UK HydrogenOne bets on fuel cell developer Bramble Energy

British clean energy investor HydrogenOne Capital Growth Plc (LON:HGEN) on Monday unveiled an agreement to inject GBP 10 million (USD 13.6m/EUR 11.9m) in return for a minority holding in domestic hydrogen fuel cell technology developer Bramble Energy Ltd.

The transaction is being carried out as part of Bramble's GBP-35-million Series B funding round, which also involves participation from existing backers IP Group, growth capital firm BGF, Parkwalk Advisors and UCL Technology Fund, the venture capital offshoot of University College London (UCL).

Spun out of UCL and Imperial College London in 2016, Crawley-based Bramble has created a patent-protected printed circuit board (PCB) fuel cell that can be manufactured at low cost in almost all PCB factories worldwide and can replace diesel generator technologies to facilitate zero-emissions targets. The start-up is also working on scalable high-power density, liquid-cooled fuel cell systems.

The stake size and the valuation of Bramble were not communicated. Under the agreement, HydrogenOne will get one seat on the target company's board.

The investment will support Bramble to ramp up the commercialisation of its portable power units together with Linde Group's UK-based industrial gas subsidiary BOC as well as to develop fuel cell stacks for light commercial vehicles.

HydrogenOne, which is backed by Ineos Energy and went public in 2021, said that this is yet another deal for it in the sector as it gears up to strengthen its investment platform.

(GBP 1 = USD 1.360/EUR 1.191)

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