SENCO Hydrogen Capital is a private equity company that focuses on investments in the hydrogen and energy in transition value chain. It has invested EUR20million into Strohm, a Dutch manufacturer of innovative pipe technology.
The investment, made shortly after SENCO’s Hydrogen Equity Fund’s first closing, is intended to support Strohm in its growth, focusing on hydrogen and carbon storage, utilization, and capture (CCUS) applications.
The partnership also aims to reduce the carbon footprint of the pipeline infrastructure for conventional energys to achieve more sustainable solutions in energy supply.
“We are seeing a number of companies that are growth-oriented and are making a significant contribution to the success of energy transition. These companies are very attractive from an investor’s perspective, regardless of the interest rate development and macroeconomic framework data. Strohm, a perfect example for this ,”, said Oliver Kolbe.
SENCO was the lead investor of the capital increase amounting to EUR30 million. Existing shareholders, including Chevron Technology Ventures (CTV), Evonik Ventures Capital, HydrogenOne, ING Corporate Investments, and Shell Ventures, also participated.
“With SENCO’s outstanding expertise and value-adding in the area of energy transformation investments we are strengthening Strohm’s position as a pioneer and innovator in the development TCP ,”said Bernhard Mohr. Chairman of the Supervisory board of Strohm, and Managing director of EVONIK Venture Capital.
“We are looking forward to working with SENCO, as a shareholder of Strohm, to develop innovative solutions that will shape a sustainable tomorrow and address the challenges of our time.”
Strohm completed a six-month hydrogen testing program at Tuv-Sud, Germany. The comprehensive permeation assessment covered a range in pressures and temperatures using a full-scale thermoplastic composite pipe equipped with two end fittings.
According to the Dutch company’s testing, “highly encouraging results” were achieved. The TCP and the end fittings also showed exceptionally low hydrogen permeation levels, highlighting the technical suitability for high-pressure service.
Strohm has also been able to secure its biggest commercial award for pipe supplies over the past 16 years, thanks in part to a new contract with ExxonMobil for an oil development offshore of Guyana.