Snowfox Raises $30M Series A Led by bp Ventures and Rio Tinto to Advance Natural Hydrogen Exploration

Snowfox Discovery has closed an oversubscribed $30 million Series A funding round, marking one of the largest financings to date in the natural hydrogen sector. The round was led by bp Ventures with strong participation from Rio Tinto Ventures and Oxford Science Enterprises, alongside new backers AP Ventures, The Bamford Family, and Oxford Capital.

The investment provides Snowfox with both financial strength and strategic partnerships as it pursues its mission to verify the existence of large-scale, commercially viable natural hydrogen accumulations. According to CEO Daniel McMahon, the company’s focus is on targeted exploration in regions with clear pathways to nearby offtakers — a key requirement for turning natural hydrogen potential into economic reality.

Funds from the Series A will be deployed to advance Snowfox’s proprietary exploration technologies, expand its operational base, and build a global portfolio of high-quality natural hydrogen opportunities. The company highlights its unique combination of scientific expertise and proven exploration experience as a differentiator in a fast-emerging sector.

McMahon will also share further insights at the #ENERGY2025 online conference on October 7–8, underscoring Snowfox’s role as one of the most closely watched players in natural hydrogen exploration.

Full announcement by Mark Gainsborough, Chairman of Snowfox Discovery, follows:

I am delighted to formally announce the close of Snowfox Discovery’s oversubscribed $30m series A funding round. Led by bp Ventures, with support from Rio Tinto Ventures and Oxford Science Enterprises, we now welcome AP Ventures, The Bamford Family and Oxford Capital . It’s an exciting combination of strategic and financial investors, all of whom understand the need for cost competitive low carbon molecules in the energy system of the future.

At Snowfox Discovery we are exploring the potential for natural hydrogen to play a key role in the energy transition. Our purpose is to verify the existence of natural hydrogen accumulations of a scale and quality needed for economic success through focussed exploration in locations with line of sight to commercial off-takers. We will use this investment to continue to develop our sector-defining technology, expand our operational base and deliver a global portfolio of world-leading natural hydrogen opportunities. This is made possible by the efforts of the Snowfox Discovery team, who combine leading scientific knowledge with a proven exploration track record. We look forward to sharing the details of our progress in the coming months and years.

For those of you who would like to know more about Natural Hydrogen, Snowfox Discovery CEO Daniel McMahon will be leading a discussion on the subject at the #ENERGY2025 conference which takes place on the 7th and 8th October 2025. This is an online event and is free to register.