Ceres Power Holdings, which produces fuel cell and electrochemical technology, experienced a 44 per cent increase in revenue last year, in part thanks to a £179m fundraising campaign to support green energy.
The firm benefited from handing out major contracts, registering a £250m in cash and investments, up from £110m in 2020.
Its successful fundraiser built reserves to support growth of green hydrogen, which is a form of energy produced entirely by renewables.
Ceres also had a gross profit of more than £20m, up from £16.5m last year, while it has a series of high-profile investments, including from Bosch and Doosan.
With war in Ukraine putting pressure on the cost for raw materials used by conventional energy producers, its chief executive Phil Caldwell, said: “The recent global volatility has only served to highlight the urgency for energy security around the world”.
He said governments are “under increasing pressure to decarbonise their societies and hydrogen now widely acknowledged as an essential part of the route to net zero.”
“We need a different energy landscape and Ceres’ purpose to deliver technology that enables a clean and efficient energy future is absolutely aligned with that goal. We have made significant progress on our growth ambitions this year, to establish Ceres as a leading player in the sector.”