HydrogenOne Capital Growth is making an investment of £8.4m (EUR 10m) in Strohm Holding B.V. HydrogenOne is investing alongside Strohm’s existing investors Shell Ventures, Chevron Technology Ventures and Evonik Venture Capital, in the first close of a funding round totalling £11.8m (EUR 14m). HydrogenOne may also invest up to a further £1.7m (EUR 2m) in the second close of this funding round, which is anticipated to be at least £5.1m (EUR 6m) in aggregate in addition, expected later in 2022.
Following the investment in Strohm, HydrogenOne will have the right to a board seat.
Strohm is a private supply chain company, focused on the offshore wind-to-hydrogen sector and supporting a reliable, faster and cheaper green energy transition around the world. The company is developing safe and dependable pipeline solutions, whereby green hydrogen generated at offshore wind turbines can be transported to shore via Strohm’s subsea pipe infrastructure.
From its base near Amsterdam, the Netherlands, Strohm is a global market leader in design and manufacturing of Thermoplastic Composite Pipe (TCP). TCP is more cost effective than steel pipe and has c.50% less manufacturing greenhouse gas emissions. As TCP is a flexible pipe, it can be installed offshore easily and quickly, using the same methods as currently used for array cables. The technology can be used to safely transport hydrogen, CO2, ammonia and water, where steel solutions suffer from embrittlement and corrosion.
This fundraising is expected to enable Strohm to scale up its plant capacity in the Netherlands and deliver on its energy transition agenda as it continues to support clients towards net-zero goals with its durable, lightweight and 100% recyclable pipe solution, proven to reduce the CO2 footprint of pipeline infrastructures by up to 60%.
Over 9GW of offshore green hydrogen projects have been proposed in the North Sea basin, with further multi-GWs growth potential, alongside Carbon Capture, Utilisation and Storage, all of which will require specialist pipeline solutions at scale.
HGEN : HydrogenOne backs Strohm pipeline business