UK-based clean energy provider GeoPura has taken a significant step toward advancing the green hydrogen economy by securing £22 million in its first debt funding round. The funding, which consists of fixed-rate asset loans and hire purchase agreements, came from a consortium of prominent financial institutions, including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK, and Siemens Financial Services. This investment will allow GeoPura to accelerate its plans to expand its fleet of Hydrogen Power Units (HPUs) and scale its green hydrogen infrastructure.
Expanding GeoPura’s Hydrogen Power Fleet
The proceeds from this debt funding will be used to recapitalize and grow GeoPura’s HPU fleet, which serves as a sustainable alternative to traditional diesel generators. The company aims to manufacture and deploy over 3,600 HPUs by 2033. These units will be supported by key infrastructure such as tube trailers for hydrogen transportation. In addition, GeoPura has significantly grown its workforce, increasing its headcount by over 50% in 2023, including the hiring of its first hydrogen apprentices.
GeoPura is also investing in green hydrogen production facilities, including HyMarnham Power in the East Midlands, one of only 11 projects selected for funding in the UK Government’s Hydrogen Allocation Round 1 (HAR1). This further supports the UK’s efforts to build a robust hydrogen economy.
Derek Bulmer, CFO of GeoPura, emphasized the importance of this funding:
“Securing this debt funding is a pivotal milestone in our journey to build a global fleet of over 3,600 HPUs, which will require over £2.5 billion in capital over the next decade. This funding will not only accelerate our expansion but also drive significant reductions in carbon emissions and improve local air quality while contributing directly to the UK’s net zero targets.”
Advancing Zero-Emission Power Generation
GeoPura’s innovative HPUs utilize renewable energy, such as solar and wind, to produce hydrogen, which is then converted into electrical power. This process is entirely carbon-free, with the only byproduct being pure water. These HPUs can operate off-grid or alongside existing energy grids, providing scalable, reliable power that can replace diesel generators and support the growing demand for commercial EV charging.
CEO Andrew Cunningham leads GeoPura in its mission to decarbonize the global economy. By mass manufacturing HPUs in partnership with Siemens Energy, GeoPura is making zero-emission power generation more accessible to a broad range of industries, including construction, events, and transportation.
Strategic Partnerships and Investor Confidence
GeoPura’s latest funding round reflects growing investor confidence in the green hydrogen sector. The company had previously raised £56 million earlier this year, with an additional £36 million secured in its Series A funding round in February 2023. This brings the total capital raised by GeoPura to £114 million over the past two years.
HSBC UK’s Global Relationship Director, Rachael Guest, highlighted the significance of GeoPura’s role in advancing green hydrogen technology in the UK:
“At HSBC UK, helping our customers to scale up new climate tech solutions is a key part of our net zero strategy. We are pleased to support GeoPura in advancing green hydrogen technology in the UK, which could play an important part in meeting the nation’s future energy needs.”
Julian Hobbs, CEO of Siemens Financial Services UK, also commented on the progress being made in the hydrogen value chain:
“We are seeing real progress in the UK hydrogen value chain, from ever-growing production capacity to downstream processing. Siemens has leading technological expertise in the hydrogen sector, and combining this with our financing capabilities allows us to provide meaningful support to GeoPura’s development.”
Other investors, including BNP Paribas Leasing Solutions and Close Brothers, expressed their commitment to supporting GeoPura’s mission and the broader green energy transition. Eric Gandemer, CEO of BNP Paribas Leasing Solutions UK, stated:
“By supporting innovative solutions like Geopura’s Hydrogen Generators, we are not just financing assets but also investing in a sustainable future.”
Climate Insider Analysis
GeoPura’s latest funding round underscores the growing momentum behind green hydrogen as a key solution in the global energy transition. With over £114 million raised in the last two years, the company is positioning itself as a leader in the production and deployment of zero-emission hydrogen power technologies. The collaboration with world-class financial institutions and Siemens Energy highlights the increasing convergence between climate tech innovators and sustainable finance.
As the UK government continues to prioritize hydrogen as part of its net zero strategy, GeoPura’s scalable HPU technology offers a tangible pathway for reducing carbon emissions and replacing fossil fuel-based power sources. With plans to deploy over 3,600 HPUs by 2033, GeoPura is set to play a crucial role in decarbonizing industries ranging from transportation to construction, accelerating the transition to a cleaner, greener economy.
Source: Tech Funding News
Featured Image: Credit: GeoPura
