BayoTech rallies $157 million to support growth
Newlight Partners' investment will accelerate BayoTech’s growth through product and project development, and infrastructure expansion.
BayoTech, a provider of on-site hydrogen production, has received an equity investment of up to $157 million from Newlight Partners, a growth equity investor, to accelerate BayoTech’s strategic growth through product development, project development and infrastructure expansion.
The $157 million investment from Newlight Partners include the participation from existing investors Technology Funds, Sun Mountain Capital and new investor Fortistar.
The new capital follows a year of significant growth for BayoTech, which announced agreements for hydrogen development projects with HYZON Motors, IGas Energy, Nutrien, and others, as well as filing four new patents in 2020, according to a company’s press release.
“We [and Newlight] 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 $400 million 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 5-year journey,” said BayoTech’s President & Chief Executive Officer, Mo Vargas.
“We are proud to be partnering alongside Mo and his talented team at BayoTech to support the company’s growth and bolster its position as a leading provider of sustainable and cost-effective hydrogen solutions as the global energy sector transitions to a less carbon-intensive future,” said Mark Longstreth, Partner at Newlight.
Headquartered and produced in New Mexico, USA BayoTech is a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and gas-as-as-service to customers worldwide.
Contenido relacionado
