Thermoplastic composite pipe (TCP) manufacturer Strohm has completed a €15mn ($15.9mn) funding round.

Dutch investment group ING Corporate has put in €10mn, with the remaining €5mn made up by existing shareholders Shell, Chevron, German investment group Evonik Venture Capital and investment fund HydrogenOne Capital Growth.

An initial €14mn was raised in August, with HydrogenOne investing €10mn and the remainder coming from Strohm’s other main shareholders.

€29mn — Total level of investment

The combined funding rounds will enable Strohm to accelerate the expansion of its manufacturing operations to meet growing demand from the hydrogen and carbon capture, utilisation and storage sectors.

TCP connections do not suffer from the embrittlement issues associated with hydrogen being transported via steel pipes—which carry most of the world’s natural gas. It is also well suited to carrying ammonia and CO₂.

The piping is lightweight and delivered in lengths on reels, allowing it to be installed by small vessels at sea.

“With the largest orderbook in our history and rapid increased sales globally, Strohm is embarking on an accelerated growth path,” says CEO Martin van Onna.

“The €29mn commitment will enable us to ramp up operations globally and implement operational excellence as required for a fast-growing organisation.”

Strohm was last month awarded a contract by Econnect to provide more than 11km of TCP for large-scale green hydrogen developer Tree Energy Services at its Wilhelmshaven green gas terminal in Germany.

Strohm will provide six 8in flowlines each with a length of approximately 2km for the transfer of natural gas and CO₂.  

“We are pleased to continue our support for Strohm, which is leading the way in superior offshore pipeline solutions,” says Simon Hogan, chairman of HydrogenOne Capital.

HydrogenOne has invested in a range of businesses across the supply chain, including German electrolyser producer Sunfire, German green hydrogen project developer HH2E and Norwegian developer Gen2 Energy.

The fund says companies in its portfolio face continued headwinds from supply chain issues and high energy prices but are maintaining a ‘stable’ performance

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Author: Tom Young