Banks Support GeoPura's Green Hydrogen Technology Endeavour
- UK-based renewable energy producer receives financial support to advance Green Hydrogen technology.
- This will help improve air quality in the UK and reduce CO2 emissions.
GeoPura, a Newcastle-based renewable energy, EV charging and emission-free electricity supplier in the UK, has received funding from a panel of bank and non-bank financial institutions.
The company has raised £22 million through asset-backed debt funding, the first of its kind for green hydrogen production in the UK. The funding will be used to increase the production of hydrogen power units (HPUs), which generate green energy.
Top banking and non-banking institutions have participated in the financing rounds, including HSBC UK, BNP Paribas Leasing Solutions, and Siemens Financial Services. They have expressed confidence in GeoPura's green hydrogen technology.
The proceedings will help the company manufacture over 3,600 HPUs by 2033 and replace diesel generators with clean, hydrogen-based options, reducing carbon emissions significantly.
GeoPura has also raised a total of £114 million in the past two years with the help of Siemens Energy, General Motors Ventures, and Barclays.
Altogether, the financing supports the UK government's net-zero goals by improving air quality and cutting other harmful emissions.
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Source: GeoPura
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