Protium Green Solutions has secured over £31m ($38m) in Series B funding to fast-track its UK-based hydrogen projects and advance the commercial deployment of its existing portfolio.
The funding round, led by existing investors Barclays Principal Investments and SWEN Capital Partners, with additional support from new investors ITOCHU Corporation and Toho Gas, will drive the progress of key projects, such as Pioneer 1 in Wales.
Last April the British company announced it would develop a second hydrogen production facility in the UK following a successful first year of operating Pioneer 1. Pioneer 2 will boast a 2.5MW electrolyser and reportedly reduce 156,000 tonnes of carbon emissions annually.
Read more:Protium to develop second hydrogen production facility in the UK
The company’s CEO and Founder, Christopher Jackson, reaffirmed that “world-leading investors” supporting the company will be ”crucial to success in the green hydrogen market.”
“We are delighted with the additional investment that our partners Barclays and SWEN have provided to the company,” he added, “and that we have been able to bring two new industrial investors, ITOCHU and TOHO, to join the business.”
ITOCHU’s Kazuhiko Inomata, Deputy Chief Operating Officer for the Energy and Chemicals Division, commented, “We are excited to take part in the hydrogen ecosystem led by Protium, who has become one of the leading players within UK green hydrogen space supported by experienced management team and its consumer-oriented approach enabling to materialise hydrogen value chain.
“Down the road, we look to expand its unique business model into international markets by leveraging our global network with a wide range of customers who need to decarbonise its supply chain with hydrogen,” they concluded.
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