Denmark’s export credit agency has guaranteed a Barclays loan to GeoPura, a UK-based company aiming to produce green hydrogen “at scale”.
The Export and Investment Fund of Denmark (EIFO) is covering £16.5mn of a £27mn loan provided by Barclays to GeoPura, which has developed a production facility in England that is set to begin production in November, providing green energy to replace diesel generators.
The deal marks additional government-linked support to the HyMarnham project near the town of Lincoln in East Midlands, which was among a handful of developments to win financial support from the UK government in 2023 to help hydrogen compete against other sources of electricity.
It is the first time EIFO has provided a guarantee for a project that aims to use renewable energy to produce other forms of energy, such as hydrogen or ammonia.
In August, GeoPura announced it was acquiring some of the assets and key staff of bankrupt Danish electrolyser manufacturer Green Hydrogen Systems, whose systems are being used at HyMarnham.
GeoPura has established a Danish entity that will act as a hub for electrolyser maintenance and support, which EIFO says is “enabled” by its guarantee.
The company builds hydrogen power units to replace portable diesel generators that are used to supply power in sectors such as construction, events, data centres, and TV and film shoots.
“We’re very pleased to have EIFO and Barclays as financing partners for this milestone transaction,” says Andrew Cunningham, GeoPura’s chief executive and founder. “In fact, without this kind of proactive cooperation that enables the funding of debt finance it’s difficult to see how clean energy transition at scale happens.”
EIFO chief commercial officer Peter Boeskov says the deal marks a new foray into green energy beyond the agency’s vast existing business in offshore wind.
“This transaction shows that green hydrogen becomes reality when the right frameworks are in place. The UK has been our single largest market for years thanks to our involvement in offshore wind, and we now see a clear opportunity to expand our role into green hydrogen.”
