The renewable energy startup GeoPura, situated in Wysall, UK, has raised £56 million in finance.
In addition to current investors GM Ventures, SWEN Capital Partners, and Siemens Energy Ventures, the UK Infrastructure Bank and Barclays Sustainable Impact Capital also participated in the round.
The money will be used by the company to boost the deployment of its power generation technology, enhance production capacity, and hire more specialized workers in the UK.
CEO Andrew Cunningham leads GeoPura, a power generating technology company that produces hydrogen and hydrogen-based zero emission fuels using renewable energy, typically solar PV or wind.
After that, this fuel is delivered to the areas where it is transformed into electricity by a nearby generator. The procedure is carbon-free and clean from beginning to end; pure water is the only byproduct.
The funding will immediately boost Newcastle’s production and delivery of GeoPura’s Hydrogen Power Units (HPUs), which are emission-free alternatives to conventional diesel generators.
The BBC, National Grid, Balfour Beatty, the Ministry of Defense, and many more well-known clients have already received the HPUs.