Three companies from the North East have been spotlighted in a list of firms likely to exceed the $1bn valuation mark in the near future.
Durham’s Atom Bank, its neighbour Pragmatic Semiconductor, and Newcastle’s hydrogen pioneer Geopura have all made it onto Hurun’s Unicorns and Future Unicorns Index 2024. The report shines a light on 53 British unicorns and 84 up-and-coming firms, dubbed gazelles and cheetahs.
Atom Bank, a digital banking contender, and Pragmatic Semiconductor, an innovator in ultra-thin chip technology, are classified as gazelles by Hurun – a title given to those expected to hit the $1bn valuation, or “go unicorn”, within three years. Atom Bank celebrated a significant achievement last year, reporting full profitability both pre and post-tax, with operating profits soaring to £27m, a leap from £4m in 2023.
A funding round in 2023 boosted the bank’s valuation to approximately £362mn.
Pragmatic Semiconductor is making waves with its revolutionary flexible chips, which boast a thickness less than that of human hair. The company secured a hefty £182m investment towards the end of 2023, catapulting its valuation to about £500m, reports Business Live. With a base in Cambridge and expansion underway at County Durham’s Pragmatic Park, the firm is enhancing its production capabilities with a new line alongside its existing operations at NETpark.
Newcastle’s Geopura, a company specialising in the creation of Hydrogen Power Units (HPUs) to supplant traditional diesel generators, has been earmarked as one of Hurun’s ‘cheetahs’ – companies predicted to reach unicorn status within five years. The team of 130, located at Siemens Energy in Newcastle, celebrated a £22m investment boost last year.
GeoPura’s CFO, Derek Bulmer, expressed the company’s pride in being spotlighted by Hurun, saying: “We’re incredibly proud that GeoPura has been recognised by Hurun as a company on track to achieve unicorn status by 2029. This recognition underscores the tremendous progress we’ve made in scaling up our hydrogen power solutions and highlights the vital role we’re playing in the UK’s transition to clean energy.”
Mr Bulmer further spoke about the company’s role beyond just replacing diesel generators, stating: “As one of the largest producers of green hydrogen in the UK, we’re doing far more than simply replacing diesel generators – we’re driving a fundamental shift in how power is generated and consumed. Our Hydrogen Power Units (HPUs) provide a reliable, zero-emission alternative for industries that have long depended on fossil fuels, improving air quality and reducing carbon emissions across sectors like construction, live events, and broadcasting.
“Our momentum has never been stronger. Over the past year, we’ve secured significant funding, signed multi-year contracts with household-name customers, grown our hydrogen logistics capacity, and expanded our workforce.
“Our growing production capabilities in Newcastle, developed in collaboration with Siemens Energy, enable us to manufacture fuel cell generators at scale and deploy them exactly where they’re needed most. We’re incredibly proud that GeoPura has been recognised by Hurun as a company on track to achieve unicorn status by 2029. This recognition underscores the tremendous progress we’ve made in scaling up our hydrogen power solutions and highlights the vital role we’re playing in the UK’s transition to clean energy.”
Rupert Hoogewerf, Hurun’s chairman and chief researcher, said: “The UK is the best place in the world for Unicorns outside of the US, China and India, showcasing that Britain is a magnet for entrepreneurs from around the world, complimenting the extensive homegrown talent already present in the country.”
View news Source: https://www.chroniclelive.co.uk/news/north-east-news/three-north-east-companies-tipped-31000455
