|Advisory sell side:||Stibbe | Legal Advisory Corporate M&A|
|Buyer:||ING Corporate Investments
|Advisory buy side:||DLA Piper | Legal Advisory Corporate M&A
Strohm, the world's first and leading manufacturer of thermoplastic composite pipe (TCP), has closed the largest funding round in the company's history, securing €15 million in investment and setting the company on the path to low-carbon energy Rapid global growth track sector.
The €15million investment includes a €10million commitment made today, 15th December 2022, by ING Corporate Investments (a 100% subsidiary of ING Bank N.V.), the Netherlands’ largest financial institution, as well as a further €5million co-investment from existing shareholders Shell Ventures, Chevron Technology Ventures, Evonik Venture Capital and HydrogenOne Capital Growth Plc (HydrogenOne).
This funding round enables Strom to accelerate the expansion of its manufacturing operations and increase its ability to deliver its unique TCP solutions to the offshore green hydrogen and carbon capture, utilization and storage (CCUS) markets, while serving its existing customers, Help them reach their goal of zero net income.
Strohm CEO Martin van Onna, said: “This significant investment from ING Corporate Investments and our existing shareholders is a huge vote of confidence in what we have achieved to date and the wide acceptance of our ground-breaking TCP technology and its applications across multiple energy markets.''
Corstiaan Withagen, Managing Director of ING Corporate Investments, said: “Strohm is clearly the undisputable market leader in TCP, a market with huge potential specifically in the renewable energy market. With the company’s breakthrough technology, superior product and proven track record, Strohm has created a sustainable and durable competitive advantage paving the way for an accelerated growth path. We are excited to be part of Strohm’s journey and are looking forward to work closely with Strohm’s management team and shareholders.”