- Press Releases
August 12 (Renewables Now) - Dutch hydrogen pipeline company Strohm Holding BV has raised a total of GBP 11.8 million (USD 14.4m/EUR 14m) in the first close of a funding round led by HydrogenOne Capital Growth Plc (LON:HGEN), the latter announced today.
HydrogenOne said in a statement it has signed deals to invest GBP 8.4 million in Strohm alongside existing investors Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital as part of this first closing. The investment fund noted it may pour an additional sum of up to GBP 1.7 million in the second close later this year, which is seen to reach at least GBP 5.1 million.
Based in IJmuiden near Amsterdam, Strohm is a private supply chain company that specialises in the offshore wind-to-hydrogen field. The company has designed and produces a flexible and cost-effective Thermoplastic Composite Pipe (TCP) that has around 50% less manufacturing greenhouse gas emissions compared to steel pipes. It can be used to safely transport hydrogen, carbon dioxide (CO2), ammonia and water. In this particular field, steel solutions suffer from embrittlement and corrosion, Strohm says.
The fresh capital will allow Strohm to scale up its plant capacity in the Netherlands.
"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,” said Martin van Onna, Managing Director of Strohm.
(GBP 1 = USD 1.222/EUR 1.182)