GM, Barclays lead GBP-36m funding round at GeoPura

GeoPura Ltd, a provider of green hydrogen power units (HPUs), has raised GBP 36 million (USD 43.8m/EUR 40.8m) in a funding round led by the investment arm of General Motors Co (NYSE:GM) and co-led by Barclays Sustainable Impact Capital.

In addition to GM Ventures and the Barclays arm, other participants in the transaction included SWEN CP and Siemens Energy Ventures.

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GeoPura’s business model revolves around the installation of fuel cell-based HPUs for temporary, supplementary, off-grid, and backup power.

The company produces hydrogen and transports the fuel for use in HPUs leased by its customers, including Balfour Beatty, HS2, National Grid, and the BBC. Each unit provides 250 kW of electrical output, 80 kW of thermal power, and 216 kWh of battery storage.

GeoPura deployed its first HPU in 2019 in collaboration with Siemens Energy. Now, the firm is getting ready to accelerate manufacturing and deployment of its technology throughout the UK. It said it will use the raised funds to scale its green hydrogen business.

The company’s plan is to deploy a fleet of more than 3,600 HPUs by 2033.

(GBP 1.0 = USD 1.217/EUR 1.134)