HSBC UK will provide “multi-million-pound funding” to Hygen Energy to expand capacity at its green hydrogen production site in Birmingham, UK.
Through HSBC Equipment Finance, Hygen will receive backing in the form of asset finance lent to advance its facility at the Tyseley Energy Park (TEP) and develop additional sites across the UK.
From its refuelling unit at the Tyseley site, Hygen supplies hydrogen to major customers such as National Express and JCB for their decarbonisation initiatives.
“HSBC UK’s confidence in our business, and the potential of hydrogen as a low-carbon energy source, is truly encouraging,” explained Kevin Selleslags, Hygen CEO. “Securing bank funding also sends an important signal to the market about the opportunities for this technology.”
Representing HSBC UK’s first entry into the hydrogen sector, Akhil Shah, Relationship Director from HSBC UK, said, “This deal underlines HSBC UK’s commitment to this emerging sector, supporting the development of new technologies essential for the transition to a Net Zero economy.”
Shah added, “The green hydrogen industry is still in its early stages of development and requires better access to both equity and debt funding to truly take off.”
TEP in Birmingham has been a key hub for hydrogen-related activities, with Hygen commissioning a green hydrogen refuelling station there in 2021 and Ammogen hosting an ammonia-to-hydrogen project at the site too.
Read more:H2SITE deploys ammonia cracker for Ammogen project
Last April, electrolyser developer ITM announced it would supply up to 200MW of PEM solution to Hygen for its government-funded initiatives.
Read more: ITM Power announced as Hygen’s PEM electrolyser provider
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