UK Green Hydrogen Company to Deploy Over 3,600 Hydrogen Power Units by 2033
GeoPura, a leading green hydrogen company in the UK, has secured £22 million ($29 million) in debt funding. The funds will be used to manufacture and deploy over 3,600 hydrogen power units (HPUs) by 2033. This funding is part of the company’s renewable fuel infrastructure expansion plan. It represents the first major asset-backed debt funding announcement by a green hydrogen company in the UK.
Funding Secured from Prominent Financial Institutions
The debt funding was secured from a panel of bank and non-bank financial institutions. These include BNP Paribas Leasing Solutions, HSBC UK, and Siemens Financial Services. This round follows £56 million ($75 million) in February 2024 and £36 million ($48 million) in Series A funding in February 2023. GeoPura’s total capital raised now stands at £114 million ($152 million) over the last two years.
Investments from Leading Companies
GeoPura has welcomed investment from prominent companies such as Siemens Energy and General Motors Ventures. Other investors include Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank. Derek Bulmer, CEO of GeoPura, stated, “Securing this debt funding is a pivotal milestone in our journey. We aim to build a global fleet of over 3,600 HPUs, which will require over £2.5 billion in capital over the next decade. This funding will not only accelerate our expansion but also drive significant reductions in carbon emissions. It will improve local air quality while contributing directly to the UK’s Net Zero targets.”
Real-World Applications and Impact
The UK’s Ministry of Defence (MOD) has utilized GeoPura’s HPUs to power vehicles at five key locations over the past year. This has resulted in a combined total of approximately 120,000 miles traveled. Additionally, EKFB has agreed to deploy GeoPura HPUs at two of its high-speed train (HS2) construction sites in Aylesbury, UK.
Supporting the Global Energy Transition
Eric Gandemer, CEO at BNP Paribas Leasing Solutions UK, commented on the investment. He said, “By supporting innovative solutions like GeoPura’s hydrogen generators, we are not just financing assets. We are also investing in a sustainable future. By providing tailored financial solutions, we enable businesses to adopt these technologies. This allows them to lead the way in the global energy transition.”
As GeoPura continues to expand its operations and deploy more HPUs, the company is set to play a significant role. It will contribute to the UK’s transition to a net-zero economy, reducing carbon emissions and improving air quality across the country.
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