Hydrogen Scotland member GeoPura has announced the successful completion of their inaugural debt funding round, securing £22 million to fund renewable fuel infrastructure and support the clean energy transition. This is the first major asset-backed debt funding for a green hydrogen business in the UK and the capital will facilitate the manufacture and deployment of over 3,600 GeoPura hydrogen power units (HPUs) by 2033 and invest in supporting hydrogen infrastructure such as tube trailers.
The Geopura hydrogen power units using hydrogen fuel cell power have been proven in the field with multiple high-profile deployments, including powering the live TV broadcast of the DP World Golf tour, providing EV charging for the MOD and powering the shutdown of a Uniper power station in the UK. Companies such as The BBC, Balfour Beatty, National Grid and many more are already reducing their carbon footprint and contributing to a more sustainable energy system using GeoPura technology.
This latest £22 million funding is being provided by a consortium of bank and non-bank financial institutions, including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK and Siemens Financial Services. This announcement builds on momentum from a £56m investment round in February 2024 and a £36m Series A funding round in February 2023, with investment from Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank. This brings the total capital raised to £114m over the last 2 years.
Derek Bulmer, CFO of GeoPura, said, “Securing this debt funding is a pivotal milestone in our journey 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 and improve local air quality while contributing directly to the UK’s net zero targets. Partnering with world-class debt funders like BNP Paribas Leasing Solutions, Close Brothers, HSBC UK and Siemens Financial Services is critical to delivering this vision and achieving these goals. This milestone supports our commitment to a cleaner, healthier future and underpins the vital role of sustainable finance in advancing global environmental goals.”
The debt funding consists of fixed-rate asset loans and hire purchase agreements. All funding partners have indicated strong interest in increasing their debt funding capacity as GeoPura scales. Julian Hobbs, CEO of Siemens Financial Services UK, added, “We are seeing real progress in the UK hydrogen value chain, from ever-growing production capacity to downstream processing. The launch of the government’s first hydrogen allocation round (“HAR1”) and the announcement of 11 successful projects puts the UK at the forefront of commercial-scale green hydrogen production projects in Europe. Siemens has leading technological expertise in the hydrogen sector and combining this with our financing capabilities allows us to provide meaningful support to GeoPura’s development. Working with GeoPura is also in line with our commitment to support the transition to net zero. A case of financing that makes a difference.”
GeoPura is at the forefront of the UK’s transition to a green hydrogen economy. Its HPU technology harnesses green hydrogen to provide zero-emission electricity, replacing diesel generators and decarbonising customers in off-grid and grid augmentation situations. HPUs deliver reliable, large-scale power, with the only byproduct being water you can drink.
About GeoPura: Established to decarbonise global economies using zero-emission fuels, GeoPura has grown rapidly since delivering its first Hydrogen Power Unit (HPU) in collaboration with Siemens Energy in 2019. GeoPura’s HPU technology and end-to-end service is a multi-purpose replacement for diesel power worldwide and is available today. GeoPura generates hydrogen and stores and transports the fuel to customers for use in its HPUs – customers simply rent the units and pay for the fuel used. With hubs in Sheffield, Matlock, Nottingham and Newcastle upon Tyne in the UK, GeoPura is mass manufacturing HPUs in collaboration with partner Siemens Energy, bringing more generators to market to service growing customer demand. To support this growth, GeoPura increased its headcount by over 50% in 2023, including its first hydrogen apprentices. The company is also investing in green hydrogen production facilities to fuel these units, including HyMarnham Power in the East Midlands, one of only 11 projects to be allocated funding as part of the UK Government’s HAR1 allocation round.
Read more here: https://www.geopura.com/press-releases/green-hydrogen-landmark-debt-funding-round/
