Clean energy provider GeoPura today announced it has raised £56 million ($70 million) in an investment round that aims to accelerate the adoption of green hydrogen in the UK, with expanded production and greater deployment of the company's power generation technology .
Founded in 2019, GeoPura provides clean energy to users who require temporary site power, long-term backup, off-grid power, and power supply to augment existing grids. The company supplies Hydrogen Power Units (HPU), developed in collaboration with Siemens Energy, built on industrial hydrogen fuel cells.
According to GeoPura, the resources from the latest round of financing will be used by the company to increase the manufacturing and supply of its HPUs, which replace traditional diesel generators. It will also expand its green hydrogen production, along with storage and distribution assets, through HyMarnham Power, a 50/50 joint venture between GeoPura and JG Pears that will transform a former coal-fired power station in the East Midlands into a source of clean energy. axle.
Andrew Cunningham, CEO of GeoPura, said:
“The challenge of replacing the estimated US$300 billion installed base of highly polluting diesel generators over the next 10 years is significant and requires the scale and commitment that investors like UKIB and our existing shareholders and highly polluting partners solidarity provides. We’re delighted to be taking this next step and it’s brilliant to be working together to make a real, tangible impact today by reducing polluting engine emissions, delivering better air quality for us all.”
The funding round included a £30 million commitment from the state-owned, net-zero emissions-focused UK Infrastructure Bank, and led by a follow-on investment from Barclays Sustainable Impact Capital and supported by existing investors including GM Ventures , SWEN Capital Partners and Siemens Energy Ventures.
John Flint, CEO of the UK Infrastructure Bank, said:
“Our investment in GeoPura is another example of our problem solving in action. By removing barriers to investment in the hydrogen sector – a critical emerging market on the path to carbon neutrality – we are creating a sustainable platform from which to finance additional green hydrogen projects in the near future.”
The funding follows a £36m capital raise last year, co-led by Barclays and GM Ventures. Over the past year, GeoPura said it has secured several new customers, further expanded its reach in Europe and launched new HPU-based products to strengthen its portfolio, satisfying customer needs for more mobile power solutions.
James Ferrier, Director, Core Investments, Barclays Sustainable Impact Capital said:
“The expansion of new climate technologies – like GeoPura’s HPUs – will be key to the decarbonisation of the UK economy, as sectors without viable alternatives to fossil fuels turn to our local entrepreneurs for innovative solutions to help them. to reduce emissions.”
GeoPura said it plans to deploy a fleet of more than 3,600 HPUs by 2033, providing clean, reliable and low-cost energy, eliminating more than ten million tons of CO2 emissions through its lifetime operation.
