HydrogenOne invest £1.1m investment in Strohm
HydrogenOne Capital Growth plc, the first London-listed fund investing in clean hydrogen for a positive environmental impact, is pleased to announce that it has signed definitive agreements for a follow-on investment of EUR 1.25 million (£1.1 million) in Strohm Holding B.V. (“Strohm”), concluding a total EUR 29 million investment round.
HydrogenOne is investing in the EUR 15 million second tranche announced today including a EUR 10 million investment by ING Corporate Investments, a 100% subsidiary of ING Bank N.V., as well as Strohm’s existing shareholders Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital.
As announced on 12 August 2022, HydrogenOne invested EUR 10 million (£8.4 million) in the first tranche and had the option to invest up to a further EUR 2 million (£1.7 million) in the second funding tranche. Within the total EUR 29 million round, HydrogenOne has committed to invest a total of EUR 11.25 million (£9.5 million).
This funding round enabled Strohm, the world’s first and leading producer of Thermoplastic Composite Pipe (“TCP”), to accelerate the expansion of its manufacturing operations enhancing capacity to deliver its unique TCP solutions to offshore green hydrogen and carbon capture and utilisation and storage markets. Meanwhile, Strohm has continued to support its current clients towards their net-zero goals. TCP is a flexible, corrosion-resistant pipe technology which does not fatigue or suffer from issues associated with using steel pipe for hydrogen, such as embrittlement.
Simon Hogan, Chairman of HydrogenOne, commented: “We are pleased to continue our support for Strohm, which is leading the way in superior offshore pipeline solutions. If Europe and the world are to reach global net zero targets, we must move forward at pace with decarbonising energy infrastructure. With this investment Strohm can continue to work with its clients and future partners in their paths towards a sustainable future and positively contribute to climate change mitigation through reduction of the carbon emission footprint of pipelines around the world.”
Martin van Onna, CEO of Strohm, said: “This significant investment from ING Corporate Investments and our existing shareholders is a huge vote of confidence in what we have achieved to date and the wide acceptance of our ground-breaking TCP technology and its applications across multiple energy markets.”