Proteum Energy is seeking to raise approximately $5m for development capital purposes.
The Arizona-based firm has a technology that produces hydrogen via its steam non-methane reforming process, and is raising the capital to top off its balance sheet before it closes on a larger non-dilutive debt raise in the near future, Proteum CEO Larry Tree said on the sidelines of the Fuel Ethanol Workshop & Expo in Minneapolis.
The non-dilutive capital of $120m would be raised at a project entity from a single investor, and be used to finance a California ethanol-to-hydrogen project producing 32 tons per day of hydrogen, Tree said.
Proteum would also raise equity to support the California project, he said, adding that the company is in talks with two financial advisors but hasn’t selected one yet.
In the near term, the $5m raise would get the company through FEED on the California project.
The SnMR technology can adapt to feedstock availability by reforming any non-methane hydrocarbon or oxygenated hydrogen carbon into three product gases: hydrogen, methane/RNG, and CO2.
Tree said Proteum’s renewable hydrogen represents one of the lowest carbon intensity liquid hydrogens at 8.7 grams of CO2 per MJ. This assumes ethanol produced using CCS is used as a feedstock.
