GeoPura has secured £22 million in its first debt financing round, advancing its goal to deploy over 3,600 hydrogen power units (HPUs) by 2033. The company, founded in 2019, uses renewable energy to produce hydrogen fuel, which powers HPUs for temporary sites and off-grid electricity needs. GeoPura’s HPUs, developed with Siemens Energy, aim to displace 10 million tons of CO2 emissions during their lifetime. The funding, sourced from institutions like HSBC and BNP Paribas, supports the company’s broader mission of delivering clean, cost-effective power while contributing to the UK’s net-zero targets.
GeoPura, a clean power solutions provider, has successfully raised £22 million (USD $29.3 million) in its first debt financing round. This funding will facilitate the manufacturing and deployment of over 3,600 hydrogen power units (HPUs) by 2033. GeoPura, founded in 2019, specializes in delivering hydrogen-based clean energy to temporary sites, off-grid locations, and long-term backup power needs.
The HPUs, developed with Siemens Energy, convert renewable hydrogen fuel into off-grid electricity, offering an eco-friendly alternative to traditional power sources. The company aims to displace over 10 million tons of CO2 emissions throughout the units' lifespan.
Derek Bulmer, GeoPura's CFO, described the funding as a key milestone, stating that the company requires £2.5 billion over the next decade to build its global HPU fleet. The new funds will not only accelerate expansion but also support the UK’s net-zero targets by cutting emissions and improving local air quality.
GeoPura's HPUs have been deployed at a variety of events and venues, including outdoor festivals, sports events, and construction sites. The company has powered the live TV broadcast of the DP World Golf Tour, provided EV charging for the Ministry of Defence, and supported the decommissioning of a Uniper power station in the UK.
The financing was provided by several institutions, including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK, and Siemens Financial Services. This comes after GeoPura’s earlier funding rounds, with £56 million raised in February and £36 million secured in February 2023, bringing the total capital raised to £114 million.
Rachael Guest, Global Relationship Director at HSBC UK, highlighted the importance of supporting innovative climate technology, noting that GeoPura’s advancements in green hydrogen could play a vital role in meeting the UK’s future energy needs.
GeoPura, a clean power solutions provider, has successfully raised £22 million (USD $29.3 million) in its first debt financing round. This funding will facilitate the manufacturing and deployment of over 3,600 hydrogen power units (HPUs) by 2033. GeoPura, founded in 2019, specializes in delivering hydrogen-based clean energy to temporary sites, off-grid locations, and long-term backup power needs.
The HPUs, developed with Siemens Energy, convert renewable hydrogen fuel into off-grid electricity, offering an eco-friendly alternative to traditional power sources. The company aims to displace over 10 million tons of CO2 emissions throughout the units' lifespan.
Derek Bulmer, GeoPura's CFO, described the funding as a key milestone, stating that the company requires £2.5 billion over the next decade to build its global HPU fleet. The new funds will not only accelerate expansion but also support the UK’s net-zero targets by cutting emissions and improving local air quality.
GeoPura's HPUs have been deployed at a variety of events and venues, including outdoor festivals, sports events, and construction sites. The company has powered the live TV broadcast of the DP World Golf Tour, provided EV charging for the Ministry of Defence, and supported the decommissioning of a Uniper power station in the UK.
The financing was provided by several institutions, including BNP Paribas Leasing Solutions, Close Brothers Asset Finance, HSBC UK, and Siemens Financial Services. This comes after GeoPura’s earlier funding rounds, with £56 million raised in February and £36 million secured in February 2023, bringing the total capital raised to £114 million.
Rachael Guest, Global Relationship Director at HSBC UK, highlighted the importance of supporting innovative climate technology, noting that GeoPura’s advancements in green hydrogen could play a vital role in meeting the UK’s future energy needs.
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