Hygen, developer of green hydrogen has a secured a multi-million-pound funding deal with HSBC to expand capacity at its Birmingham production site.
With it being the first green hydrogen sector deal that HSBC UK has supported; the equipment finance will provide Hygen with funding in the form of an asset against the business’s site at Tyseley Energy Park.
Hygen is a developer, producer and asset owner of low-carbon hydrogen production facilities in the UK and Europe.
From its Tyseley site, Hygen supports the UK’s burgeoning hydrogen industry, supplying green hydrogen to major customers like National Express and JCB for their own decarbonisation initiatives.
Kevin Selleslags, Hygen CEO, said: “We are committed to leading the way in developing and delivering more low-carbon hydrogen projects across the UK so HSBC UK’s confidence in our business, and the potential of hydrogen as a low-carbon energy source, is truly encouraging.
Securing this bank funding also sends an important signal to the market about the opportunities for this technology.”
Akhil Shah, Relationship Director at HSBC UK, added: “The green hydrogen industry is still in its early stages of development and requires better access to both equity and debt funding to truly take off.
This deal underlines HSBC UK’s commitment to this emerging sector, supporting the development of new technologies essential for the transition to a net-zero economy.”
For further information on green energy investments, or roles surrounding opportunities like this, please reach out to a member of the green investment team here.
Sources
