The funding round is hoped to enable the Thermoplastic Composite Pipe (TCP) manufacturer to accelerate manufacturing operations expansions, which are intended to enhance its capacity to deliver it TCP solutions to offshore green hydrogen and carbon capture, utilisation and storage (CCUS) markets.
In addition to the Strohm investment, HydrogenOne has today said it is investing in the €15m ($15.9m) second tranche, including a €10m ($10.6m) investment by ING Corporation Investments, as well as Strohm’s existing shareholders, Shell Ventures, Chevron Technology Ventures, and Evonik Venture Capital.
In August (2022), HydrogenOne announced it has invested £8.4m ($10.3m) into Strohm, as part of a funding round closing at £11.8m ($14.5m).
Strohm’s TCP is a flexible, corrosion-resistant pipe technology, which it says does not fatigue or suffer from issues associated with using steel pipe for hydrogen, such as embrittlement.
In May this year (2022), Strohm and French hydrogen producer, Lhyfe, announced plans for the ‘first’ floating wind turbine with an integrated hydrogen production system, billed at approximately €60m ($63.7m), with plans of using the TCP to bring produced hydrogen ashore.
Commenting on the latest investment, Martin van Onna, Managing Director of Strohm, said, “This significant investment from ING Corporate Investments and our existing shareholders is a huge vote of confidence in what we have achieved to date and the wide acceptance of our ground-breaking TCP technology and its applications across multiple energy markets.”
Simon Hogan, Chairman of HydrogenOne, commented, “We are pleased to continue our support for Strohm, which is leading the way in superior offshore pipeline solutions. If Europe and the world are to reach global Net Zero targets, we must move forward at pace with decarbonising energy infrastructure.
In November (2022), the investment fund said it had identified more than £500m ($616m) of potential investments, following spending of over £100m ($123m) in the low-carbon sector to date.
Hogan added, “With this investment Strohm can continue to work with its clients and future partners in their paths towards a sustainable future and positively contribute to climate change mitigation through reduction of the carbon emission footprint of pipelines around the world.”
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