Client Protium

Task Financial Advise

Business Model

Protium Green Solutions (Home — Protium), a UK-based distributed green hydrogen development and services player, closed its first major institutional fundraising to support growth and Business Model expansion (June 2022).

Extensive work on refinement of Business Model – Transition from project developer to Hydrogen-as-a- service (HESCO) – Investment Memorandum and detailed 5yr financial model.

Transaction

LongReach acted as Financial Adviser for the £40.5 million growth and development capital fundraising for Protium (Largest green hydrogen fundraising globally in the past 12 months)

Investor Outreach

Over 70 UK and International Investors contacted. Focus on Infrastructure, Institutional and Specialist Growth/PE investors. Selected outreach to Strategics.

Lessons Learned

Distributed Hydrogen-as-Service business model more attractive to investors as it builds on established energy service commercial and contractual frameworks.

Integrated projects with multiple use cases across energy, heat, storage, and transport create the broadest opportunity for capturing value from green hydrogen

Investors very focussed on deliverability and milestones for hydrogen projects — signed off-take, construction, COD.

Significant number of investors prepared to make modest investments in green hydrogen today — far smaller number of ‘high conviction’ investors prepared to take a leading role.

Green hydrogen will attract significant amounts of infrastructure capital as the market matures — but still perceived as higher risk investment