Hydrogen pipeline maker Strohm raises EUR 30m in new funds

Dutch composite pipe technology company Strohm Holding BV has raised EUR 30 million (USD 32.1m) in fresh funds to expand its manufacturing capabilities to meet the needs of both traditional offshore customers and for offshore hydrogen and carbon capture applications.

The fundraising round was led by a newly attracted backer, private equity firm SENCO Hydrogen Capital, which alone has poured EUR 20 million. It was supported by both new and existing investors, a press statement said on Wednesday.

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HydrogenOne, a shareholder with 12.4% interest as of the end of March, separately said it has participated in the fundraising round with EUR 1.2 million.

Founded in 2007, Strohm specialises in thermoplastic composite pipes (TCP), offering a range of composite subsea flowlines and jumpers. The company has a manufacturing site in IJmuiden in the Netherlands and additional offices in the USA and Brazil. Other backers of the business include Chevron Technology Ventures, Evonik Venture Capital, ING Corporate Investments and Shell Ventures.

The newly raised capacity will be used to bolster Strohm's growth trajectory, which is focused on hydrogen and carbon capture utilisation and storage (CCUS) applications, the company noted in the statement.

(EUR 1 = USD 1.071)