GeoPura hydrogen expansion gets $36m backing from Barclays and Denmark

UK hydrogen company GeoPura has secured a £27 million ($36m) loan to finance expansion in the UK and establish an electrolyser hub in Denmark.

The deal is structured by Barclays and the Export and Investment Fund (EIFO) of Denmark, and also financed by Barclays.

It includes a £16.5 million guarantee by EIFO, which as part of the deal has provided its first international Power-to-X guarantee.

GeoPura chief executive and founder Andrew Cunningham called it a “milestone transaction”.

“Without this kind of proactive cooperation that enables the funding of debt finance, it’s difficult to see how clean energy transition at scale happens.”

Hydrogen power units

Founded in 2019, GeoPura develops and operates hydrogen power units for various uses, including construction, data centres and events. It manufactures its units in the UK in partnership with Siemens Energy.

The green loan facility will be used for HyMarnham Power, a GeoPura joint venture with food waste processor JG Pears, which is advancing under the UK government’s Hydrogen Allocation Round 1 support scheme.

The project, located at a former coal plant in England’s East Midlands, is set to reach commercial operation later this year.

The UK is the largest international market for Denmark’s EIFO and its chief commercial officer Peter Boeskov said the GeoPura transaction “shows that green hydrogen becomes reality when the right frameworks are in place”.

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“The UK has been our single largest market for years thanks to our involvement in offshore wind, and we now see a clear opportunity to expand our role into green hydrogen... and into onshore wind, in fact, following the UK government’s onshore wind strategy.”

He added that the deal is “a strong example of how UK-Danish cooperation can accelerate the green transition, while creating high-value jobs and industrial growth in both countries”.

This year GeoPura launched its HPU2, what it bills as a “next-generation power unit designed to meet higher-capacity power demands across a wider range of use cases”.

Barclays’ total £27 million financing package, including EIFO’s £16.5 million guarantee, underscores the strength of UK-Danish collaboration in delivering large-scale clean energy projects.

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