HPS nets EUR 22m to grow hydrogen-based power storage business

HPS Home Power Solutions AG, a German provider of green hydrogen-based power storage for buildings, has secured EUR 22 million (USD 23.53m) in a capital increase to grow its business in the home market and internationally.

The transaction was backed by several existing shareholders and a German entrepreneurial family who became an anchor shareholder in the company, HPS said on Monday.

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The Berlin-based company offers integrated energy storage systems based on green hydrogen for homes, multi-family houses and commercial buildings. Its picea system stores the excess power produced by rooftop solar systems on sunny days in the form of green hydrogen which secures electricity and heat supply to buildings in the dark season. The business was founded in 2014.

The fresh capital will be used to advance the technological development of picea, expand sales activities and strengthen working capital. The company aims to continue growing, targeting a triple-digit growth rate.

Last July, Spain's Santander Bank provided EUR 30 million in loans to HPS.

(EUR 1 = USD 1.070)