© Protium Green Solutions

Protium Green Solutions has successfully closed a £31 million ($38 million) Series B funding round to accelerate its hydrogen projects in the UK. This significant investment aims to enhance the commercial deployment of Protium’s existing portfolio, underscoring growing confidence in green hydrogen’s role in achieving carbon neutrality.

Key Investors and Strategic Goals

The funding round was led by existing investors Barclays Principal Investments and SWEN Capital Partners, with new backing from ITOCHU Corporation and Toho Gas Co. These investments are set to drive progress on key projects. The Pioneer 1 facility in Wales will continue its development, while a second hydrogen production site, Pioneer 2, is being planned for future expansion. The new facility will feature a 2.5MW electrolyser. It is expected to reduce carbon emissions by 156,000 tonnes annually.

Expanding Global Reach

ITOCHU, a Tokyo-based trading company, emphasized its commitment to leveraging Protium’s solutions for international markets. “We aim to promote green hydrogen globally and contribute to achieving carbon neutrality across supply chains,” said Kazuhiko Inomata, Deputy Chief Operating Officer of ITOCHU’s Energy and Chemicals Division. Protium’s strategic focus on customer-oriented services aligns with ITOCHU’s goals to expand the green hydrogen ecosystem globally.

Supportive UK Policies

Protium benefits from supportive UK hydrogen policies, including the Contract for Difference (CfD) incentive program. Recent budget allocations for large-scale green hydrogen projects have further bolstered these initiatives. These frameworks have positioned the UK as a leader in hydrogen adoption, fostering demand for Protium’s solutions in industrial heat applications and transportation.

Industry Leaders Backing Protium

Christopher Jackson, CEO and Founder of Protium, expressed his enthusiasm for the new investments. “We are delighted with the additional investment that our partners Barclays and SWEN have provided to the company, and that we have been able to bring two new industrial investors, ITOCHU and Toho, to join the business,” he said. Jackson highlighted the importance of world-leading investors in ensuring success in the green hydrogen market.

Steven Poulter, Head of Barclays Climate Ventures, reaffirmed the significance of green hydrogen in the energy transition. “With its end-to-end service, Protium is playing a key role in scaling both the production and supply of green hydrogen,” he stated.

Thibauld Thuilliez, Investment Director at SWEN Capital Partners, praised Protium’s experienced team. “It is a privilege to back such a highly regarded and experienced team, a true leader in the green hydrogen sector in the UK,” he noted.

Future Outlook

With this new funding, Protium aims to accelerate its UK initiatives and position itself for international expansion. Mitsuhiro Otsu, Executive Officer at Toho Gas, emphasized the importance of Protium’s local production and consumption model for green hydrogen. “We firmly believe that Protium’s approach plays a significant role in accelerating regional decarbonization and aligns well with our vision for energy solutions,” he said.

In conclusion, Protium Green Solutions is poised for significant growth, with substantial support from industry leaders. This investment will not only advance the UK’s hydrogen projects but also pave the way for global expansion, contributing to a decarbonized future.