Monarch Energy, a California-based green hydrogen project developer, and LS Power, a New York-headquartered North American Power and Energy Infrastructure manager, have formed a partnership to deploy a portfolio of green hydrogen projects throughout the United States, according to a news release.
LS Power plans to invest up to $400m into projects developed by Monarch as part of the newly established Clean Hydrogen Fuels, LLC platform.
LS Power provided $25m in preferred equity financing for Monarch Energy and will hold a seat on Monarch’s Board of Directors. This investment will be used to advance Monarch’s pipeline of projects, expand to new regions within the US, and continue to add top talent to the Monarch team.
Monarch Energy is pursuing large-scale electrolyzer projects to deliver cost-competitive green hydrogen to customers in the refining, chemicals, fertilizer, long-haul transport, and other hard-to-decarbonize industries. Forming the Clean Hydrogen Fuels partnership will enable Monarch to leverage LS Power’s broad platform of expertise across project development, commodities, environmental attribute and credit risk management, power marketing, public policy and market development, and project finance.
“Executing one of the largest pipelines of green hydrogen projects in the US requires access to deep pools of capital, diverse skillsets, and a commitment to innovation. LS Power consistently operates at the vanguard of new technologies and exemplifies a brand known for building complex projects at industry-leading scale. Together, we unlock the potential to achieve great outcomes in hydrogen and eFuels for our customers,” said Monarch Energy CEO, Ben Alingh.
“Corporations and policymakers are seeking advancements in clean fuel solutions to accelerate the energy transition,” said David Nanus, President of LS Power Equity Advisors. “Green hydrogen can play a leading role in this effort. Given their team’s first-mover development efforts in the clean hydrogen space and deep skill set, we are excited to partner with Monarch Energy to advance its project pipeline and build on our successful efforts in other clean fuel categories such as renewable natural gas.”
