Dutch thermoplastic composite pipe (TCP) technology company Strohm has secured $21.4 million ($20 million) investment from SENCO Hydrogen Capital, aimed at boosting its growth trajectory focused on hydrogen and carbon capture utilization and storage (CCUS) applications.
The partnership between the two companies also seeks to reduce carbon footprint in the pipeline infrastructure for conventional energies, in order to achieve more sustainable energy supply solutions overall.
The investment from SENCO, a private equity firm specializing in investments in the hydrogen and energy-in-transition spaces, made shortly after the first closing of its Hydrogen Equity Fund, marks a milestone for both companies and underlines their commitment to a more sustainable and future-proofed energy supply.
"We identified Strohm in 2023 as a market leader in the development of TCPs, an innovative, sustainable and value-adding contribution to the growing global offshore energy industry. We look forward to actively supporting the company’s future growth, together with its management and professional investor base,” said Carsten Schmeding, CEO and Managing Partner of SENCO.
"The partnership with SENCO enables us to further scale our technologies and continue our successful expansion, especially in the field of energy transformation around hydrogen and CCUS," added Martin van Onna, CEO of Strohm.