Strohm, which makes thermoplastic composite pipe (TCP) for hydrogen markets, has completed the largest funding round in its 15-year history by securing a €15m investment.
The investment includes a €10m commitment made by ING Corporate Investments (a 100% subsidiary of ING Bank), the Netherlands’ largest financial institution, as well as a further €5m co-investment from existing shareholders Shell Ventures, Chevron Technology Ventures, Evonik Venture Capital and HydrogenOne.
In August 2022, an initial €14m was raised with HydrogenOne investing €10m, with the remainder from Strohm’s other main shareholders.
Within the total round, HydrogenOne invested a total of €11.25m.
This funding round enabled Strohm to accelerate the expansion of its manufacturing operations enhancing capacity to deliver its TCP products to offshore green hydrogen and carbon capture and utilisation and storage (CCUS) markets.
TCP is a flexible, corrosion-resistant pipe technology which does not fatigue or suffer from issues associated with using steel pipe for hydrogen, such as embrittlement.
Strohm CEO Martin van Onna, said: “This significant investment from ING Corporate Investments and our existing shareholders is a huge vote of confidence in what we have achieved to date and the wide acceptance of our ground-breaking TCP technology and its applications across multiple energy markets.
“With the largest orderbook in our history and rapid increased sales globally, Strohm is embarking on an accelerated growth path; the €29m commitment will enable us to ramp up operations globally, and implement operational excellence as required for a fast-growing organisation.”
Last month Strohm was awarded a contract by ECOnnect to provide more than 11 km of TCP for a large scale green hydrogen developer, Tree Energy Services (TES) at its Wilhelmshaven Green Gas Terminal in Germany.