On-site hydrogen production firm BayoTech receives major equity investment
The funds will be used to accelerate BayoTech’s strategic growth through product and project development, and infrastructure expansion.
The financing round includes existing investors Cottonwood Technology Funds and the New Mexico State Investment Council under a fund managed by Sun Mountain Capital, in addition to new investor Fortistar, a major player in the US RNG market.
BayoTech is an energy solutions firm focused on addressing the global need for a consistent, cost-effective, low-carbon supply of hydrogen.
Today, most hydrogen is produced at large, centralised facilities before being delivered to end-users. Through its on-site hydrogen generators and ‘gas-as-a-service’ offering, BayoTech reduces or eliminates transport and storage cost, resulting in less energy wasted and a lower carbon footprint than traditional hydrogen production technology and electrolyser-based systems.
BayoTech’s modular, scalable, and rapidly-deployable hydrogen production systems require lower upfront capital commitments, streamlined siting and installation, and, when paired with RNG, offer highly cost-effective green hydrogen.
“This is a momentous day in our company’s evolution,” said BayoTech’s president and CEO Mo Vargas.
“This investment will enable BayoTech to drive commercial growth aggressively so that consumers around the world can have access to low-cost and low- to zero-carbon hydrogen today.
“We are excited to welcome Fortistar, a leading investor in sustainability, which has developed almost 400 fuelling stations and a $500 million capital investment programme to produce over 100 million gas gallon equivalents of RNG.
“The transport sector will play a critical role in accelerating the hydrogen economy and BayoTech and Fortistar have an amazing opportunity to build together and produce low-cost, green hydrogen using RNG with BayoTech’s generators to support this growth.”
BayoTech’s hydrogen generation systems produce local hydrogen close to the application, serving a diverse set of end-users, including traditional consumers in the industrial gas and chemicals industries, as well as using hydrogen to power the fast-growing fuel cell segment.
Mark Comora, Fortistar president, said: “For 2021 and beyond, we’re looking to support emerging, proven solutions that help accelerate our country’s transition to a lower carbon and more sustainable future.
“We’re excited about our investment in BayoTech, which is already providing innovative ways to incorporate hydrogen into our economy today. With our help and BayoTech’s innovations, the US just got one step closer to a net-zero-carbon economy.”