British Gas owner Centrica PLC (LSE:CNA), Melrose Industries PLC (LSE:MRO), Hyundai and Kia have all invested in a fundraising round by a pioneering UK clean hydrogen producer, HiiROC Limited.
HydrogenOne Capital Growth PLC (LSE:HGEN), a specialist in investing in hydrogen assets, is also putting in £10mln as part of the fundraise.
HiiROC has developed a way to convert natural gas or biomethane into clean hydrogen via an electrolysis process using thermal plasma.
READ: Green hydrogen versus blue, turquoise and grey - an explainer
While terms like green and blue hydrogen are becoming better know, this technology is known as ‘turquoise hydrogen' and produces zero carbon dioxide using just one fifth of the energy of water electrolysis.
In partnership with two existing investors, Wintershall DEA and VNG, HiiROC recently announced it was building a 400kg per day hydrogen facility in Germany that will come on stream in 2023.
“Turquoise hydrogen is an area of high growth and HiiROC is a leader in this field," said Simon Hogan, HydrogenOne’s chairman.
HiiROC is targeting markets such as grid injection, electricity generation, replacing natural gas substitution, flare mitigation and synthetic aviation fuel production.