UK-based hydrogen technology innovator GeoPura has successfully completed a £22 million debt funding round, aimed at scaling up its fleet of green hydrogen power units (HPUs) and facilitating their global deployment.
This achievement represents the first significant asset-backed debt funding for a UK green hydrogen company, following a £56 million equity investment secured earlier this year. Over the past two years, GeoPura has raised a total of £114 million, with support from notable investors including Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank.
The new debt financing was sourced from a group of both bank and non-bank financial institutions, such as BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK, and Siemens Financial Services.
GeoPura intends to utilize these funds to recapitalize and expand its fleet of hydrogen power units while investing in essential infrastructure to expedite the global rollout of its clean energy technology.
“Securing this debt funding is a key milestone in our mission to establish a global fleet of over 3,600 HPUs, which will require more than £2.5 billion in capital over the next decade,” stated Derek Bulmer, CFO of GeoPura. “This funding will not only fast-track our expansion but also contribute significantly to reducing carbon emissions and improving local air quality, aligning with the UK’s net zero targets. It reinforces our commitment to a cleaner, healthier future and highlights the critical role of sustainable finance in advancing global environmental goals.”
Julian Hobbs, CEO of Siemens Financial Services UK, remarked that the deal demonstrates “real progress in the UK hydrogen value chain, from increasing production capacity to downstream processing.”
He added, “The launch of the government’s first hydrogen allocation round (HAR1) and the announcement of 11 successful projects position the UK at the forefront of commercial-scale green hydrogen production in Europe. Siemens’ expertise in hydrogen technology, combined with our financing capabilities, allows us to effectively support GeoPura’s growth. Partnering with GeoPura aligns with our commitment to facilitate the transition to net zero.”
The role of hydrogen in achieving net zero is a topic of ongoing discussion, with advocates emphasizing its potential to replace polluting diesel generators across various sectors.
GeoPura, a key player in this expanding market, has established operational hubs in Sheffield, Matlock, Nottingham, and Newcastle upon Tyne, enabling the mass production of HPUs in collaboration with Siemens Energy.
In 2023, the company increased its workforce by over 50%, including hiring its first hydrogen apprentices, and is investing in green hydrogen production to power its HPUs. GeoPura is also developing the HyMarnham Power facility in the East Midlands, which is one of the 11 projects funded under the UK government’s HAR1 allocation round.
Additionally, GeoPura has secured a prestigious lineup of clients, including the DP World Golf Tour, the BBC, Balfour Beatty, and National Grid, all of whom have adopted its hydrogen power units to significantly cut their carbon emissions.
