Clean power solutions provider GeoPura announced that it has raised £22 million (USD$29.3 million) in its inaugural debt financing round, with the new capital aimed at helping facilitate the manufacturing and deployment of over 3,600 hydrogen power units (HPUs) by 2033, the company said.

The financing marks the first major asset-backed debt funding announcement by a green hydrogen company in the UK, according to GeoPura.

Founded in 2019, GeoPura supplies clean hydrogen-based energy to users that require power at temporary sites, long-term backup, off-grid power, and energy supply to augment existing grids. The company uses renewable energy to produce hydrogen fuel, which is then transported to sites that utilize the HPUs, generating off-grid electricity. The HPUs were developed in collaboration with Siemens Energy.

GeoPura has 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.

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.”

The system has been used at outdoor festivals, sporting events, and construction sites, among other venues, including powering the live TV broadcast of the DP World Golf tour, providing EV charging for the MOD, and powering the shutdown of a Uniper power station in the UK.

The funding was 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 announcement follows a £56m investment round in February by GeoPura, and a £36m Series A funding round a year earlier, in February 2023. The company has raised total capital of £114m over the last two years, it said.

Rachael Guest, Global Relationship Director at HSBC UK, said:

“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 an important part in meeting the nation’s future energy needs.”