GeoPura has successfully raised £22 million in debt funding to expand its hydrogen power initiatives. This marks a significant step in their mission to produce zero-emission electricity.
The funding will accelerate the production of Hydrogen Power Units (HPUs) and support essential infrastructure, contributing to the UK’s net-zero targets.
Significant Funding Achievement
GeoPura has secured £22 million in debt funding to scale its hydrogen power operations. This funding is essential for expanding the production of Hydrogen Power Units (HPUs), which generate zero-emission electricity using green hydrogen.
Located at Siemens Energy in Newcastle, GeoPura collaborates with Siemens to manufacture these HPUs. This partnership aims to meet the growing demand for sustainable energy solutions while advancing green skills in the North East.
Increasing Workforce and Production
GeoPura has significantly increased its workforce, adding over 50% more employees in 2023. Employee numbers in Newcastle grew from 30 to 85, with plans to create around 400 jobs in the next five years.
This expansion in workforce and production capabilities aligns with GeoPura’s goal to enhance its HPU production, providing more opportunities for green energy adoption.
Funding and Investment Rounds
This £22 million debt funding follows a series of successful investment rounds. In early 2024, GeoPura announced a £56 million investment round, and in 2023, a £36 million Series A funding round was completed.
The total capital raised by the company over the last two years now stands at £114 million.
The funding partners include Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank.
Utilisation of Funds
GeoPura will use the newly secured funds to recapitalize and expand its fleet of HPUs. The investment will also support the development of essential infrastructure such as tube trailers.
Interest from funding partners in increasing debt capacity underscores confidence in GeoPura’s growth and potential in the renewable energy sector.
Strategic Partnerships
Debt funding has been provided by BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK, and Siemens Financial Services. These partnerships play a crucial role in GeoPura’s expansion plans.
Partnering with world-class debt funders highlights GeoPura’s commitment to achieving significant carbon emission reductions and improving local air quality.
Industry Reactions and Statements
Derek Bulmer, CFO of GeoPura, stated, ‘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 accelerate our expansion, drive significant reductions in carbon emissions, and contribute directly to the UK’s net-zero targets,’ Bulmer added.
HSBC UK’s Global Relationship Director, Rachael Guest, expressed support for GeoPura, emphasizing the importance of advancing green hydrogen technology for the UK’s energy needs.
Future Prospects
GeoPura aims to establish a global fleet of over 3,600 HPUs within the next decade. This ambitious goal requires substantial investment and innovative technology.
Siemens Financial Services UK’s CEO, Julian Hobbs, highlighted the significant progress in the UK’s hydrogen value chain, reflecting confidence in GeoPura’s potential.
The collaboration between GeoPura and Siemens combines technological expertise with financial strength, supporting the transition to net zero and sustainable energy solutions.
GeoPura’s £22 million debt funding marks a crucial advancement in green hydrogen production. The company’s partnership with leading financial and technological institutions underscores its commitment to zero-emission energy.
With significant growth in workforce and production capabilities, GeoPura is well-positioned to contribute to the UK’s net-zero targets and drive global adoption of sustainable energy solutions.
