Hygen, a prominent green hydrogen developer, has successfully secured a multi-million pound funding deal with HSBC UK aimed at expanding its production capacity at the Birmingham site located in Tyseley Energy Park. This funding will also facilitate the development of additional hydrogen production sites across the UK, marking HSBC UK’s first investment in the green hydrogen sector.
Key details
- Funding Structure: The financial support will be provided through HSBC Equipment Finance in the form of asset finance, specifically lent against Hygen’s Tyseley Energy Park site.
- CEO Statement: Kevin Selleslags, CEO of Hygen, expressed enthusiasm about the funding, stating that it reinforces their commitment to leading low-carbon hydrogen projects in the UK. He noted that this funding sends a strong signal to the market regarding the potential of hydrogen as a low-carbon energy source [1].
- Industry Impact: Hygen plays a crucial role in the UK’s hydrogen industry, supplying green hydrogen to major clients such as National Express and JCB, which are focused on their own decarbonisation efforts [1].
- HSBC’s Perspective: Akhil Shah, Relationship Director at HSBC UK, highlighted the nascent stage of the green hydrogen industry and the need for improved access to funding. He emphasized that this deal reflects HSBC UK’s commitment to supporting the development of technologies essential for achieving a net-zero economy [1].
The partnership between Hygen and HSBC UK represents a significant step forward in the green hydrogen sector, providing necessary funding to enhance production capabilities and support the transition to sustainable energy solutions in the UK.
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