A hydrogen pioneer is set to boost green skills and scale its business on the back of a £36m investment from global industry leaders.
GeoPura – which has bases in Newcastle and Nottingham – has secured the investment in a round led by GM Ventures and Barclays Sustainable Impact Capital, with participation from SWEN CP and Siemens Energy Ventures. The funds will allow GeoPura to ramp up its green hydrogen business, which is using its hydrogen power generation technology to replace diesel-fuelled generators with its Hydrogen Power Units (HPU), helping the UK on its zero-emissions journey.
The investors will also act as strategic partners for GeoPura, which currently provides hydrogen power to Balfour Beatty, HS2, National Grid and the BBC. HPUs are used for temporary, supplementary, off-grid and backup power and GeoPura plans to expand the use of hydrogen into other areas such as EV charging and supplementary grid power. The investment will allow GeoPura to mass manufacture HPUs alongside its partner Siemens Energy, increase the production of green hydrogen to fuel the units and drive green skills around the UK.
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GeoPura plans to have a fleet of more than 3,600 HPUs by 2033, providing clean, low-cost reliable power. They will displace more than six million tonnes of CO2 emissions through their operation over their life.
Andrew Cunningham, CEO of GeoPura, said: “Green hydrogen is too often seen as a technology that will happen in the future, but GeoPura and our partners are delivering a commercially viable technology, today. The world can’t afford to wait a decade for green fuels to scale – we must act now.
“This investment allows us to build on our installed base of HPUs and hydrogen production infrastructure to stimulate the green hydrogen economy, and then expand the use of clean fuels into other hard-to-decarbonise areas of our energy system.
“We have secured the right mix of investors, forming strategic partnerships that not only provide the funds to enable us to scale rapidly, but also the skills and resources to accelerate the transition to zero-emission fuels. With the support of our investors we can help turn the market on its head and build a green hydrogen economy this decade, not next.”
Wade Sheffer, managing director at GM Ventures, said: “The need for green hydrogen energy solutions is expanding as a wide range of customers move toward replacing diesel-powered sources. Our investment in GeoPura demonstrates our focus on scaling breakthrough innovations that can advance sustainability, while supporting GM’s progress toward an all-electric, zero-emissions future.”
Kendra Rauschenberger, general partner at Siemens Energy Ventures, said: “Having worked alongside GeoPura from the early days, it has been incredible to see the development of this business as more customers turn to utilizing green hydrogen for their sustainable energy needs and commitments. At Siemens Energy Ventures, our focus is on building, investing in and scaling up start-ups that can make a real difference to the complex energy transition our world is facing. Our strategic investment, alongside the investments from all partners, make GeoPura ready for its next phase of rapid growth. We look forward to being part of the journey.”
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