Clean energy provider GeoPura announced today that it has raised £56 million (USD$70 million) in an investment round aimed at accelerating the adoption of green hydrogen in the UK, with expanded production and increased deployment of the company’s power generation technology.

Founded in 2019, GeoPura supplies clean energy to users that require power at temporary sites, long-term backup, off-grid power, and energy supply to augment existing grids. The company provides Hydrogen Power Units (HPU), developed in collaboration with Siemens Energy, built on industrial hydrogen fuel cells.

According to GeoPura, proceeds from the latest financing round will be used by the company to increase the manufacture and supply of its HPUs, which replace traditional diesel generators. It will also expand its production of green hydrogen, along with storage and distribution assets, through HyMarnham Power, a 50/50 joint venture between GeoPura and JG Pears that will transform a former coal-fired power station in the East Midlands into a clean energy hub. 

Andrew Cunningham, CEO of GeoPura, said:

“The challenge of replacing the estimated 300billion US dollar installed base of highly polluting diesel generators over the next 10 years is significant and requires the scale and commitment that investors such as UKIB and our existing highly supportive shareholders and partners provide. We’re delighted to be taking this next step and it’s brilliant to be working together to make a real, tangible impact today by reducing filthy engine emissions, providing better air quality for us all.”

The funding round included a £30 million commitment by the state-owned, net zero-focused UK Infrastructure Bank, and led by a follow-on investment from Barclays Sustainable Impact Capital and supported by existing investors including GM Ventures, SWEN Capital Partners, and Siemens Energy Ventures.

John Flint, CEO at UK Infrastructure Bank, said:

“Our investment in GeoPura is another example of our problem solving in action. By removing barriers to investment in the hydrogen sector – a critical nascent market on the route to net zero – we are creating a sustainable platform from which to finance additional green hydrogen projects in the near future.”

The financing follows a £36 million capital raise last year co-led by Barclays and GM Ventures. Over the past year, GeoPura said that it has secured multiple new customers, further expanded its reach into Europe, and launched new HPU-based products to strengthen its portfolio, meeting customer needs for more mobile power solutions.

James Ferrier, Director, Principal Investments, Barclays Sustainable Impact Capital said:

“Scaling new climate technologies – like GeoPura’s HPUs – will be critical in decarbonising the UK economy, as sectors with no existing viable alternatives to fossil fuels look to our home-grown entrepreneurs for innovative solutions to help them cut emissions.”

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