GeoPura Ltd, a UK-based provider of green hydrogen power units (HPUs), has successfully secured GBP 22 million (USD 29.4 million/EUR 26.3 million) in an asset-backed debt funding round aimed at recapitalizing and expanding its fleet of HPUs, along with essential supporting infrastructure such as tube trailers.
The company's CFO, Derek Bulmer, described the funding as a crucial milestone in its mission to establish a global fleet of over 3,600 HPUs, which will require an estimated GBP 2.5 billion in capital over the next decade. The funding was arranged through fixed-rate asset loans and hire purchase agreements with a consortium of bank and non-bank financial institutions, including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK, and Siemens Financial Services. All partners have indicated their willingness to increase the funding capacity as GeoPura continues to grow.
This latest funding round follows a GBP 56 million investment round in February 2024 and a GBP 36 million Series A round in February 2023. Over the past two years, GeoPura has raised a total of GBP 114 million.
GeoPura specializes in producing hydrogen and hydrogen-based zero-emission fuels using renewable energy sources, primarily solar and wind. The hydrogen fuel is transported to customer locations, where the leased HPUs convert it into electrical power. The company is collaborating with Siemens Energy for the mass manufacturing of its HPUs.
Additionally, GeoPura is investing in green hydrogen production facilities, including the HyMarnham Power project in the East Midlands, which is among 11 projects receiving funding from the UK Government's HAR1 allocation round.
The company has garnered backing from notable investors, including Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank.
