HSBC UK will provide “multi-million-pound funding” to Hygen Energy to expand capacity at its green hydrogen production site in Birmingham, UK.
The deal marks HSBC UK’s first foray into the green hydrogen sector, with multi-million-pound asset finance secured against Hygen’s site at Tyseley Energy Park.
The company supplies green hydrogen to customers like National Express and JCB to help with their decarbonisation efforts.
Kevin Selleslags, Hygen CEO said: “We are committed to leading the way in developing and delivering more low-carbon hydrogen projects across the UK so HSBC UK’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.”
Through HSBC Equipment Finance, Hygen will receive backing in the form of asset finance lent to advance its facility at the Tyseley Energy Park (TEP) and develop additional sites across the UK.
“HSBC UK’s confidence in our business, and the potential of hydrogen as a low-carbon energy source, is truly encouraging,” explained Kevin Selleslags, Hygen CEO. “Securing bank funding also sends an important signal to the market about the opportunities for this technology.”
Hydrogen developer secures multimillion-pound funding for Birmingham site | TheBusinessDesk.com
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