Jo Bamford has joined forces with multi-family office Vedra Partners to launch HYCAP, a hydrogen investment fund which has set its sights on raising £1bn.

The capital, which already stands at more than £200m after the first round of investment, will be injected largely into UK businesses, with the focus on speeding-up green hydrogen production and supply, creating jobs and contributing to the Government’s Net Zero targets.

“With the Government’s relentless pursuit of Net Zero targets and the publication of the damning IPCC report, it is our belief that hydrogen holds the key to reducing emissions - and there is a growing sense of urgency to act now,” Bamford explained. “The UK has missed the boat on batteries, a sector dominated by China and the Far East, but we can be global leaders in the production and supply of hydrogen - an economy said to be worth $2.5tr in revenues by 2050.”

Bamford said there were a number of key drivers for the renewed interest in hydrogen: 70 per cent of global GDP is linked to hydrogen country roadmaps; membership of the Hydrogen Council has increased almost five-fold since 2017, and the UK Government has pledged to have 5GW of low-carbon hydrogen production by 2030.

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