BayoTech raises $157 million to expand hydrogen business
BayoTech Inc, an onsite hydrogen producer, has received an equity investment of $157 million from Newlight Partners LP, an equity investor, in participation with other investors. The funding will be channelised to expand the company business in developing products and projects portfolio.
Currently, most hydrogen around the world produced at major facilities which then transported to consumers. However, BayoTech offers onsite hydrogen generators and hydrogen-as-a-Service model, which helps curtail key costs such as transportation and storage costs. Cutting on these costs also help reduce carbon footprint. For small consumers, onsite production can be advantageous compared to buying from a large electrolyser-based producer.
BayoTech claims that its technology is scalable and rapidly deployable with lower upfront costs. The technology can be more cost-effective when integrated with renewable natural gas (RNG). Producing hydrogen on the spot can also solve the issue of liquefying and transporting hydrogen.
BayoTech current hydrogen generators can produce up to 1000 kg of hydrogen per day. However, it is currently developing the next generation hydrogen generators, capable of producing 5k kg, 10k kg and 30k kg of hydrogen per day.
Mo Vargas, BayoTech’s President & CEO said: “We also welcome Fortistar, who has experience building almost 400 fueling stations and are in the middle of a $400 million capital investment program to produce over 100 million gas gallon equivalents of RNG.”