GeoPura, a UK producer of hydrogen power units that help provide zero-emission electricity with Northern hubs in Sheffield and at its Newcastle HQ, has raised £22 million to accelerate its expansion plans.
The new cash will help fund renewable fuel infrastructure and support the clean energy transition and marks the first major asset-backed debt funding announcement by a green hydrogen company in the UK.
This announcement builds on momentum from a £56m investment round in February 2024 and a £36m Series A funding round in February 2023, welcoming investment from Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank. This brings total capital raised to £114m over the last two years.
Debt funding has been secured from a panel of bank and non-bank financial institutions including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK and Siemens Financial Services. The proceeds will be used to recapitalise and fund GeoPura’s growing fleet of Hydrogen Power Units (“HPUs”) and key supporting infrastructure such as tube trailers.
The debt funding consists of fixed rate asset loans and hire purchase agreements. All funding partners have indicated strong interest in increasing their debt funding capacity as GeoPura scales.
Derek Bulmer, CFO of GeoPura, said: “Securing this debt funding is a pivotal milestone in our journey to build a global fleet of over 3,600 HPUs, which will require over £2.5 billion in capital over the next decade. This funding will not only accelerate our expansion but also drive significant reductions in carbon emissions and improve local air quality while contributing directly to the UK’s net zero targets.
“Partnering with world-class debt funders like BNP Paribas Leasing Solutions, Close Brothers, HSBC UK and Siemens Financial Services is critical to delivering this vision and achieving these goals. This milestone supports our commitment to a cleaner, healthier future and underpins the vital role of sustainable finance in advancing global environmental goals.”
Rachael Guest, global relationship director at HSBC UK, added: “At HSBC UK, helping our customers to scale up new climate tech solutions is a key part of our net zero strategy. We are pleased to support GeoPura in advancing green hydrogen technology in the UK which could play an important part in meeting the nation’s future energy needs.”
GeoPura is at the forefront of the UK’s transition to a green hydrogen economy. Its HPU technology harnesses green hydrogen to provide zero-emission electricity, replacing diesel generators and decarbonising customers in off-grid and grid augmentation situations.
HPUs deliver reliable, large-scale power, with the only byproduct being water you can drink. With hubs in Matlock and Nottingham as well as its two Northern sites, GeoPura is mass manufacturing HPUs in collaboration with partner Siemens Energy, bringing more generators to market to service growing customer demand.
To support this growth, GeoPura increased headcount by over 50% in 2023, including its first hydrogen apprentices. The company is also investing in green hydrogen production facilities to fuel these units, with part-funding from the UK Government’s HAR1 allocation round.
