Hygen, a low-carbon hydrogen developer, has struck a funding deal with HSBC UK to expand its Birmingham production site and develop new locations across the UK

Hygen, a low-carbon hydrogen developer, has struck a funding deal with HSBC UK to expand its Birmingham production site and develop new locations across the UK.

The deal marks HSBC UK’s first foray into the green hydrogen sector, with multi-million-pound asset finance secured against Hygen’s site at Tyseley Energy Park.

Based at its Tyseley site, the company supplies green hydrogen to customers like National Express and JCB to help with their decarbonisation efforts.

Kevin Selleslags, Hygen CEO said: “Securing this bank funding also sends an important signal to the market about the opportunities for this technology.”

Akhil Shah, relationship director from HSBC UK said: “This deal underlines HSBC UK’s commitment to this emerging sector, supporting the development of new technologies essential for the transition to a net-zero economy.”