LONDON, UK: HydrogenOne Capital Growth plc, the primary London-listed fund investing in clear hydrogen for a positive environmental impact, has signed definitive agreements for a follow-on funding of EUR 1.25 million (£1.1 million) in Strohm Holding B.V., concluding a complete EUR 29 million funding round.
Strohm has the world’s largest track-record for Thermoplastic Composite Pipe having introduced the technology to market in 2007.
The enterprise is dedicated to driving sustainability with its vary of composite subsea flowlines and jumpers which helps clients to attain their net-zero carbon emissions targets and helps the renewables sector.
Thermoplastic Composite Pipe is a strong, non-corrosive, spoolable, light-weight solution which is delivered in lengthy lengths, main to a significant discount of transportation and set up costs. It has confirmed to reduce the CO2 footprint of pipeline infrastructures by greater than 60%. It is additionally 100% recyclable.
HydrogenOne is investing within the EUR 15 million second tranche introduced today together with a EUR 10 million funding by ING Corporate Investments, a 100% subsidiary of ING Bank N.V., in addition to Strohm’s existing shareholders Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital.
As introduced on 12 August 2022, HydrogenOne invested EUR 10 million (£8.4 million) within the primary tranche and had the choice to make investments as much as a additional EUR 2 million (£1.7 million) within the second funding tranche. Within the total EUR 29 million round, HydrogenOne has dedicated to make investments a complete of EUR 11.25 million (£9.5 million).
This funding spherical enabled Strohm, the world’s first and main producer of Thermoplastic Composite Pipe (“TCP”), to speed up the expansion of its manufacturing operations enhancing capability to ship its distinctive TCP options to offshore inexperienced hydrogen and carbon seize and utilisation and storage markets.
Meanwhile, Strohm has continued to support its present clients towards their net-zero goals. Thermoplastic Composite Pipe is a flexible, corrosion-resistant pipe technology which doesn’t fatigue or suffer from points related to utilizing metal pipe for hydrogen, such as embrittlement.
Simon Hogan, Chairman of HydrogenOne, commented: “We are happy to proceed our support for Strohm, which is main the way in superior offshore pipeline solutions. If Europe and the world are to attain global net zero targets, we should transfer ahead at tempo with decarbonising energy infrastructure.
With this funding Strohm can proceed to work with its clients and future companions of their paths towards a sustainable future and positively contribute to local weather change mitigation through discount of the carbon emission footprint of pipelines throughout the world.”
Martin van Onna, CEO of Strohm, said: “This significant funding from ING Corporate Investments and our existing shareholders is an enormous vote of confidence in what we have achieved to date and the wide acceptance of our ground-breaking TCP technology and its applications throughout a number of energy markets.”