HydrogenOne Capital Growth PLC (LSE:HGEN), London's first listed hydrogen fund, said portfolio company Strohm Holding has completed a new €30 million (£25 million) capital raise.
Strohm, a producer of thermoplastic composite pipe (TCP), has earmarked the money for scaling up and accelerating the expansion of its manufacturing operations.
SENCO Hydrogen Capital put up €20 million of the money with €1.2 million coming from HydrogenOne.
A private equity firm, SENCO specialises in hydrogen and energy-in-transition sectors.
On March 31, Strohm represented 12.4% of HydrogenOne's NAV.
JJ Traynor, HydrogenOne Capital’s managing partner, hailed SENCO's involvement: "Strohm is a pioneer in the development of TCP, and this newly secured investment will further enable Strohm's management team to continue to scale up its manufacturing operations.
“Strohm's technology addresses the significant need to reduce CO2 emissions in the pipeline infrastructure sector."
Bernhard Mohr, chairman of Strohm’s advisory board, added: "With the value-adding and outstanding expertise of the SENCO team in the field of energy transformation investments, we are strengthening Strohm's position as an innovator and pioneer in the development of TCP. “