Brexit rocket boost! JCB heir sets out huge £1billion jobs plan ‘We can be global leaders’


    Mr Bamford has teamed up with multi-family office Vedra Partners to launch HYCAP, a hydrogen investment fund. More than £200million has already be raised after the first round of investment, with plans to inject the cash 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 UK hosting COP26 in Glasgow later this year, Mr Bamford said there was no time to waste.

    He said: “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.

    “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 $2.5trillion in revenues by 2050.”

    His team had already identified more than 40 firms in the hydrogen space which will be evaluated for investment, Mr Bamford explained.

    He added: “We have also discovered that investors around the world match the ambitions of global governments in wanting green-focused funds which have a positive impact on climate change.”

    Mr Bamford highlighted a number of key drivers for the renewed interest in hydrogen: 70 percent 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 promised to have 5GW of low-carbon hydrogen production by 2030.

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    He added: “The fund will be investing across the entire value chain, focusing on production, manufacture and supply, in order to put the UK firmly on the map when it comes to hydrogen.

    “By striking meaningful commercial partnerships and developing intelligent go-to-market strategies it is clear HyCap’s maiden fund can add strategic, operational and financial value to the ecosystem while creating entrepreneurial growth businesses.”

    When fully deployed, the fund has the potentially to create large numbers of new jobs, and will aim to save up to 25 percent of cities’ transport budgets.

    JCB, chaired by Lord Bamford, Mr Bamford’s father, is building a hydrogen-fuelled combustion engine which can be used to power heavy machinery rather than fossil fuels, fuel cells or batteries.

    The Government unveiled its hydrogen strategy last month.

    This outlined:

    • how the UK will rapidly and significantly scale up production and lay the foundations for a low carbon hydrogen economy by 2030
    • how


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