Johnson Matthey receives £400m loan for sustainable technology development

JOHNSON Matthey has received a £400m (US$521m) loan backed by the UK Government to boost the company’s R&D in sustainable technologies.

The loan is to be provided by HSBC, Sumitomo Mitsui Banking Corporation, and Bank of America, with the UK Government backing it via the UK Export Finance’s (UKEF) Export Development Guarantee scheme. The Government said that the loan will help it deliver on its Ten Point Plan for a green industrial revolution.

It will be used by Johnson Matthey to develop sustainable technologies including green hydrogen. As part of the finance agreement, JM has committed to reducing its greenhouse gas emissions and decarbonising its energy procurement, with progress against these reduction goals to be independently monitored by a third party.

Anne-Marie Trevelyan, International Trade Secretary, said: “Investments in hydrogen technologies will blast domestic energy production higher than ever – securing the future supply of cleaner energy at home and helping us to export abroad. This will make for a healthier, wealthier future for the UK while protecting the planet.”

Stephen Oxley, Chief Financial Officer at Johnson Matthey, said: “The announcement […] demonstrates the strength of JM’s commitment to sustainability goals and targets announced last year. The loans will help support the significant investment we are making to help create a cleaner, healthier world.”