HydrogenOne backs fuel cell specialists with £10m investment
HydrogenOne Capital Growth (Hydrogen) has invested £10m for a minority stake in fuel cell innovation company Bramble Energy (Bramble).
Following the acquisition, HydrogenOne has the right to sit on the board of the London-listed company.
HydrogenOne’s investment in Bramble forms part of a £35m fundraising round, including existing Bramble investors IP Group, BGF, Parkwalk and UCL Technology Fund.
Fuel cells generate electricity through electrochemical reactions, with hydrogen and oxygen combining to generate electricity, heat, and water.
The devices are used in a range of applications, from providing power to homes and businesses, to keeping critical facilities like hospitals, grocery stores, and data centres up and running.
In the case of Bramble, hydrogen fuel cells are used to convert clean hydrogen into electricity and water, resulting in a power source that is free from greenhouse gas emissions.
Fuel cells have widespread applications such as heavy duty and long distance transport such as buses, trucks, trains, and forklifts.
They are also used in portable power and are a critical component in the clean hydrogen sector.
Bramble has developed a printed circuit board (PCB) fuel cell solution – which manufactures low cost, scalable and recyclable fuel cell modules, that can be made at any PCB factory world-wide.
The energy firm intends to deploy fuel cell technology by ramping up the global distribution of its portable power units in partnership with BOC (a Linde Group company), and further by developing fuel cell stacks for light commercial vehicles.
Simon Hogan, chairman of HydrogenOne said: “We are delighted to invest in Bramble, a pioneer in Hydrogen fuel cells; and we look forward to working with the management team as the business scales. This is the latest transaction in a series of investments HydrogenOne Capital has made within the sector, showing that there is real momentum in our investment strategy and we are creating a strong platform for further investments.”
Dr Tom Mason, Bramble’s chief executive, added: “Bramble are excited to partner with HydrogenOne Capital, their industry specific focus is well complimented by their public market experience and we couldn’t think of a better partner for this phase.”
Following the acquisition, HydrogenOne’s shares are down 0.4 per cent on the London Stock Exchange.