Nottingham hydrogen pioneer lands £36m investment
A green hydrogen producer which has a major base in Nottingham has received £36m investment from a group of international investors.
GeoPura has landed the cash from a round led by GM Ventures, the investment arm of General Motors, co-led by Barclays Sustainable Impact Capital with participation from SWEN CP and Siemens Energy Ventures to scale its green hydrogen business.
GeoPura currently provides hydrogen power to Balfour Beatty, HS2, National Grid and the BBC among other sustainability-driven customers, replacing traditional diesel generators with its Hydrogen Power Unit (HPU) technology.
The HPUs are used for temporary, supplementary, off grid and backup power. GeoPura plans to grow the use of hydrogen into other hard-to-decarbonise areas of our energy system, such as EV charging and supplementary grid power, as economies continue to electrify.
With hubs in Nottingham and Newcastle, the £36m investment will enable GeoPura to mass manufacture HPUs alongside partner Siemens Energy, increase the production of green hydrogen to fuel the units and drive green skills in the North East and throughout the UK, while supporting the global deployment of the technology.
GeoPura plans to deploy a fleet of over 3,600 HPUs by 2033, providing clean, low-cost reliable power, and displacing 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.”
“The need for green hydrogen energy solutions is expanding as a wide range of customers move toward replacing diesel-powered sources,” said Wade Sheffer, Managing Director, GM Ventures. “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. GeoPura’s HPUs and GM’s HYDROTEC fuel cell expertise have the potential to provide better energy solutions across industries.”
James Ferrier, director, principal investments, Barclays Sustainable Impact Capital said: “Building low-carbon capacity and capability in our energy supply is key for a timely transition to net-zero. Whilst most of the focus in the UK is rightly on ‘greening’ our energy grid, industries which are reliant on fossil-fuel powered generators – such as construction, film production and events – should not be forgotten. Establishing tailored methods of off-grid green energy generation such as GeoPura’s Hydrogen Power Unit technology will be crucial for the decarbonisation of these industries, and we are excited to support GeoPura as they begin to scale.”
François Pasquier, investment director at SWEN CP, said: “SWEN CP, through its impact strategy dedicated to renewable gas infrastructures in Europe, is proud to support the growth of GeoPura and to enable carbon emission reductions in hard to abate sectors. We believe that the quality of the team, the robustness of the technology and the strategic partnership with Siemens Energy are the perfect ingredients to make GeoPura a successful solution to tackle climate change.”
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.”
