiary established November 2022 in Poland. Geological setting considered highly prospective for natural hydrogen with proven active hydrogen system through numerous well shows and surface seeps. Central European expansion leveraging exploration learnings from Spain.
• Government of Aragon (Aragon Exterior)coreStrategic or Co-development Partner · 1 August 2021Letter of Intent signed August 2021 to progress Monzon Natural Hydrogen Project to production. Government committed to positioning Aragon as Hydrogen European Hub. Project designated 'investment of regional significance' in May 2023. Joint collaboration on regulatory approval and stakeholder engagement.
• European Union InstitutionscoreStrategic or Co-development PartnerActive engagement with European Union, European Parliament, and European Council on policy areas to ensure appropriate legislation for natural hydrogen commercialization throughout the continent. Policy support for including natural hydrogen under Mining Act.
• Universidad Complutense de MadridminorStrategic or Co-development PartnerPostdoctoral support for geochemical sampling programme at Barbastro-Monzón permits. Collaboration with Geochemical Insight on surface geochemical survey to identify hydrogen and helium microseeps.
• Squire Patton Boggs (Law Firm)minorImplementation/ SI/ Consulting PartnerGlobal and international law firm assisted in acquisition of HRL and international development of natural hydrogen and helium projects. Also assisted in Joint Study Agreement with Rex International.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Gold Hydrogen Limited: ASX-listed natural hydrogen exploration company pursuing the Ramsay Project on the Yorke Peninsula in South Australia. Directly comparable as a pure-play natural hydrogen explorer focused on subsurface accumulations, similar exploration methodology, and pre-commercial development stage with analogous regulatory and capital intensity profile.
• Hydroma: French natural hydrogen exploration company pursuing white hydrogen production in the Pyrenees region. Directly comparable as a European natural hydrogen peer using similar subsurface exploration and drilling approaches, competing in the same regulatory environment for natural hydrogen legislation.
• 45-8 Energy (Eon): French natural hydrogen exploration company (formerly 45-8 Energy) focused on locating natural hydrogen deposits in the Rhine Graben and other European basins. Direct peer pursuing the same natural hydrogen exploration thesis with comparable European regulatory exposure and exploration techniques.
• Chapman Hydrogen: Australian natural hydrogen exploration company pursuing subsurface hydrogen in South Australia. Direct peer with similar geological exploration approach and pre-revenue development stage targeting comparable natural hydrogen resources.
• H2Au: Australian-focused natural hydrogen exploration company pursuing gold hydrogen in the Otway Basin and other prospective regions. Direct peer operating in the same natural hydrogen exploration methodology and pre-commercial development phase with comparable regulatory engagement approach.

Emerging players

• Koloma: US-based natural hydrogen exploration startup backed by Bill Gates's Breakthrough Energy Ventures. Comparable as a well-funded natural hydrogen explorer with similar geological approach, but operating in North American basins with potentially different regulatory and capital environments.
• Eirennov: European natural hydrogen exploration company pursuing subsurface hydrogen resources. Emerging peer in the same natural hydrogen exploration space with comparable early-stage development profile and European regulatory exposure.
• White Hydrogen Ltd: Australian natural hydrogen exploration company focused on identifying and developing white/gold hydrogen resources. Emerging peer in the same natural hydrogen exploration category with comparable geological exploration methodology and pre-commercial development profile.

Broad incumbents

• Air Liquide: Global industrial gas major producing hydrogen and other industrial gases at massive scale. Comparable as an industrial gas manufacturer with hydrogen production capability, but operates a broad portfolio across many gases and geographies rather than specializing in natural hydrogen.
• Linde plc: World's largest industrial gas company with major hydrogen production operations globally. Comparable as the dominant industrial gas manufacturer including hydrogen, but competes as a broad incumbent rather than a natural hydrogen specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInid.linkedin.com/company/helios-aragon

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Helios Aragon Exploracion