Strohm
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Strohm secures €30M to reduce carbon footprint in pipeline infrastructure
Netherlands-based Strohm, a company specialising in developing and manufacturing pipelines for conventional and renewable energy sectors, has secured €30M in equity funding led by SENCO, a hydrogen-focused investment firm in Germany. The round also saw participation from existing shareholders, including Chevron Technology Ventures, Evonik Venture Capital, HydrogenOne Capital, ING Corporate Investments, and Shell Ventures.
The funding aims to accelerate Strohm’s growth trajectory, particularly in hydrogen and carbon capture, utilisation, and storage (CCUS) applications.
Dutch thermoplastic composite pipe producer Strohm bags €15M
Netherlands-based Strohm, a hydrogen pipeline company, announced on Thursday, December 15, that it has raised €15M in a fresh round of funding. According to a statement from the Dutch company, this is the largest funding round in the company’s 15-year history. Strohm’s €15M investment includes a €10M commitment from ING Corporate Investments (a 100 per cent subsidiary of ING Bank), as well as a further €5M co-investment from existing investors Shell Ventures, Chevron Technology Ventures, Evonik Venture Capital and HydrogenOne Capital Growth Plc (HydrogenOne).
Strohm says it will use the funds in accelerating the growth of its manufacturing operations and increasing capacity to deliver its TCP solutions to offshore green hydrogen and carbon capture and utilisation and storage (CCUS) markets. Besides, the money will also help the company’s clients in achieving their net-zero goals.