The financing round includes existing investors Cottonwood Technology Funds and the New Mexico State Investment Council under a fund managed by Sun Mountain Capital. The funds will be used to accelerate BayoTech’s strategic growth through product development, project development and infrastructure expansion.
BayoTech is an energy solutions company committed to addressing the global need for a consistent, cost-effective, low carbon supply of hydrogen. Hydrogen possesses many attributes that will drive long-term demand as a fuel source, including its role in global decarbonisation efforts. Today, most hydrogen is produced at large, centralised facilities before being delivered to end users. BayoTech, through its on-site hydrogen generators and “gas-as-a-service” offering, reduces or eliminates transportation and storage costs, resulting in less energy wasted and a lower carbon footprint than traditional hydrogen production technology and electrolyser-based systems. The company’s modular, scalable, and rapidly deployable hydrogen production systems require lower upfront capital commitments, streamlined siting and installation and, when paired with renewable natural gas (RNG), offer the most cost-effective green hydrogen available today.
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 those using hydrogen to power the fast-growing fuel cell segment.
“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,” said Fortistar President Mark Comora. “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, America just got one step closer to a net zero-carbon economy.”
“This is a momentous day in our company’s evolution. 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,” said Mo Vargas, BayoTech’s President & CEO. “We are excited to welcome Fortistar, a leading investor in sustainability, who have developed almost 400 fuelling stations and a US$500 million capital investment program to produce over 100 million gas gallon equivalents of RNG. The transportation 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. The Fortistar team continues to show a great commitment to supporting emerging technologies in the clean energy space and we are honoured to work with them to help transition the transportation sector to a more sustainable system.”
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/07012021/fortistar-joins-equity-investment-in-hydrogen-production-company-bayotech/
You might also like
ExxonMobil has announced that its majority-owned affiliate, Imperial Oil Ltd, will invest approximately US$560 million to move forward with construction of a renewable diesel facility in Canada.