HydrogenOne Capital Growth PLC (LSE:HGEN) signed definite agreements for an £8.4mln investment in Strohm Holding BV.
The first LSE-listed investment fund dedicated to clean hydrogen will join Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital in the first funding round of £11.8mln.
As well as supplying composite plastic pipelines for oil & gas companies, Strohm is developing pipelines for green hydrogen generated at offshore wind turbines to be transported to shore via Strohm's subsea pipe infrastructure.
It is developing safe and dependable pipeline solutions, whereby green hydrogen generated at offshore wind turbines can be transported to shore via Strohm's subsea pipe infrastructure.
HydrogenOne, which now has the right to a seat on the board, has the option to invest another £1.7mln in the second funding round, which is expected to be at least £5.1mln and later in 2022.
The fundraisings are expected to enable Strohm to scale up its plant capacity in the Netherlands and deliver on its energy transition agenda, supporting clients towards net zero goals.
Simon Hogan, HydrogenOne chairman, commented: "We continue to demonstrate the impressive pace and quality of our capital deployment through this latest investment in Strohm.
“This is our ninth private investment since the launch of our clean hydrogen-focused fund and an excellent addition to our growing portfolio.
"Strohm's core commitment to a sustainable future, through reduction of the carbon footprint of pipelines around the globe and provision of solutions for clean hydrogen applications, is one we support.”