UK-headquartered GeoPura has received a £36 million ($44 million) investment boost to scale up its off-grid hydrogen power generation technology.
The funding round was led by GM Ventures and Barclays Sustainable Impact Capital, with participation from SWEN CP and Siemens Energy Ventures. The investors will also act as strategic partners for GeoPura moving forward.
GeoPura offers an alternative to traditional diesel generators with its hydrogen power unit (HPU) technology used for temporary, supplementary, off-grid and backup power.
The firm generates hydrogen and transports the fuel to customers for use in its HPUs – customers simply rent the units and pay for the fuel used.
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The latest investment will enable mass manufacturing of HPUs and will increase the production of green hydrogen to fuel the units in the North East and throughout the UK.
The company also aims to bring a number of new products to market, addressing smaller and larger power requirements.
GeoPura chief executive Andrew Cunningham said the 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.”
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James Ferrier, Director of Principal Investments at Barclays Sustainable Impact Capital, said: “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.”
Kendra Rauschenberger, General Partner at Siemens Energy Ventures, said she has “worked alongside GeoPura from the early days” and added that “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”.
GeoPura plans to deploy a fleet of over 3,600 HPUs by 2033 and is currently providing power to Balfour Beatty, HS2, National Grid and the BBC.