Jo Bamford, the heir to JCB, is setting up a £1bn fund aimed at putting the UK ahead in the global race to manufacture environmentally friendly hydrogen. The owner of Ryze Hydrogen and Wrightbus has joined forces with investment company Vedra Partners to develop the fund, Hycap, which has already raised £200m. It will focus on so-called green hydrogen made in the UK using water and renewable electricity, as opposed to more polluting “blue” hydrogen extracted from natural gas. Mr Bamford says that 40 potential investments have already been identified. The Government wants to ramp up production of hydrogen to try and meet climate targets, and is consulting on a new subsidy scheme to encourage producers. Mr Bamford, 43, grandson of the JCB founder Joseph Cyril Bamford, said the fund will split investments between hydrogen production; infrastructure such as electrolysers, which break down water molecules; and equipment that can run on hydrogen such as trucks.
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