HydrogenOne Capital invests in power-to-X supply firm
Dutch manufacturer Strohm Holding working on subsea pipelines to transport green hydrogen from offshore wind turbines
HydrogenOne Capital Growth plc has invested in Dutch offshore wind-to-hydrogen supply chain business Strohm Holding.
The investor has signed agreements to invest £8.4m in the company as part of Strohm’s first close of a funding round totalling £11.8m.
Strohm’s existing investors Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital have also committed to the capital raise.
HydrogenOne may invest a further £1.7m in the second close of the funding round, which is predicted to hit £5.1m later this year.
Strohm is developing subsea pipeline solutions for green hydrogen generated by offshore wind turbines.
The Amsterdam-based business is designing and manufacturing a thermoplastic composite pipe which can be installed offshore using the same methods as currently used for array cables.
The funding is expected to scale-up its plant capacity in the Netherlands.
Simon Hogan, Chairman of HydrogenOne, commented: "We continue to demonstrate the impressive pace and quality of our capital deployment through this latest investment in Strohm. This is our ninth private investment since the launch of our clean hydrogen-focused fund and an excellent addition to our growing portfolio.
“Strohm’s core commitment to a sustainable future, through reduction of the carbon footprint of pipelines around the globe and provision of solutions for clean hydrogen applications, is one we support. We look forward to working with Strohm’s management team as it scales up to meet the growing demand for hydrogen as an energy source.”
Martin van Onna, Managing Director of Strohm, said: “We recognised the fit between clean hydrogen and offshore wind at an early stage, and developed a compelling pipe solution to support it. TCP can transfer up to nine times the amount of energy compared to a cable, and can be used to store hydrogen, thereby increasing the uptime of offshore wind farms.
“The pipe’s flexibility, lack of corrosion, fatigue and embrittlement make it the superior pipeline solution for offshore wind farms, generating hydrogen.
“The investment by HydrogenOne allows us to increase our capacity to service this exciting and growing market.”
