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Protium Green Solutions, a leading UK-based green hydrogen provider, has announced the first close of its £31 million ($38 million) Series B funding round. This marks a significant milestone in the company’s journey to advance hydrogen-powered solutions and accelerate the global transition to carbon neutrality.
The funding round saw participation from key existing investors, Barclays Principal Investments and SWEN Capital Partners, alongside new investors ITOCHU Corporation and Toho Gas Co.
"We aim to promote green hydrogen globally and contribute to achieving carbon neutrality across supply chains," stated a representative from ITOCHU.
Since its inception, Protium has focused on delivering hydrogen solutions tailored to the energy needs of industrial and transportation clients. The company launched its first hydrogen production facility in March 2023, demonstrating its capability to provide practical and scalable solutions. Protium’s CEO, Christopher Jackson, emphasised that the funding will help the company achieve its mission of offering customer-focused, sustainable energy solutions.
Christopher Jackson, CEO & Founder of Protium, said:
“We are delighted with the additional investment that our partners Barclays and SWEN have provided to the company and that we have been able to bring two new industrial investors, ITOCHU and Toho, to join the business. We truly believe that having world-leading investors is crucial to success in the green hydrogen market, and we could not ask for a better group of partners to support the next steps of our journey.”
Steven Poulter, Head of Barclays Climate Ventures, said:
“Today’s round reaffirms that green hydrogen is key to the energy transition, recognising that electrification alone won’t decarbonise all aspects of our economy, particularly industry. With its end-to-end service, Protium is playing a key role in scaling both the production and supply of green hydrogen, presenting significant revenue opportunities as the demand for green hydrogen grows.”
Thibauld Thuilliez, Investment Director SWEN Capital Partners said:
“As a longstanding investor in Protium, I am delighted to continue supporting the company in its growth and ambitions. It is a privilege to back such a highly regarded and experienced team, a true leader in the green hydrogen sector in the UK.”
Kazuhiko Inomata, Deputy Chief Operating Officer, Energy & Chemicals Division, ITOCHU Corporation said:
“We are excited to take part in hydrogen ecosystem led by Protium, who has become one of the leading players within UK green hydrogen space supported by experienced management team and its consumer-oriented approach enabling to materialise hydrogen value chain. Down the road, we look to expand its unique business model into international markets by leveraging our global network with a wide range of customers who need to decarbonise its supply chain with hydrogen. We look forward to supporting the execution of Protium’s growth strategy over the coming years as a strategic shareholder.”
Mitsuhiro Otsu, Executive Officer and General Manager of the Business Development Department, Toho Gas Co., Ltd said:
“We are delighted to participate in Protium’s Series B funding round. We firmly believe that Protium’s local production and consumption model for green hydrogen plays a significant role in accelerating regional decarbonisation and aligns well with our vision for energy solutions. Through collaboration with Protium, we aim to contribute to the realisation of a low-carbon and decarbonised society.”
The UK has provided fertile ground for Protium’s growth, thanks to supportive policies like the Contract for Difference (CfD) program and recent government commitments to large-scale hydrogen projects. These initiatives have positioned the country as a global leader in hydrogen adoption, particularly for industrial heat applications and cleaner transportation.
The investment marks a boost for Protium’s UK projects and a stepping stone for its global ambitions. With support from ITOCHU Corporation, a Tokyo-based trading company, Protium plans to expand its green hydrogen technology into international markets, including Asia. ITOCHU highlighted the growing demand for low-carbon supply chains in the region, making Protium’s solutions a valuable addition to its network.
Protium’s innovative approach, grounded in its “Sampo-yoshi” philosophy—ensuring benefits for all stakeholders—resonates with global investors. This philosophy aligns with the broader push for sustainability, allowing the company to attract strategic partners eager to support its vision.