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BayoTech Inc., a developer of on-site hydrogen production systems, announced it received an equity investment of up to $157 million.
The funds will come from growth equity investor Newlight Partners with participation from existing investors Cottonwood Technology Funds, Sun Mountain Capital and new investor Fortistar.
Proceeds will be used to accelerate BayoTech’s strategic growth through product development, project development and infrastructure expansion, according to the Albuquerque, N.M.-based company whose markets include the fuel cell transportation, agriculture and industrial sectors.
The company noted it can produce hydrogen — the most abundant element, or almost 90% of the visible universe — for less than $2 a kilogram. Most hydrogen is produced at large, centralized facilities before being delivered to end users, the company explained in a release.
BayoTech, through its on-site hydrogen generators and gas-as-a-service offering, reduces or eliminates transportation and storage costs, which results in less energy wasted and a lower carbon footprint than traditional hydrogen production technology and electrolyzer-based systems.
The company noted its modular, scalable and rapidly deployable hydrogen production systems require lower upfront capital commitments, streamlined siting and installation and, when paired with renewable natural gas, offer the most cost-effective green hydrogen available. — Transport Topics
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