Hydrogen generation technology company BayoTech has received an equity investment of up to $157m to help accelerate strategic growth through product development, project development and infrastructure development.
In a statement released today (5th Jan), BayoTech said the new capital comes from growth equity investor Newlight Partners, with participation from existing investors Cottonwood Technology Funds, Sun Mountain Capital, and new investor Fortistar.
“This is an exciting day in our company’s evolution,” said Mo Vargas, BayoTech’s President and CEO. “This investment will enable BayoTech to drive commercial growth aggressively so that consumers around the world can have access to low cost, low/zero-carbon hydrogen today.”
“Having previously worked with Newlight, I have experienced first-hand the strategic resources and value they bring to their partners as well as their team’s ability to understand and invest in new markets. We have a shared vision of where we want BayoTech to go and the tremendous opportunity that the company has in the hydrogen sector.”
“We also welcome Fortistar, who has experience building almost 400 fueling stations and are in the middle of a $400m capital investment program to produce over 100 million gas gallon equivalents of RNG, which will accelerate the deployment of BayoTech generation sites. We are very appreciative of the continued support from Cottonwood and Sun Mountain as well. They have been amazing partners over BayoTech’s five-year journey.”
“Advances in fuel cell technology are driving demand for hydrogen in emerging applications, including in the materials handling, mobility and power sectors, where demand tends to be more distributed,” added Mark Longsteth, Partner at Newlight.
“BayoTech’s innovative approach to on-site hydrogen generation ensures that these end users, who are not well‐served by the incumbent industrial gas players, are able to get on-demand hydrogen at a competitive price.”