GeoPura, a global leader in zero-emission energy solutions, has successfully closed its inaugural debt funding round, raising £22 million. This groundbreaking financing marks the first major asset-backed debt funding announcement by a green hydrogen company in the UK. The capital will be used to fund the manufacture and deployment of over 3,600 Hydrogen Power Units (HPUs) by 2033, contributing to the nation’s transition to renewable energy.
This debt raise comes on the heels of significant investment momentum for GeoPura. In February 2024, the company secured £56 million in investment, following a £36 million Series A funding round in February 2023. Key investors such as Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, Swen Capital Partners, and the UK Infrastructure Bank have supported the company, with a total of £114 million raised over the last two years.
Strategic Financial Backing
The debt funding has been secured from a prominent consortium of financial institutions, including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK, and Siemens Financial Services. This capital will be deployed to expand GeoPura’s fleet of Hydrogen Power Units and critical supporting infrastructure like tube trailers. The financial package comprises fixed-rate asset loans and hire purchase agreements, and funding partners have expressed strong interest in increasing their support as GeoPura scales its operations.
Derek Bulmer, CFO of GeoPura, remarked,
“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.”
Perspectives from Funding Partners
- Rachael Guest, Global Relationship Director at HSBC UK:
“At HSBC UK, helping our customers to scale up new climate tech solutions is a key part of our net zero strategy. We are pleased to support GeoPura in advancing green hydrogen technology in the UK, which could play a vital role in meeting the nation’s future energy needs.” - Julian Hobbs, CEO of Siemens Financial Services UK:
“We are seeing real progress in the UK hydrogen value chain, from expanding production capacity to downstream processing. Supporting GeoPura aligns with our commitment to the transition to net zero, combining our hydrogen sector expertise with financing capabilities.” - Eric Gandemer, CEO of BNP Paribas Leasing Solutions UK:
“By supporting innovative solutions like GeoPura’s Hydrogen Generators, we are not just financing assets but investing in a sustainable future. Our tailored financial solutions empower businesses to adopt these technologies and lead the way in the global energy transition.” - Matt Roper, CEO of Close Brothers’ Commercial Business:
“Our commitment to the green agenda and support of new technologies align perfectly with GeoPura’s mission. With the rapid adoption of green hydrogen technology, we are excited to partner with GeoPura on their journey to innovate and expand.”
GeoPura’s Role in the Green Hydrogen Transition
GeoPura is at the forefront of the UK’s move toward a green hydrogen economy. Its HPU technology uses green hydrogen to deliver zero-emission electricity, replacing traditional diesel generators for off-grid power needs and grid augmentation. The units provide reliable, large-scale power, with water as the only by-product, directly supporting decarbonization goals.
With operations in multiple UK hubs—including Sheffield, Matlock, Nottingham, and Newcastle upon Tyne—GeoPura is mass-manufacturing HPUs in partnership with Siemens Energy. To support this growth, GeoPura expanded its workforce by 50% in 2023, bringing in its first hydrogen apprentices. The company is also investing in green hydrogen production facilities, such as the HyMarnham Power project in the East Midlands, one of the select projects funded as part of the UK Government’s first hydrogen allocation round (HAR1).
GeoPura’s HPUs have been successfully deployed in numerous high-profile applications, including powering the live TV broadcast of the DP World Golf Tour, providing EV charging for the UK Ministry of Defence, and supporting the shutdown of a Uniper power station. Major organizations like the BBC, Balfour Beatty, and National Grid have adopted GeoPura technology to reduce their carbon footprints and contribute to a more sustainable energy system.
Key Highlights
- Trailblazing Green Hydrogen Finance: GeoPura is the first UK green hydrogen company to secure significant asset-backed debt funding.
- Consortium of Leading Financial Institutions: The funding round involves major players like BNP Paribas Leasing Solutions, Close Brothers, HSBC UK, and Siemens Financial Services.
- Driving Growth and Sustainability: The £22 million raised will accelerate the production and deployment of over 3,600 Hydrogen Power Units by 2033, supporting the UK’s net-zero goals.
This funding milestone reinforces GeoPura’s position as a leading force in the UK’s clean energy transition, setting a precedent for sustainable finance to drive the global adoption of green hydrogen technology.
