GeoPura receives £36m backing from industrial and financial majors

UK green hydrogen company GeoPura has today (February 23) announced it has received £36m ($43m) from an investment round co-led by the investment arm of General Motors (GM Ventures) and Barclays Sustainable Impact Capital.

Seeing participation from SWEN CP and Siemens Energy Ventures, the raised funds will be used to scale GeoPura’s business in replacing diesel-fuelled generators with green hydrogen-powered alternatives.

H2 View understands the investors will also act as strategic partners for GeoPura as it scales its hydrogen power generation technology.

With hubs in Nottingham and Newcastle upon Tyne, the £36m investment is hoped to enable GeoPura to mass manufacturer its Hydrogen Power Units (HPUs) alongside Siemens Energy, increase green hydrogen production to fuel the units, and drive green skills in the North Eat and throughout the UK.

The company plans to deploy a fleet of over 3,600 HPUs by 2033, providing clean power, adding the units could displace more than six million tonnes of carbon dioxide emissions though their operation over their life.

GeoPura’s HPUs have already seen a wide range of UK deployments, powering construction sites, gas plants, and TV sets alike.

In 2021, GeoPura powered an entire episode of BBC Studios Natural History Unit’s Winterwatch with its 250kW HPU, offering continuous, uninterrupted, emissions free, critical power to the broadcast unit.

“The world can’t afford to wait a decade for green fuels to scale – we must act now,” said Andrew Cunningham, CEO of GeoPura. “This 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.”

Cunningham said the new investors will not only provide the funds to scale, 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,” he added.

Wade Sheffer, Managing Director of GM Ventures, said, “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 have the potential to provide better energy solutions across industries.”

James Ferrier, Director, Principal Investments at Barclays Sustainable Impact Capital, commented, “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 HPU technology will be crucial for the decarbonisation of these industries, and we are excited to support GeoPura as they begin to scale.”

François Pasquier, Investment Director at SWEN CP, added, “SWEN CO, through its impact strategy dedicated to renewable gas infrastructures in Europe, is proud to support the growth of GeoPura and to enable carbon emissions reductions in hard-to-abate sectors.”

 “Having worked alongside GeoPura from the early days, 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,” said Kendra Rauchenberger, General Partner at Siemens Energy Ventures. “Our strategic investment, alongside the investments from all partners, make GeoPura ready for its next phase of rapid growth. We look forward to being part of the journey.”

(from H2-view)