A UK-based green hydrogen energy firm has secured £40.5m ($50.54m) of investment, which it claims is the largest funding secured for green hydrogen development in the UK to date, to expand its hydrogen portfolio.
Protium announced today (June 10), it had raised the funds to scale-up its teams regionally throughout the UK and across Europe, in a bid to meet national 2050 Net Zero goals.
H2 View understands the funding will be used to accelerate its portfolio of over 250MW green hydrogen projects, including the 40MW green hydrogen project in Teesside, England.
The funds were raised through SWEN Capital Partners; SWIFT 2 fund, with additional investment from existing Protium investors and Barclays’ Sustainable Impact Capital programme.
Investment of this scale provides hope that confidence in the hydrogen sector is growing, showing governments capital is being drawn into financing companies, moving consumers towards domestically produced and consumed green fuels.
Chris Jackson, CEO and founder of Protium, said, “Preventing catastrophic climate change is the greatest challenge society faces today. We are attempting to perform the fastest energy sector transformation in known economic history, which requires unprecedented speed, support and collaboration.
“The expertise and resources provided by SWEN and Barclays will help to accelerate the deployment of green hydrogen infrastructure and enable our partners to achieve their Net Zero goals faster. It is also a vote of confidence for green hydrogen, which we hope will catalyse other business and investors to push forward with us towards a cleaner, more sustainable future.
“Our funding is a small step towards the UN’s target of $5 trillion a year for climate financing, but one that we hope will catalyse others to follow to make the net zero ambitions of companies, societies and government, a reality.”
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