A hydrogen firm is set to expand its capacity in Birmingham after securing a new funding deal.
Hygen is a developer, producer and asset owner of low-carbon hydrogen production facilities in the º£½ÇÊÓƵ and Europe.
Headquartered in Oxford, it has a significant presence at Tyseley Energy Park, in east Birmingham, from where it supports the º£½ÇÊÓƵ's burgeoning hydrogen industry.
It supplies so-called ‘green hydrogen' to customers such as Birmingham-headquartered bus and rail group National Express and manufacturer JCB for their own decarbonisation initiatives.
Green hydrogen is where hydrogen is produced through electrolysis of water powered by renewable sources of energy.
This new, undisclosed funding from HSBC will enable the company to expand capacity at the Tyseley plant and develop additional sites across the º£½ÇÊÓƵ.
Hygen's chief executive Kevin Selleslags said: "We are committed to leading the way in developing and delivering more low-carbon hydrogen projects across the º£½ÇÊÓƵ so HSBC º£½ÇÊÓƵ'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 º£½ÇÊÓƵ in Birmingham, 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 º£½ÇÊÓƵ's commitment to this emerging sector, supporting the development of new technologies essential for the transition to a net-zero economy."
