(Alliance News) - HydrogenOne Capital Growth PLC on Friday announced it has signed "definitive agreements" to invest GBP8.4 million in Dutch hydrogen pipeline company, Strohm BV.
HydrogenOne is a London-based hydrogen investment fund managed by HydrogenOne LLP.
The company invested alongside Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital in the first close of Strohm's funding round, which totalled GBP11.8 million.
Strohm is a Netherlands-based private supply chain company, focused on the offshore wind-to-hydrogen market. Strohm will use the money to scale up its plant capacity for its pipeline solutions that allow hydrogen, generated by offshore wind turbines, to be transported to shore.
HydrogenOne said it may invest a further GBP1.7 million in the second close of the funding round, which is expected to commence later this year, which will be worth GBP5.1 million in total.
"We continue to demonstrate the impressive pace and quality of our capital deployment through this latest investment in Strohm," said
HydrogenOne Chair Simon Hogan said. "This is our ninth private investment since the launch of our clean hydrogen-focused fund and an excellent addition to our growing portfolio."
Martin van Onna, managing director of Strohm, added: "We recognised the fit between clean hydrogen and offshore wind at an early stage, and developed a compelling pipe solution to support it...The investment by HydrogenOne allows us to increase our capacity to service this exciting and growing market."
Shares in HydrogenOne were up 0.1% at 92.50 pence in London on Friday.
By Dominique Pretorius; dominiquepretorius@alliancenews.com
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HydrogenOne (HGEN)