London-based VC spun from Anglo American Platinum's PGM Investment Programme (est. 2014). Founded as independent fund 2018 w/ $200m initial commitments. Manages 4 funds incl. Fund III ($500m target). Team of 29 (6 partners). Portfolio: 50+ investments across hydrogen production (Hystar, C-Zero), storage/transport (Hydrogenious, HRS, ZEG Power), end-use (ZeroAvia, Plug Power), carbon capture (Immaterial, Mitico). Active co-investors: Temasek, Mitsubishi, Equinor, Implats.
Investment Focus
Investment Thesis
Hydrogen value chain specialist (production, storage, transport, end-use). Series A-B focus, typically £2-18m cheques. Global mandate w/ strategic emphasis on hard-to-abate sectors (aviation, heavy transport, industry). Avoids: non-hydrogen cleantech, late-stage dilution rounds. Differentiator: access to PGM expertise via Anglo American Platinum & deep industrial networks (energy, automotive, mining). Fund III targets carbon capture + hydrogen as decarbonisation combination.
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