UK green hydrogen project developer Protium has raised £40.5mn ($49mn) in its latest funding round.

The money will allow Protium to accelerate its portfolio of green hydrogen projects, which total over 250MW in capacity, and support the development of its in-house digital capabilities. These include its flagship project with Budweiser in Magor, south Wales and a 40MW green hydrogen project in Teesside—both of which will now be moved through to the Feed and permitting stage.

The funding comes from Swen Capital Partners, through its Swift 2 fund as well as Barclays’ Sustainable Impact Capital programme and existing Protium investors.

“The expertise and resources provided by Swen and Barclays will help to accelerate the deployment of green hydrogen infrastructure and enable our partners to achieve their net-zero goals faster,” says Protium CEO Chris Jackson.

“It is also a vote of confidence for green hydrogen, which we hope will catalyse other businesses and investors to push forward with us towards a cleaner, more sustainable future.”

250MW – Pipeline of Protium projects

Protium provides end-to-end hydrogen supply packages, marketing itself as a hydrogen energy service company, meaning it helps clients raise debt and equity financing to build, own and operate projects, agree power-purchase agreements and deploy infrastructure.

“We are convinced of the relevance of Protium's integrated project approach, offering a very wide range of energy services, from electricity and hydrogen generation and supply services, to heating and transport fuels,” says Olivier Aubert, managing director of Swen.

Aubert is one of two board appointments made after the funding raise, with the other being Steven Poulter, head of principal structuring and investments at Barclays.

Ahead of the funding round, Protium also appointed former junior UK energy minister Claire Perry O’Neill to its advisory board.

Protium says the funding is well-timed as it coincides with the UK government’s calls for applications under the £240mn Net Zero Hydrogen Fund—for which it is in a good position to assist clients with project applications.

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Author: Tom Young