UK climate tech company gets £12m boost from US
Cambridge-based Levidian has secured £12m of investment from US energy company Baker Hughes to scale up its LOOP methane conversion technology.
According to Levidian, LOOP decarbonises methane by cracking it into hydrogen and graphene, the former of which can can be used immediately as a hydrogen-rich gas blend to support industrial decarbonisation, while the latter can be used to improve the performance of a wide range of materials including consumer electronics and sporting goods. The containerised LOOP system is claimed to seamlessly dock with existing infrastructure and could help businesses reduce carbon emissions by up to 40 per cent by using a cleaner hydrogen-methane blend on site.
Levidian says the investment, which values the company at approximately £130m, will create around 100 jobs and bolster production of more LOOPs to convert methane into fuels of the future. The deal will also enable Baker Hughes to diversify its energy portfolio, which has traditionally been rooted in oil field services.
“This investment comes at a critical phase of Levidian’s development,” said Levidian CEO John Hartley.
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