Leeds-based UK Infrastructure Bank announces first investment into green hydrogen

GeoPura said the investment will help the further deployment of its Hydrogen Power Unit generator technology – a low-carbon replacement for diesel powered generators, as well as creating around 400 jobs over 5 years.

Andrew Cunningham, CEO of GeoPura, said: "Having experienced the hottest year on record in 2023 with the negative impact of extreme weather events increasing globally every month, our need to combat climate change has never been more urgent. Now, more than ever, we need to act and provide industry with proven and effective solutions to achieve their Net Zero goals.

"We’re delighted to be taking this next step and it’s brilliant to be working together to make a real, tangible impact today by reducing filthy engine emissions, providing better air quality for us all."

UKIB was founded in 2021 by then chancellor Rishi Sunak, with the dual purpose of funding net zero projects and aiding levelling up. The bank, which is backed by the Treasury, committed a total of £1.11 billion over nine projects for the year ending 31 March 2023.

John Flint, CEO of UKIB, said: “Our investment in GeoPura is another example of our problem solving in action. By removing barriers to investment in the hydrogen sector – a critical nascent market on the route to net zero - we are creating a sustainable platform from which to finance additional green hydrogen projects in the near future.”