Close Brothers Asset Finance has broadened its sustainability funding offering to include hydrogen projects and assets, making it one of the first lenders to provide asset finance at scale in the hydrogen sector.
Hydrogen is seen as a key enabler of decarbonisation in sectors where direct electrification is challenging, such as heavy industry and transport, and it can also function as an energy storage solution.
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The firm has provided funding across the hydrogen supply chain, including electrolysers, multi-element gas containers (MEGC) and Hydrogen Power Units (HPU), which can be used for off-grid energy supply in sectors ranging from construction to TV and film production.
John Fawcett, CEO of Close Brothers Asset Finance, said the decision to support hydrogen followed extensive research. He explained that the firm had “spent a considerable amount of time understanding the hydrogen value chain to lend against new technology” and that its funding focuses on “new-to-market assets… contributing to the nascent European green hydrogen market value chain.”
Andrew New, Head of ESG Lending, added that the firm was targeting small to medium-sized enterprises and mid-size corporates, an “often underserved customer segment in energy transition.” He noted that Close Brothers can offer “multiple forms of finance from different security bases to better reflect market conditions in nascent markets” and provide “a full value chain solution to customers, from production through to end use.”
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