Hydrogen energy specialist GeoPura has struck an optimistic tone about its future prospects, despite reporting significantly widened annual losses. The Newcastle-based firm, which manufactures hydrogen power units (HPUs) to replace diesel generators, says it has secured a portfolio of customers that offer substantial potential for scaling up its operations.
Financial Performance and Strategic Investments
The company's accounts for the year ending March 2025 reveal that operating losses grew to £14.3 million, up from £9.7 million the previous year. Turnover remained largely steady at £7.2 million, while pre-tax losses more than doubled from £10.5 million to £22.5 million.
Despite these figures, directors highlighted strong underlying progress. Revenue from HPU deployment sales surged by 105%, though this was offset by delays in a hydrogen production project, pushing some revenue into the next financial year. The firm also reported improved gross profit, thanks to bringing hydrogen production in-house, which delivered significant cost savings.
GeoPura has attracted over £100 million in investment in the last three years, including backing from its manufacturing partner, Siemens Energy. Recently, it secured a further £27 million by upgrading convertible loan notes and raised an additional £7.2 million in asset-backed debt from a consortium including HSBC and Siemens Financial Services.
Expansion and Market Confidence
The 180-strong company is capitalising on the corporate push towards 2030 net zero targets. Its HPUs are now being used on construction sites, industrial locations, and film sets across the UK and Europe. GeoPura aims to have a fleet of roughly 3,500 units in operation by 2035.
A key strategic move is its joint venture, HyMarnham Power, with waste processing firm JG Pears. This project, which has secured a £27 million buyers credit facility, will transform the former High Marnham coal-fired power station site into a clean energy hub. It is set to be part of the UK's first Hydrogen Allocation Round, providing subsidised hydrogen for GeoPura's rental customers.
Chief Financial Officer Derek Bulmer pointed to several milestones: "We saw the first commercial operation of our HPU2 technology powering a main festival stage, broadened our customer base... and made significant progress in the production of green hydrogen, becoming the UK’s largest producer." The firm has also launched a European base in Denmark and now operates the UK's largest hydrogen logistics fleet.
The Road Ahead for Clean Power
Looking forward, GeoPura's focus remains on rapid deployment. "Our focus remains on scaling the deployment of HPUs and green hydrogen, helping customers cut harmful emissions, improve local air quality and meet net zero commitments while maintaining reliable power," stated Bulmer.
The company believes that awareness of the need to reduce emissions is becoming "the norm" for businesses and the public, driving demand for its zero-emission power technology. With ongoing fundraising to support international expansion planned for 2026, GeoPura is betting on a green hydrogen future, even as it navigates the financial challenges of scaling a capital-intensive new technology.
