The Netherlands – The first clean hydrogen investment fund to be listed on the LSE, HydrogenOne Capital Growth, has signed agreements in writing to invest £8.4 million (EUR 10 million) in Strohm.
In the first close of a funding round totaling £11.8 million, HydrogenOne is investing alongside Strohm’s current backers Shell Ventures, Chevron Technology Ventures, and Evonik Venture Capital (EUR 14m). In the second close of this funding round, which is anticipated to be at least £5.1m (EUR 6m) in total in addition and will take place later in 2022, HydrogenOne may also invest up to an additional £1.7m (EUR 2m). With the purchase of Strohm, HydrogenOne will be eligible for a board seat.
The offshore wind to hydrogen industry is the focus of the private supply chain company Strohm, which also supports a dependable, quick, and affordable global transition to green energy. The business is creating reliable pipeline solutions so that green hydrogen produced at offshore wind farms can be shipped to land using Strohm’s subsea pipe network.
Offshore wind to hydrogen
Strohm is a market leader in the design and production of thermoplastic composite pipes from its base in the Netherlands, not far from Amsterdam (TCP). The technology enables the safe transportation of hydrogen, CO2, ammonia, and water in environments where steel solutions are prone to corrosion and embrittlement.
Strohm expects that this fundraising will allow it to expand the capacity of its Dutch manufacturing facility and carry out its energy transition agenda while continuing to assist clients in achieving net-zero goals with its robust, lightweight, and entirely recyclable pipe solution, which has been shown to reduce the CO2 footprint of pipeline infrastructures by up to 60%.
Offshore green hydrogen projects totaling more than 9 gigawatts (GWs) have been proposed for the North Sea basin, with additional growth potential of multiple GWs, as well as Carbon Capture, Utilization, and Storage (CCUS). All of these projects will require specialized pipeline solutions at scale. To support the growth of this offshore hydrogen and CCUS market, Strohm is in a good position.
