Jo Bamford, son of JCB chairman Lord Bamford and heir to the multibillion-pound construction equipment firm fortune, has launched a £1bn investment fund to finance green hydrogen projects. The fund will be injected into UK businesses to help them drive hydrogen production and supply, create jobs and support the Government's Net Zero ambitions.

Wrightbus owner Jo Bamford. Image courtesy of WrightbusWrightbus owner and green entrepreneur Jo Bamford

The green entrepreneur has teamed up with multi-family office Vedra Partners to launch the hydrogen investment fund, known as HYCAP.

Right now, the fund stands at around £200m after its first round of investment, but its aim is to raise more than £1bn in total to help the UK hydrogen sector compete with other territories. The fund’s founders say they have already identified more than 40 firms in the hydrogen space which will be evaluated for investment.

With the UK hosting COP26 in Glasgow later this year, Bamford says there is no time to wait in order to harness the appetite of sustainably focused investors.