Renewable fuelling company gets £9m from INEOS-backed hydrogen fund
NanoSUN, the Lancaster-headquartered renewable fuelling company, has secured £9m investment from INEOS-backed hydrogen fund.
Sustainable energy fund HydrogenOne Capital Growth announced it has made an equity investment of £9.05m into the business as part of a major fundraising round.
NanoSUN’s mobile Pioneer Hydrogen Refuelling Stations provide a “flexible and low-cost connection” between hydrogen customers such as truck stops, and concentrated hydrogen supply sources.
The Pioneer units are filled with hydrogen at source, and transported to customer sites, where they provide storage and refuelling facilities, all in a single, re-fillable system.
The resultant offering to customers lowers structural costs by some 60 per cent than traditional systems, by combining distribution and dispensing equipment into a single unit.
Simon Hogan, chairman of HydrogenOne, said: “We are pleased to announce the purchase of this stake in NanoSUN, which supports our strategy of investing in companies central to the growth of clean hydrogen production.
“NanoSUN’s refuelling equipment is set to be integral in the downstream hydrogen sector, and HydrogenOne believes that NanoSUN will be a leader in this field.
“We look forward to working with NanoSUN’s management team to make the most of its significant potential.”
Graham Hodgson, NanoSUN’s founder and chairman said: “The Pioneer’s ability to facilitate the quick introduction of hydrogen vehicle fleets will enable the transport industry to get to a clean, green future fast, with just one hydrogen bus saving roughly one tonne of CO2 emissions every week.
“This fundraise is all about scaling NanoSUN so we can help our customers to accelerate the roll out of thousands of fleets of hydrogen buses, trucks, vans and forklifts over the coming years.
“In Hydrogen One, we are delighted to have found a patient capital investor that shares our vision and values for the future of NanoSUN, with the resources to help us turn it into reality.”
North west law firm Brabners acted as legal advisers to NanoSUN.
