Nottinghamshire-based GeoPura, a company specialised in green hydrogen, announced on Thursday that it has secured £56M (approximately €65.6M) in funding.
The UK Infrastructure Bank committed £30M to the round, led by a follow-on investment from Barclays Sustainable Impact Capital and supported by our existing investors: GM Ventures, SWEN Capital Partners, and Siemens Energy Ventures.
In addition, GeoPura will expand its production of green hydrogen, helping to transform an old coal power station site as part of the HyMarnham Power Green Hydrogen project in the East Midlands.
The announcement comes 12 months after raising £36M.
GeoPura: Decarbonising global economies
Founded in 2019, GeoPura aims to decarbonise global economies by sourcing renewable energy to move away from fossil fuels and navigate the logistical issues of getting this energy to where it’s needed.
Andrew Cunningham, CEO of GeoPura, says, “Having experienced the hottest year on record in 2023 with the negative impact of extreme weather events increasing globally every month, our need to combat climate change has never been more urgent. Now, more than ever, we need to act and provide the industry with proven and effective solutions to achieve their Net Zero goals and allow them to reduce their liability for destroying air quality with particulates, NOx, and other harmful emissions from traditional generators.”
The GeoPura solution uses renewable energy, normally solar PV or wind, to create hydrogen and hydrogen-based zero-emission fuels. This fuel is then transported to locations where a local generator converts it to electrical power.
“The challenge of replacing the estimated $300B installed base of highly polluting diesel generators over the next ten years is significant and requires the scale and commitment that investors such as UKIB and our existing highly supportive shareholders and partners provide,” adds Cunningham.
GeoPura has hubs located in Nottingham, Matlock, Sheffield, and Newcastle upon Tyne in the UK.
They are collaborating with their partner Siemens Energy to mass manufacture HPUs. Their goal is to deploy a fleet of over 3,600 HPUs by 2033. These HPUs will provide clean, low-cost, and reliable power.
John Flint, CEO of UK Infrastructure Bank, says, “Our investment in GeoPura is another example of our problem-solving in action. By removing barriers to investment in the hydrogen sector – a critical nascent market on the route to net zero – we are creating a sustainable platform to finance additional green hydrogen projects soon.”
James Ferrier, Director, Principal Investments, Barclays Sustainable Impact Capital adds, “Scaling new climate technologies – like GeoPura’s HPUs – will be critical in decarbonising the UK economy, as sectors with no existing viable alternatives to fossil fuels look to our home-grown entrepreneurs for innovative solutions to help them cut emissions. GeoPura’s work is incredibly exciting in that they are helping to accelerate the UK’s adoption of green hydrogen by simultaneously addressing supply and demand while building the workforce of the future. We look forward to seeing GeoPura’s growth over the coming years.”
Read the orginal article: https://siliconcanals.com/news/startups/geopura-secures-65-6m-funding/
