NanoSUN, a world leading, award-winning engineering company focused on the development of mobile hydrogen refuelling solutions is pleased to announce that it has secured £12 million of new funding in its Series A round, led by HydrogenOne Capital Growth plc and including the German Westfalen Group.
Founded in 2017, NanoSUN’s team of highly experienced industry experts and engineers is dedicated to bridging the infrastructure gap between producers of hydrogen fuel and operators of hydrogen vehicles. NanoSUN’s Pioneer Station, a fully mobile, self-contained and automated hydrogen refuelling solution, offers an affordable and rapid deployable way of delivering hydrogen fuel to the point of use, where it is dispensed directly into hydrogen powered vehicles. NanoSUN’s business model is focused on selling or leasing Pioneer stations to owners and operators of hydrogen fuel supply chains, to ensure maximum acceleration in the roll-out of hydrogen vehicles.
NanoSUN initially developed the Pioneer station with funding support from Angel Investors, Innovate UK and Horizon2020’s flagship EIC Accelerator programme, all of whom recognized its potential to accelerate the adoption of hydrogen in the energy transition of heavy-duty vehicles in particular.
With this potential successfully demonstrated across UK & Europe throughout 2021, NanoSUN now has a significant order book for delivery in 2022. The proceeds from this funding round will enable scaleup of the Pioneer technology into manufacturing and establishment in key markets outside the UK.
Graham Hodgson, NanoSUN’s Founder and Chairman said; “The Pioneer’s ability to facilitate the quick introduction of hydrogen vehicle fleets will enable the transport industry to get to a clean, green future fast, with just one hydrogen bus saving roughly one tonne of CO2 emissions every week. This fundraise is all about scaling NanoSUN so we can help our customers to accelerate the roll-out of thousands of fleets of hydrogen buses, trucks, vans and forklifts over the coming years. Westfalen is one of our earliest customers and we take it as a huge compliment that they see such potential in NanoSUN and Pioneer, that they want to be more than just a customer. Finally, in HydrogenOne, we are delighted to have found a patient capital investor that shares our vision and values for the future of NanoSUN, with the resources to help us turn it into reality.”
Simon Hogan, Chairman of HydrogenOne said “We are pleased to announce the purchase of this stake in NanoSUN, which supports our strategy of investing in companies central to the growth of clean hydrogen production. NanoSUN’s refuelling equipment is set to be integral in the downstream hydrogen sector, and HydrogenOne believes that NanoSUN will be a leader in this field. We look forward to working with NanoSUN’s management team to make the most of its significant potential.”
Marc Weßling, Start-up Manager of the Westfalen Group, said: “NanoSUN offers the perfect answers to the important questions of the hydrogen-based mobility revolution. We are very pleased that we were able to form a strategic alliance with this partnership and we are looking forward to offering and establishing mobile hydrogen filling stations together with NanoSUN.”
As hydrogen continues to become widely recognised as a leading element in the fight against Climate Change, the new investment will ultimately assist NanoSUN in strengthening the Pioneer solution as the prime choice in facilitating an effective hydrogen refuelling infrastructure within a rapidly growing market for green hydrogen fuel.
NanoSUN develops hydrogen distribution and mobile refuelling equipment. Based in Lancaster, UK, our vision is for hydrogen to become the major energy vector in a decarbonised world. In order to achieve this, NanoSUN's founders aimed to accelerate hydrogen use with their innovative technologies by bridging the gap between the hydrogen supply industry and the needs of hydrogen users for convenient, low cost, simple-to-use and safe fuelling systems.
The Westfalen Group is an energy sector technology company operating with numerous subsidiaries and associates in Germany, Belgium, France, the Netherlands, Austria, Poland and Switzerland. The family business, founded in 1923, has over 20 production sites located across Europe and is headquartered in Münster. Its business sectors are gases, energy supply and service stations. With almost 1,800 employees, the Westfalen Group posted sales of around 1.6 billion euros in the 2020 financial year.
HydrogenOne was launched in 2021 with an investment objective to deliver an attractive level of capital growth by investing in a diversified portfolio of hydrogen and complementary hydrogen focussed assets. INEOS Energy is a strategic investor in HydrogenOne. HydrogenOne has deployed c. 10% of its AUM in a portfolio of clean hydrogen listed equities, and together with today’s announcement and previously-announced transactions, has now deployed approximately [.]% of the net proceeds from the 2021 IPO. The Company is listed on the London Stock Exchange’s main market (ticker code: HGEN).
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