The Netherlands-based Strohm, a hydrogen pipeline company, announced on Friday, August 12, that it has raised €14M in the first close of a round of funding led by HydrogenOne Capital Growth plc, the first LSE-listed investment fund dedicated to clean hydrogen.
HydrogenOne invested €10M in the funding round. The round also saw participation from Strohm’s existing investors Shell Ventures, Chevron Technology Ventures, and Evonik Venture Capital.
Simon Hogan, Chairman of HydrogenOne, says, “Strohm is our ninth private investment since the launch of our clean hydrogen-focused fund and an excellent addition to our growing portfolio. Strohm’s commitment to a sustainable future, through the reduction of the carbon footprint of pipelines globally and the provision of solutions for clean hydrogen applications, is one we support. We look forward to working with Strohm’s management team as it scales up to meet the growing demand for hydrogen energy sources.”
HydrogenOne says it may also invest up to a further €2M in the second close of this funding round, which is anticipated to be at least €6M in aggregate in addition, expected later in 2022. With this investment, HydrogenOne will have the right to a board seat.