Hydrogen developer secures multimillion-pound funding for Birmingham site

Hygen, a low-carbon hydrogen developer, has struck a funding deal with HSBC UK to expand its Birmingham production site and develop new locations across the UK.

The deal marks HSBC UK’s first foray into the green hydrogen sector, with multi-million-pound asset finance secured against Hygen’s site at Tyseley Energy Park.

Based at its Tyseley site, the company supplies green hydrogen to customers like National Express and JCB to help with their decarbonisation efforts.

Kevin Selleslags, Hygen CEO said: “We are committed to leading the way in developing and delivering more low-carbon hydrogen projects across the UK so HSBC UK’s confidence in our business, and the potential of hydrogen as a low-carbon energy source, is truly encouraging. Securing this bank funding also sends an important signal to the market about the opportunities for this technology.”

Akhil Shah, relationship director from HSBC UK said: “The green hydrogen industry is still in its early stages of development and requires better access to both equity and debt funding to truly take off. This deal underlines HSBC UK’s commitment to this emerging sector, supporting the development of new technologies essential for the transition to a net-zero economy.”

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