HydrogenOne Capital Growth, dubbed the first LSE-listed investment fund dedicated to clean hydrogen, has agreed to invest £8.4m (EUR 10m) in Strohm, a company manufacturing Thermoplastic Composite Pipes (TCP) for offshore energy applications.
HydrogenOne is investing alongside Strohm’s existing investors Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital, in the first close of a funding round totalling £11.8m (EUR 14m). HydrogenOne may also invest up to a further £1.7m (EUR 2m) in the second close of this funding round, which is anticipated to be at least £5.1m (EUR 6m) in aggregate in addition, expected later in 2022.
Following the investment in Strohm, HydrogenOne will have the right to a board seat.
Strohm, a private supply chain company, is, among other things, focused on the offshore wind-to-hydrogen sector. In this segment of the offshore energy industry, Strohm is developing “safe and dependable” pipeline solutions, where green hydrogen generated at offshore …