Eco-friendly firm pushes for net-zero with £10m hydrogen tech company investment
London based HydrogenOne Capital Growth LLP announced it has signed agreements for a private equity investment of £10m in HiiROC Limited, a supplier of clean hydrogen production technology.
With this purchase of a minority equity stake, HydrogenOne has the right to a board seat at HiiROC. HydrogenOne’s investment in HiiROC forms part of a £26m fundraising round, introducing other new investors including Melrose Industries, Centrica, Hyundai and Kia, alongside existing strategic investors Wintershall Dea and VNG.
HiiROC’s proven technology converts biomethane or natural gas into clean hydrogen and carbon black, through a proprietary electrolysis process using thermal plasma.
This results in zero CO2 hydrogen production, known as “turquoise hydrogen”, at a cost comparable to the predominant, but high emission, steam methane reforming process, and using only one fifth of the energy required by water electrolysis.
The solid carbon byproduct, carbon black, has applications ranging from tyres, building materials and as a soil enhancer.
HiiROC investors Wintershall Dea and VNG have recently announced a 400kg/day hydrogen facility in Germany using HiiROC technology, due to be operational in 2023.
Simon Hogan, chairman of HydrogenOne said “we are delighted to invest in HiiROC. As we highlighted ahead of our recent IPO, Turquoise hydrogen is an area of high growth we are interested in, and HiiROC is a leader in this field.”
Tim Davies, HiiROC’s CEO commented “we welcome HydrogenOne as a sector specialist at this very exciting stage in our development, as we move towards the commercialisation of our leading technology to produce low-cost, zero emission hydrogen, delivered to customers on a modular, scalable basis at the point of demand.
“HiiROC’s technology is well positioned to contribute to accelerating the transition to the hydrogen economy and its role in achieving Net Zero.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.