Bosses are aupbeat about the potential for growth with the firm’s decarbonised power technology
Hydrogen power firm GeoPura says it has secured a group of customers that present “major opportunities for scale-up and growth”. It comes as the business – which aims to replace diesel generators with its green hydrogen power units (HPUs) – reported widening losses.
GeoPura is manufacturing the HPUs alongside partner Siemens Energy, at its Newcastle base, and providing the engineering support behind the clean power source. The business has landed more than £100m investment over the past three years, including the backing of Siemens Energy itself.
Now, writing in accounts covering the year to the end of March, directors point to success in winning new customers and says the outlook is good for its green energy market as many companies’ work towards 2030 net zero targets. But the 115-strong firm saw operating losses widen to £14.3m from £9.7m as turnover remained broadly flat at £7.2m. Pre-tax losses more than doubled from £10.5m to £22.5m.
The firm said: “Turnover is consistent with the prior year, with underlying revenue from HPU deployment sales up 105%, offset by a fall in project revenue due to delays in the delivery of a hydrogen production project from FY25 into FY26. The underlying revenue of HPU hire grew year-on-year following successful onboarding of new customers and retention of the established customer base.
“Gross profit improved year–on-year, in particular reflecting the vertical integration of hydrogen production during the year which delivered significant cost savings versus externally sourced hydrogen.”
GeoPura pointed to use of its HPUs across construction and industrial sites, as well as film and TV sets, in the UK and Europe. It hopes to grow its fleet to around 3,500 in use by 2035 and has pointed to business and public awareness of the need to reduce emissions becoming “the norm”.
Its joint venture with waste processing firm JG Pear – HyMarnham Power – is set to be the first company involved in the first Hydrogen Allocation Round which will provide funding to low carbon hydrogen production schemes across the UK. The project will turn the High Marnham coal-fired power station site near Newark into a clean energy hub with Geopura’s joint venture providing subsidised hydrogen for HPU rental customers.
Financial support for HyMarnham comes from a £27m buyers credit facility, secured in September. GeoPura has also raised a further £27m through upgrading of convertible loan notes with existing investors. A further £7.2m of asset-backed debt, was also raised through HSBC, Siemens Financial Services, Close Brothers and BNP Paribas.
Derek Bulmer, CFO of GeoPura, said: “During the year we continued to build strong commercial momentum, despite some project delays caused by wider supply chain challenges. We saw the first commercial operation of our HPU2 technology powering a main festival stage, broadened our customer base and number of projects across multiple sectors, and made significant progress in the production of green hydrogen, becoming the UK’s largest producer.
“We also invested heavily in our hydrogen storage and logistics capability and now operate the UK’s largest hydrogen logistics fleet, giving us greater control, resilience and scale as demand accelerates.
“We launched GeoPura Europe in Denmark, grew our team to around 180 people and strengthened our long-term partnership with Siemens Energy here in the region. We are continuing to fundraise to support wider international expansion in 2026 and are building strong relationships here in the North East to support ambitious electrification and decarbonisation goals locally.
“Our focus remains on scaling the deployment of HPUs and green hydrogen, helping customers cut harmful emissions, improve local air quality and meet net zero commitments while maintaining reliable power.”
