On the strength of a £36 million investment from major players in the sector, a hydrogen pioneer is poised to strengthen green capabilities and expand its business.
The funding was provided to GeoPura, which has offices in Newcastle and Nottingham, in a round that was co-led by GM Ventured and Barclays Sustainable Impact Capital and included SWEN CP and Siemens Energy Ventures. By employing its hydrogen power production technology to replace diesel-fueled generators with its Hydrogen Power Units (HPU), GeoPura is using its green hydrogen company to accelerate the UK’s transition to zero emissions.
The investors will also serve as GeoPura’s strategic partners in providing hydrogen electricity, which the company presently does for Balfour Beatty, HS2, National Grid, and the BBC. The usage of HPUs for temporary, supplemental, off-grid, and backup power is increasing, and GeoPura intends to deploy hydrogen in further applications like EV charging and supplemental grid power. Along with its business partner Siemens Energy, GeoPura will be able to mass produce HPUs thanks to the investment, which will also boost green hydrogen generation for the units’ fuel and promote green talents throughout the UK.
By 2033, GeoPura expects to have a fleet of more than 3,600 HPUs, offering dependable, clean, and reasonably priced power. Throughout the course of their lifetime, they will replace more than six million tonnes of CO2 emissions.
“Green hydrogen is too frequently viewed as a technology that will happen in the future, but GeoPura and our partners are delivering a commercially viable solution, now,” stated Andrew Cunningham, CEO of GeoPura. The world must act immediately because we cannot wait ten years for the adoption of green fuels.
“This investment enables us to expand the use of clean fuels into more challenging to decarbonize sections of our energy system, building on our existing base of HPUs and infrastructure for hydrogen production.
We have formed strategic alliances with the proper mix of investors, securing the capital we need to grow quickly as well as the expertise and resources needed to hasten the switch to zero-emission fuels. We can help flip the market on its head and create a green hydrogen economy this decade, not the one after, with the help of our investors.
Wade Sheffer, managing director at GM Ventures, stated: “As many customers move toward replacing diesel-powered sources, the need for green hydrogen energy solutions is growing. By helping GM’s efforts transition to an all-electric, zero-emissions future, our investment in GeoPura illustrates our commitment to scaling ground-breaking technology that can promote sustainability.
“Having worked with GeoPura from the beginning, it has been fantastic to observe the evolution of this business as more customers turn to use green hydrogen for their sustainable energy needs and commitments,” said Kendra Rauschenberger, general partner at Siemens Energy Ventures. Our goal at Siemens Energy Ventures is to create, finance, and grow start-ups that can significantly impact the challenging energy transition our planet is undergoing. Along with the investments from all of our partners, our strategic investment has prepared GeoPura for its next phase of explosive expansion. We are eager to participate in the journey.
