Dutch thermoplastic composite pipe (TCP) producer Strohm has completed the largest funding round in the company’s 15-year history by securing a €15 million investment to support its TCP solutions.
The €15 million investment includes a €10 million commitment made by ING Corporate Investments (a 100% subsidiary of ING Bank), the Netherlands’ largest financial institution, as well as a further €5 million co-investment from existing shareholders Shell Ventures, Chevron Technology Ventures, Evonik Venture Capital, and HydrogenOne Capital Growth.
According to Strohm, this funding round enabled the company to accelerate the expansion of its manufacturing operations enhancing its capacity to deliver its unique TCP solutions to offshore green hydrogen and carbon capture and utilisation and storage (CCUS) markets, while continuing to support its current clients towards their net-zero goals.
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… Our aim is to reduce the carbon emission intensity of pipelines around the world and increase our support to the growing hydrogen sector.”
Corstiaan Withagen, Managing Director of ING Corporate Investments, said: “We are excited to be part of Strohm’s journey and are looking forward to working closely with Strohm’s management team and shareholders.”
In August 2022, Strohm raised €14 million investment for its TCP, with HydrogenOne investing €10 million, and the rest coming from its other main shareholders.
Van Onna described TCP as “an innovative, game-changing technology that is agnostic to all fluids and gases including hydrogen, ammonia and CO2,” adding: “TCP is lightweight and delivered in long lengths on reels, allowing it to be installed by small vessels, reducing cost and carbon footprint. Through these benefits, we have built the world’s largest track record of TCP pipe in operation under harsh conditions.”
In November, Strohm was awarded a contract by ECOnnect to provide more than 11 kilometres of TCP for large-scale green hydrogen developer Tree Energy Services (TES) at its Wilhelmshaven Green Gas Terminal in Germany.
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