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GeoPura, a UK-based firm, has secured an investment of £36m from GM Ventures, Barclays Sustainable Impact Capital, SWEN CP and Siemens Energy Ventures through the SWEN Impact Fund for Transition 2
This will allow GeoPura to ramp up the production and installation of Hydrogen Power Units across the UK
The company plans to grow its green hydrogen business, replacing fossil fuels with zero-emission sources in areas such as construction, infrastructure, outdoor events, EV charging, and back-up power.
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GeoPura, a UK-based pioneer in green hydrogen, has attracted an investment of £36 million from major industry players. This investment round was headed by GM Ventures, the venture capital arm of General Motors, and co-led by Barclays Sustainable Impact Capital. SWEN CP and Siemens Energy Ventures were also part of this investment. The company is working to substitute diesel-powered generators with its green hydrogen-based system, to help shift to zero-emission energy sources and contribute to a more sustainable future.
GeoPura will be receiving strategic guidance from some of the most respected investors in the world as they increase the reach of their hydrogen-based power generation technology.
Among other businesses seeking to become more sustainable, Balfour Beatty, HS2, National Grid, and the BBC are all customers of GeoPura, who offer a Hydrogen Power Unit (HPU) to replace their diesel generators.
Hydrogen Power Units (HPUs) can provide temporary, additional, off-grid and backup electricity. GeoPura intends to expand the utilization of hydrogen into other difficult-to-decarbonize components of our energy system, like EV recharging and extra grid power, as economies continue to switch over to electricity.
GeoPura's £36m investment, with hubs in both Nottingham and Newcastle upon Tyne, will allow them to mass produce HPUs in partnership with Siemens Energy. This will in turn, support the production of green hydrogen to fuel the units, and promote green skills not only in the North East, but also the whole of the UK. The result of this is the global deployment of the technology
By 2033, GeoPura intends to have a total of 3,600 HPUs in service, which will supply economical and dependable energy while simultaneously reducing six million tons of carbon dioxide emissions over the life of their operation.
The company is striving to meet customer demand by introducing various new items to the market. These products will have different power capacities. To help further the technology needed for the widespread use of electricity, which is necessary for decarbonization, the business is partnering with some new strategic associates.
According to Andrew Cunningham, Chief Executive Officer of GeoPura, green hydrogen is commonly thought of as something which will be available in the future, but they and their allies are providing a commercially feasible technology right now. He further stated that the world doesn't have the luxury to wait for these green fuels to proliferate over a long period of time - action needs to be taken immediately.
By investing, we are able to capitalize on our infrastructure of HPUs and hydrogen production, which in turn promotes the hydrogen economy. Subsequently, we can extend the usage of clean energy sources into other areas of the energy system that are difficult to decarbonize.
We have gathered the perfect combination of investors, who have developed strategic relationships that not only generate the money necessary for us to grow quickly, but also the expertise and assets to expedite the move to zero carbon fuels. Thanks to our investors, we can upend the market and establish a sustainable hydrogen economy in the near future, instead of waiting for the next decade.
According to Wade Sheffer, Managing Director of GM Ventures, the demand for green hydrogen energy solutions is growing as more and more customers shift away from diesel powered sources. The investment in GeoPura reflects the company's emphasis on bringing forth ground-breaking inventions that can improve sustainability and further GM's aim of achieving a fully electric, zero-emissions future. GeoPura's HPUs and GM's HYDROTEC fuel cell proficiency might deliver more effective energy solutions in a variety of industries.
James Ferrier, Director of Principal Investments at Barclays Sustainable Impact Capital, expressed that constructing low-carbon capacity in our energy system is essential for a timely move towards net-zero. He stated that while the majority of attention in the UK is on "greening" the energy grid, industries that are reliant on fossil-fuel powered generators - like construction, film production and events - must not be ignored. He went on to say that establishing customised methods of off-grid green energy generation, such as GeoPura's Hydrogen Power Unit technology, will be indispensable for the decarbonisation of these industries, and that Barclays Sustainable Impact Capital is thrilled to back GeoPura as they start to expand.
Fran çois Pasquier, Investment Director at SWEN CP, declared: "SWEN CP's impact strategy, focusing on renewable gas infrastructures in Europe, is honored to back the development of GeoPura and to facilitate the reduction of carbon emissions in sectors that are difficult to abate. We are confident that the skill of the team, the strength of the technology, and the strategic collaboration with Siemens Energy, make GeoPura the ideal answer to face the challenge of climate change."
Kendra Rauschenberger, General Partner at Siemens Energy Ventures, noted that it has been an impressive experience to observe GeoPura's progress as more clients move towards green hydrogen for their sustainable energy objectives. She stated that at Siemens Energy Ventures, their concentration is on constructing, investing in and expanding start-ups that can have a real effect on the complicated energy transformation our globe is going through. She added that the strategic investment, together with all the other partners' investments, have prepared GeoPura for its upcoming period of rapid expansion. She expressed her anticipation to be part of the journey.
It has been broadly acknowledged that green hydrogen is necessary in order to reach global climate objectives, and Goldman Sachs has calculated that it may provide 25% of the energy requirements by 2050, with a $10tn market available[1].
The UK government has a goal to reach 10GW of low-carbon hydrogen production in the coming decade. Unfortunately, there are only a few commercial technologies that are able to take advantage of this. GeoPura was established to demonstrate that green hydrogen is a feasible solution that can be used right now to substitute fossil fuels.
Since 2019, GeoPura has seen tremendous growth after delivering its first Hydrogen Power Unit (HPU) in cooperation with Siemens Energy with the purpose of decarbonizing global economies by utilizing zero-emission fuels. This HPU technology and service is available now and is a substitute for diesel power all around the world. GeoPura creates hydrogen and dispatches the fuel to its customers to be used in the HPUs. Customers are able to rent the units and only pay for the fuel consumed.
The firm is aiming to begin with industries that currently use the most diesel fuel, for example, construction, infrastructure, outdoor events, and back-up electricity. Additionally, they are providing a means to power commercial electric vehicle charging in cases where the local electricity network is not able to do so. The only outcome is pure water and heat.
[1] Original Source: https://www.goldmansachs.com/insights/pages/gs-research/carbonomics-the-clean-hydrogen-revolution/carbonomics-the-clean-hydrogen-revolution.pdf>
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