Image Credit: GeoPura
UK Infrastructure Bank Backs GeoPura with £40m Investment to Fuel Green Hydrogen Revolution
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The UK Infrastructure Bank (UKIB) has made its inaugural foray into green hydrogen investment, unveiling a £40 million investment in GeoPura, a leading manufacturer of hydrogen power units.
This milestone investment is part of GeoPura's successful £56 million fundraising effort, earmarked to accelerate the deployment of hydrogen power units capable of supplanting diesel generators notorious for their emissions intensity.
GeoPura's ambitious roadmap entails deploying over 3,600 hydrogen power units by 2033, strategically positioned across Nottingham, Matlock, Sheffield, and Newcastle hubs.
Furthermore, GeoPura aims to position itself as a pivotal player in renewable hydrogen supply, forging a joint venture with JG Pears to spearhead green hydrogen production at a decommissioned power station site in the East Midlands.
John Flint, CEO of UK Infrastructure Bank, hailed the investment in GeoPura as a testament to the bank's proactive approach to problem-solving, particularly in navigating the complexities of the burgeoning hydrogen sector. He emphasized the bank's commitment to dismantling investment barriers in the hydrogen market, paving the way for a sustainable ecosystem to finance future green hydrogen initiatives.
Notable participants in the funding round include Barclays Sustainable Impact Capital, GM Ventures, SWEN Capital Partners, and Siemens Energy Ventures, underscoring the collective industry support behind GeoPura's transformative endeavors.
Andrew Cunningham, CEO of GeoPura, welcomed the fresh investment. "The challenge of replacing the estimated $300bn installed base of highly polluting diesel generators over the next ten years is significant and requires the scale and commitment that investors such as UKIB and our existing highly supportive shareholders and partners provide," he said. "We're delighted to be taking this next step, and it's brilliant to be working together to make a real, tangible impact today by reducing filthy engine emissions and providing better air quality for us all."
Minister for Energy Efficiency and Green Finance Lord Callanan said UKIB and GeoPura's announcement was "another vote of confidence in [the UK's] world-leading hydrogen industry and will help deliver hydrogen power to more businesses across the UK."
GeoPura has outlined plans to channel the proceeds from the funding round toward ramping up manufacturing capabilities at its Newcastle facility, signaling a significant step forward in the company's mission to drive widespread adoption of hydrogen power solutions.