Global Industry Leaders Back GeoPura with Substantial Investment
Leading global industry players have invested £36 million in UK-based green hydrogen specialist GeoPura, with the round of funding led by GM ventures and co-led by Barclays Sustainable Impact Capital, with further contributions from SWEN CP and Siemens Energy Ventures. These renowned investors are also offering GeoPura their strategic partnership as the company looks to further expand its hydrogen generation technology.
Currently, GeoPura is supplying hydrogen energy an impressive list of customers committed to sustainability, such as Balfour Beatty, HS2, National Grid, and the BBC. With GeoPura’s Hydrogen Power Unit (HPU) replacing conventional diesel generators, the firm is paving the way for zero-emission energy and a more sustainable future.
With hubs in Nottingham and Newcastle upon Tyne in the UK, the £36m will allow the company to mass manufacture hydrogen powered units (HPUs) alongside its partner, Siemens Energy. This effort seeks to increase the production of green hydrogen to fuel the units, expand green skills throughout the UK, and contribute to the global deployment of the technology.
The company is aiming to deploy a fleet of over 3,600 HPUs by 2033, replacing the use of carbon emitting power sources and mitigating the equivalent of over six million tonnes of CO2 emissions. To meet the requirements of customers, GeoPura intends to create and distribute a range of products to address power demands of all sizes. They are working in collaboration with their new partners to bring forth the technology required to accelerate the process of decarbonization.
To meet the requirements of customers, GeoPura intends to create and distribute a range of products to address power demands of all sizes. They are working in collaboration with their new partners to advance the technology needed to enable decarbonization.
Andrew Cunningham, CEO of GeoPura, said: “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. With the support of our investors we can help turn the market on its head and build a green hydrogen economy this decade, not next.”
“The need for green hydrogen energy solutions is expanding as a wide range of customers move toward replacing diesel-powered sources,” said Wade Sheffer, Managing Director, GM Ventures. “Our investment in GeoPura demonstrates our focus on scaling breakthrough innovations that can advance sustainability, while supporting GM’s progress toward an all-electric, zero-emissions future. GeoPura’s HPUs and GM’s HYDROTEC fuel cell expertise has the potential to provide better energy solutions across industries.”
Image credit : GeoPura