London-headquartered Protium has secured investment totalling £40.5 million (£32.6m) for the development of green hydrogen in the UK.
Protium develops, finances, owns and operates green hydrogen and renewable energy infrastructure assets and provides end-to-end net zero energy solutions to customers.
The latest funding round was led by SWEN Capital Partners, with additional investment from Barclays’ Sustainable Impact Capital programme and existing Protium investors.
The investment will enable Protium to accelerate its growing portfolio of more than 250MW of green hydrogen projects, including its flagship project in Magor South Wales with Budweiser and its 40MW green hydrogen project in Teesside.
Chris Jackson, CEO and Founder of Protium, said: “Preventing catastrophic climate change is the greatest challenge society faces today. We are attempting to perform the fastest energy sector transformation in known economic history, which requires unprecedented speed, support and collaboration.
“The expertise and resources provided by SWEN and Barclays will help to accelerate the deployment of green hydrogen infrastructure and enable our partners to achieve their net zero goals faster. It is also a vote of confidence for green hydrogen, which we hope will catalyse other business and investors to push forward with us towards a cleaner, more sustainable future.
“Our funding is a small step towards the UN’s target of $5 trillion [£4.1tn] a year for climate financing, but one that we hope will catalyse others to follow to make the net zero ambitions of companies, societies and government, a reality.”
Protium claims to be one of less than 10 global green hydrogen energy companies that have secured institutional funding more than £20 million.