London's Hydrogen Fund Portfolio Company Secures €30M for Expansion
Key Ideas
- Strohm Holding, a producer of thermoplastic composite pipe, raised €30 million for expanding manufacturing operations with the support of SENCO Hydrogen Capital and HydrogenOne.
- SENCO Hydrogen Capital, specializing in hydrogen and energy-in-transition sectors, contributed €20 million to the capital raise.
- HydrogenOne Capital's managing partner praised the investment, emphasizing the importance of Strohm's technology in reducing CO2 emissions in the pipeline infrastructure sector.
- The involvement of SENCO is expected to enhance Strohm's position as an innovator in thermoplastic composite pipe development, underlining the significance of energy transformation investments.
HydrogenOne Capital Growth PLC, London's first listed hydrogen fund, announced that its portfolio company, Strohm Holding, has successfully completed a new €30 million capital raise aimed at scaling up and accelerating the expansion of its manufacturing operations. The capital injection, with €20 million from SENCO Hydrogen Capital and €1.2 million from HydrogenOne, will enable Strohm to further develop its thermoplastic composite pipe technology for reducing CO2 emissions in the pipeline infrastructure sector. Notably, Strohm represented 12.4% of HydrogenOne's NAV as of March 31. JJ Traynor, the managing partner of HydrogenOne Capital, commended SENCO's involvement, recognizing Strohm as a pioneer in TCP development. Bernhard Mohr, chairman of Strohm's advisory board, highlighted the expertise brought by SENCO in energy transformation investments, reinforcing Strohm's position as an innovator and pioneer in TCP development.