Netherlands-based Strohm, a hydrogen pipeline company, announced that it had 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 percent 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 also mentions that it is the world’s first and leading producer of Thermoplastic Composite Pipe (TCP) – an unbonded pipe concept in which a thermoplastic liner is overwrapped with aramid or glass fibers and covered with an outer thermoplastic coating.
TCP is a flexible, corrosion-resistant pipe technology that does not corrode or experience embrittlement, which is a problem when utilizing steel pipe for hydrogen.
Strohm says it will use the funds to accelerate its manufacturing operations’ growth and increase capacity to deliver its TCP solutions to offshore green hydrogen and carbon capture and utilization and storage (CCUS) markets.
Besides, the money will also help the company’s clients in achieving their net-zero goals.
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