Image by Tanaonte from Getty Images
Recent Funding and Manufacturing Boost Green Hydrogen Sector
Generate Capital has committed to investing a substantial amount, up to $250 million, in Ambient Fuels. This investment marks another significant development in the recent surge of initiatives aimed at accelerating the momentum of green hydrogen.
The specifics of the deal include an undisclosed division of equity and project finance. Ambient Fuels positions itself as a specialized developer focused solely on green hydrogen, offering tailor-made projects to industries with high energy demands and transportation sectors. The company handles various aspects of the projects, including design, financing, and construction, to ensure seamless implementation.
Ambient Fuels has announced its active development of a project located in the Port of Corpus Christi, Texas. In addition, the company is actively engaged in seeking one of the Department of Energy’s hydrogen hubs. Notably, Ambient Fuels is also mentioned in New York’s hydrogen hub application.
Ambient Fuels CEO Jacob Susman expressed enthusiasm for the collaboration with Generate Capital, emphasizing how it enhances their capability to cater to customers’ specific requirements for green hydrogen facilities. This collaboration strengthens their ability to support customers in their decarbonization initiatives.
The partnership between Generate Capital and Ambient Fuels is indicative of the increasing momentum surrounding green hydrogen, as evidenced by recent significant fundraising and manufacturing announcements.
In April, Ohmium, based in Silicon Valley, successfully secured $250 million in funding. The capital will be utilized to expand its plant in India, conduct research at its Fremont, California headquarters to lower production costs, and bolster its workforce of 400 employees.
Nel, a Norwegian manufacturer of electrolyzers, revealed its intention on May 3 to construct a gigafactory in Michigan. The company aims to collaborate with General Motors to drive down the cost of green hydrogen. The establishment of the plant is projected to require an investment of approximately $350 million.
Shortly after, Electric Hydrogen, a manufacturer of electrolyzers, disclosed its plans to establish its inaugural factory in Massachusetts. The startup has leased a newly-built facility spanning 187,000 square feet, where it intends to commence manufacturing 100 MW hydrogen electrolyzers in early 2024. The plant’s production capacity is slated to reach 1.2 GW, as highlighted in a news release by the company.
Information Sourced From: