GeoPura, a leader in zero emission power, proudly announces the successful completion of its inaugural debt funding round, securing £22 million to fund renewable fuel infrastructure and support the clean energy transition. This achievement 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 2 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.”
Matt Roper, CEO of Close Brothers’ Commercial business stated, “Deals like this speak to our commitment to the green agenda and support of new technologies. We were an early funder of on-shore wind farms and electric vehicles, and we see a similar future for green hydrogen, which is why we are so delighted to be partnering with the team at GeoPura. Given the pace at which the technology is being adopted, we are looking forward to being part of GeoPura’s journey as they continue to innovate and expand.”
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 Sheffield, Matlock, Nottingham and Newcastle upon Tyne in the UK, 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, including HyMarnham Power in the East Midlands, one of only 11 projects to be allocated funding as part of the UK Government’s HAR1 allocation round.
