JCB heir launches £1bn hydrogen investment fund to support UK’s green revolution
Entrepreneur and heir to the JCB fortune Jo Bamford has announced a new billion pound fund to support the UK’s net zero targets.
Jo has joined forces with multi-family office Vedra Partners to launch HYCAP, a hydrogen investment fund which has set its sights on raising £1bn.
The capital, which already stands at more than £200m after the first round of investment, will be injected largely into UK businesses, with the focus on speeding-up green hydrogen production and supply, creating jobs and contributing to the Government’s Net Zero targets.
Jo commented: “With the Government’s relentless pursuit of Net Zero targets and the publication of the damning IPCC report, it is our belief that hydrogen holds the key to reducing emissions - and there is a growing sense of urgency to act now.
“The UK has missed the boat on batteries, a sector dominated by China and the Far East, but we can be global leaders in the production and supply of hydrogen - an economy said to be worth $2.5 trillion in revenues by 2050.
“We have also discovered that investors around the world match the ambitions of global governments in wanting green-focused funds which have a positive impact on climate change.”
Vedra Partners’ founder Max Gottschalk added: “The fund will be investing across the entire value chain, focusing on production, manufacture and supply, in order to put the UK firmly on the map when it comes to hydrogen.
“By striking meaningful commercial partnerships and developing intelligent go-to-market strategies it is clear HyCap’s maiden fund can add strategic, operational and financial value to the ecosystem while creating entrepreneurial growth businesses.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning National email for free.