Giants of industry, manufacturing and finance back UK green hydrogen pioneer GeoPura with £36m investment

21 February 2023
  • UK company GeoPura secures £36m investment from GM Ventures, Barclays Sustainable Impact Capital, SWEN CP through its fund SWEN Impact Fund for Transition 2 and Siemens Energy Ventures
  • Investment will enable the accelerated manufacturing and deployment of Hydrogen Power Units throughout the UK
  • GeoPura will scale its green hydrogen business, replacing fossil fuels with zero emission alternatives in power generation applications such as construction, infrastructure, outdoor events, EV charging and back-up power

UK green hydrogen pioneer GeoPura has received £36m investment from global industry leaders, with the round led by GM Ventures, the investment arm of General Motors, and co-led by Barclays Sustainable Impact Capital with participation from SWEN CP and Siemens Energy Ventures to scale its green hydrogen business, which is replacing diesel-fuelled generators and enabling zero-emissions energy across the board to create a more sustainable world.

The world-renowned investors will also act as strategic partners for GeoPura as it scales its hydrogen power generation technology.

GeoPura currently provides hydrogen power to Balfour Beatty, HS2, National Grid and the BBC among other sustainability-driven customers, replacing traditional diesel generators with its Hydrogen Power Unit (HPU) technology.

The HPUs are used for temporary, supplementary, off grid and backup power. GeoPura plans to grow the use of hydrogen into other hard-to-decarbonise areas of our energy system, such as EV charging and supplementary grid power, as economies continue to electrify.

With hubs in Nottingham and Newcastle upon Tyne in the UK, the £36m investment will enable GeoPura to mass manufacture HPUs alongside partner Siemens Energy, increase the production of green hydrogen to fuel the units and drive green skills in the North East and throughout the UK, while supporting the global deployment of the technology.

GeoPura plans to deploy a fleet of over 3,600 HPUs by 2033, providing clean, low-cost reliable power, and displacing more than six million tonnes of CO2 emissions through their operation over their life.

In response to customer demand, the company aims to bring a number of new products to market, addressing smaller and larger power requirements. The company will work closely with its new strategic partners to advance the technology needed to enable the mass electrification that underpins decarbonisation.

Andrew Cunningham, CEO of GeoPura, said: “Green hydrogen is too often seen as a technology that will happen in the future, but GeoPura and our partners are delivering a commercially viable technology, today. The world can’t afford to wait a decade for green fuels to scale – we must act now.

“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.

“We have secured the right mix of investors, forming strategic partnerships that not only provide the funds to enable us to scale rapidly, 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.”

“The need for green hydrogen energy solutions is expanding as a wide range of customers move toward replacing diesel-powered sources,” said Wade Sheffer, Managing Director, GM Ventures. “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, Barclays Sustainable Impact Capital said: “Building low-carbon capacity and capability in our energy supply is key for a timely transition to net-zero. 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 Hydrogen Power Unit 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, said: “SWEN CP, through its impact strategy dedicated to renewable gas infrastructures in Europe, is proud to support the growth of GeoPura and to enable carbon emission reductions in hard to abate sectors. We believe that the quality of the team, the robustness of the technology and the strategic partnership with Siemens Energy are the perfect ingredients to make GeoPura a successful solution to tackle climate change.”

Kendra Rauschenberger, General Partner at Siemens Energy Ventures, said: “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. At Siemens Energy Ventures, our focus is on building, investing in and scaling up start-ups that can make a real difference to the complex energy transition our world is facing. 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.”

Green hydrogen is widely recognised as essential to achieve global climate goals, potentially supplying 25% of energy demand by 2050, with a $10tn addressable market, according to Goldman Sachs[1].

The UK government has set its own target to hit 10GW of low carbon hydrogen capacity this decade. However, there remain limited commercial technologies able to capitalise on this demand. GeoPura set out to prove green hydrogen as a commercially viable solution, today, to replace existing fossil fuels.

Established to decarbonise global economies using zero-emission fuels, GeoPura has grown rapidly since delivering its first Hydrogen Power Unit (HPU) in collaboration with Siemens Energy in 2019. GeoPura’s HPU technology and end-to-end service is a multi-purpose replacement for diesel power worldwide and is available today. GeoPura generates hydrogen and transports the fuel to customers for use in its HPUs – customers simply rent the units and pay for the fuel used.

The company is initially targeting sectors with the highest diesel use today, such as construction, infrastructure, outdoor events, and back-up power. It is also providing a solution to power commercial EV charging, where the local electricity network isn’t capable. The only by-product is pure water and heat. 

[1] Source: https://www.goldmansachs.com/insights/pages/gs-research/carbonomics-the-clean-hydrogen-revolution/carbonomics-the-clean-hydrogen-revolution.pdf