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Mobility solutions provider to raise up to EUR 200m

Quantron, the German and US-based mobility solutions provider, is set to launch a capital raise that could entail the sale of up to 20% equity.

Quantron, the German and US-based mobility solutions provider, is set to launch a capital raise that could entail the sale of up to 20% equity, according to three sources familiar with the matter.

The company is seeking between EUR 150m and EUR 200m in the process, the sources said, implying a valuation of up to EUR 1bn.

Quantron, which recently expanded into North America with the opening of an office in Detroit, will also consider debt as a part of the raise, one of the sources said.

At a ceremony at the Delegation of German Industry and Commerce (DGIC) in Washington D.C. on 12 October, Quantron signed a deal to supply TMP Logistics with 500 Class 8 trucks. The trucks will be operated by Quantron’s as-a-service (QaaS) vertical; they are scheduled for delivery in 2024.

Quantron AG CEO Michael Perschke told ReSource at that event that the company is in discussions with US investors about the capital raise, which has not formally launched but is tentatively scheduled to wrap up in 2Q23. Quantron is also in pre-closure discussions with several US law firms.

A fourth source said Quantron has worked with Danish consulting firm Ramboll Group on past deals.

Perschke said his company has relationships with PwC and EY, the latter especially on IPO readiness.

Quantron in September closed on a EUR 50m Series A with NASDAQ-listed Ballard Power Systems and German machinery manufacturer Neuman & Esser as investors.

Looking forward the company would like to work with a US strategic or private equity interest committed to hydrogen.

Utilities or corporates investing in hydrogen production but still building out the offtake structure would be of interest to Quantron, Perschke said. He noted that private equity interest like Ardian’s HY24 and Beam Capital are also active in the space.

Quantron is in the final stages of a deal with an oil company that Perschke declined to name, but said the company has 2,000 fueling stations across Europe that they are considering for conversion to hydrogen.

Perschke said his company plans to build out its presence in California and then could look for expansion in the northeast, Gulf Coast or Canada. The company aims to be an early mover in US hydrogen-fueled long-haul trucking along with peer Nikola Motor.

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Utah green hydrogen project gets US DOE loan guarantee

DOE’s loan is its first in more than ten years for a renewable energy project.

Mitsubishi Power Americas and Magnum Development have closed on a $504.4m loan guarantee from U.S. Department of Energy’s (DOE) Loan Programs Office to Advanced Clean Energy Storage I, LLC to develop the world’s largest industrial green hydrogen facility in central Utah.

DOE’s loan is its first in more than ten years for a renewable energy project, according to a news release.

In April 2022, DOE’s Loan Programs Office issued a conditional commitment for ACES I. The loan closed on June 3, 2022, highlighting the Administration and the Energy Department’s commitment towards supporting the clean hydrogen sector. This loan helps generate a viable market for hydrogen and will make it scalable in the western United States and electrical grid, creating the fundamental infrastructure necessary to deploy this zero-carbon energy source, the release states.

The Advanced Clean Energy Storage hub will help the clean energy transition by supporting the Intermountain Power Agency’s IPP Renewed Project — upgrading to an 840 MW hydrogen-capable gas turbine combined cycle power plant. The plant will initially run on a blend of 30% green hydrogen and 70% natural gas starting in 2025 and incrementally expand to 100% green hydrogen by 2045.

The hub will produce up to 100 metric tonnes per day of green hydrogen from renewable energy using electrolysis. Green hydrogen can then be stored in two massive salt caverns, each capable of storing 150 gigawatt hours (GWh) of energy, resulting in the world’s single largest hydrogen storage site and providing capabilities for seasonal shifting of excess renewable energy. The long-duration energy storage capability of the salt caverns will help improve resource adequacy and decrease costs by capturing excess renewable power when it is abundant and dispatching it back on the grid when it is needed.

“This joint venture is historic for Mitsubishi Power Americas and the future of global hydrogen deployment,” says Bill Newsom, President and CEO of Mitsubishi Power Americas. “We’re proud to partner with Magnum Development and provide the hydrogen equipment to further advance carbon-free hydrogen as a cornerstone of our future energy supply and help chart the path towards net zero.”

The development and operation of the Advanced Clean Energy Storage hub will help spur economic development locally by creating up to 400 local construction jobs throughout the 3-year construction cycle, and it will employ a projected 25 full-time operations and maintenance personnel to provide 24/7 operations and maintenance of the facility.

“Magnum Development has enjoyed a synergistic relationship with the City of Delta and Millard County since 2008,” said Craig Broussard, CEO of Magnum Development and ACES Delta. “In addition, royalties paid from our operations go to our mineral estate partner, the Utah School and Institutional Trust Lands Administration, to provide funding for the Utah educational system. Over the next three decades significant taxes and royalties will flow from this initial phase of green hydrogen development at our site.”

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Nikola names new CFO

Nikola has named Anastisiya Pasterick as its new CFO. She replaces outgoing CFO Kim J. Brady, who is retiring.

Nikola Corporation, a global supplier of zero-emissions transportation and energy supply and infrastructure solutions, today announced that CFO Kim J. Brady will retire as effective April 7, 2023, according to a news release.

Anastasiya “Stasy” Pasterick, who is currently serving as Nikola’s vice president, corporate controller, will succeed Brady as the company’s new CFO. Brady will remain employed with Nikola through April 28, 2023, as a non-executive officer in an advisory capacity to support the transition.

As CFO, Pasterick will be responsible for leading Nikola’s finance and accounting team, including investor relations, strategic finance, and treasury.

Pasterick started her career at KPMG LLP where she worked in audit for seven years, serving a diverse portfolio of clients in the automotive and technology sectors from pre-revenue start-ups to global multi-billion-dollar corporations, according to the release. Prior to joining Nikola in 2019, Pasterick held several financial leadership positions at OEM manufacturing firms including Director of Accounting Operations at Erickson, Inc., and Corporate Controller at nLIGHT, Inc., where she led all financial aspects of the company’s IPO.

At Nikola, Pasterick was key in executing the organization’s SPAC merger in 2020 and has been responsible for the overall financial operations of the company including accounting, reporting, transactional finance, and manufacturing finance. She has established Nikola’s accounting and reporting infrastructure as a new public company and has been instrumental in scaling the organization’s financial operations through entering commercial production.

“Stasy’s proven financial acumen and attention to detail are the capabilities the company needs now as we build on the momentum surrounding the unveiling of our new energy brand, HYLA, the commercialization of our Class 8 battery-electric truck, and the pending production of our Class 8 hydrogen fuel cell vehicle,” said Michael Lohscheller, Nikola Corporation president and CEO. “We are grateful to Kim for his leadership and dedication to the company for the past five years. He led the organization’s early rounds of funding and was instrumental in taking the company public and shaping its strategy. We sincerely wish him all the very best as he embarks on a new and exciting chapter in his life.”

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Bloom Energy demonstrates 4 MW solid oxide electrolyzer

According to the company, the high-temperature, high-efficiency unit produces 20-25% more hydrogen per MW than commercially demonstrated lower temperature electrolyzers.

Bloom Energy has begun generating hydrogen from the world’s largest solid oxide electrolyzer installation at NASA’s Ames Research Center, the historic Moffett Field research facility in Mountain View, Calif, according to a news release.

This high-temperature, high-efficiency unit produces 20-25% more hydrogen per megawatt (MW) than commercially demonstrated lower temperature electrolyzers such as proton electrolyte membrane (PEM) or alkaline.

This electrolyzer demonstration showcases the maturity, efficiency and commercial readiness of Bloom’s solid oxide technology for large-scale, clean hydrogen production. The 4 MW Bloom Electrolyzer™, delivering the equivalent of over 2.4 metric tonnes per day of hydrogen output, was built, installed and operationalized in a span of two months to demonstrate the speed and ease of deployment.

“This demonstration is a major milestone for reaching net-zero goals,” said KR Sridhar, Ph.D., Founder, Chairman and CEO of Bloom Energy. “Hydrogen will be essential for storing intermittent and curtailed energy and for decarbonizing industrial energy use. Commercially viable electrolyzers are the key to unlocking the energy storage puzzle, and solid oxide electrolyzers offer inherently superior technology and economic advantages. Bloom Energy, as the global leader in solid oxide technology, is proud to share this exciting demonstration with the world: our product is ready for prime time.”

The current demonstration expands on Bloom’s recent project on a 100 kW system located at the Department of Energy’s Idaho National Laboratory (INL) which achieved record-breaking electrolyzer efficiency. In the ongoing project, 4500 hours of full load operations have been completed with a Bloom Electrolyzer™ producing hydrogen more efficiently than any other process – over 25% more efficiently than low-temperature electrolysis.

The INL steam and load simulations replicated nuclear power conditions to validate full capability of technology application at nuclear facilities, and the pilot results revealed the Bloom Electrolyzer producing hydrogen at 37.7 kWh per kg of hydrogen. Dynamic testing conducted at INL included ramping down the system from 100 percent of rated power to 5 percent in less than 10 minutes without adverse system impacts. Even at 5 percent of rated load, the energy efficiency (kWh/kg) was as good or better than other electrolyzer technologies at their 100% rated capacity. These results will be presented at the Department of Energy’s Annual Review Meeting in Washington DC on June 7, 2023.

“The amount of electricity needed by the electrolyzer to make hydrogen will be the most dominant factor in determining hydrogen production cost. For this reason, the efficiency of the electrolyzer, the electricity needed to produce a kilogram of hydrogen becomes the most critical figure of merit. This 4 MW demonstration at the NASA Ames Research Center proves that the energy efficiency of our large-scale electrolyzer is similar to the small-scale system tested at INL highlighting the strength of our modular architecture,” said Dr. Ravi Prasher, Chief Technology Officer of Bloom Energy. “The electrolyzer product is leveraging the Bloom platform knowhow of more than 1 GW of solid oxide fuel cells deployed in the field and providing approximately 1 trillion cumulative cell operating hours. The same technology platform that can convert natural gas and hydrogen to electricity can be used reversibly to convert electricity to hydrogen. With Bloom’s high-efficiency, high-temperature solid oxide electrolyzers, we are one step closer to a decarbonized future powered by low-cost clean hydrogen.”

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Exclusive: Geologic hydrogen startup raising Series A

A US geologic hydrogen startup that employs electric fracking with a pilot presence on the Arabian Peninsula is raising a $40m Series A and has identified a region in the midwestern US for its first de-risked project.

Eden GeoPower, a Boston-based geologic hydrogen technology provider, is engaged in raising a Series A and has a timeline on developing a project in Minnesota, CEO and co-founder Paris Smalls told ReSource.

The Series A target is $40m, with $10m being supplied by existing investors, Smalls said. This round, the company is looking for stronger financial investors to join its strategic backers.

The company has two subsidiaries wholly owned by the parent: one oil and gas-focused and one climate-focused. The Series A is topco equity at the parent level.

Eden was one of 16 US Department of Energy-selected projects to receive funding to explore geologic hydrogen; the majority of the others are academic lab projects. Eden has raised some $13m in equity and $12m in grant funding to date.

Beyond geothermal

Eden started as a geothermal resource developer, using abandoned oil and gas wells for production via electric fracking.

“We started seeing there were applications way beyond geothermal,” Smalls said. Early grant providers recommended using the electric fracking technology to go after geologic hydrogen reservoirs, replacing the less environmentally friendly hydraulic fracking process typically used.

A test site in Oman, where exposed iron-rich rock makes the country a potential future geologic hydrogen superpower, will de-risk Eden’s technology, Smalls said. Last year the US DOE convened the first Bilateral Engagement on Geologic Hydrogen in Oman.

Early developments are underway on a demonstration project in Tamarack, Minnesota, Smalls said. That location has the hollow-vein rocks that can produce geologic hydrogen.

“We likely won’t do anything there until after we have sufficiently de-risked the technology in Oman, and that should be happening in the next 8 months,” Smalls said. “There’s a good chance we’ll be the first people in the world to demonstrate this.”

Eden is not going after natural geologic hydrogen, but rather stimulating reactions to change the reservoir properties to make hydrogen underground, Small said.

The University of Minnesota is working with Eden on a carbon mineralization project, Smalls said. The company is also engaged with Minnesota-based mining company Talon Metals.

Revenue from mining, oil and gas

Eden has existing revenue streams from oil and gas customers in Texas and abroad, Smalls said, and has an office in Houston with an expanding team.

“People are paying us to go and stimulate a reservoir,” he said. “We’re using those opportunities to help us de-rick the technology.”

The technology has applications in geothermal development and mining, Smalls said. Those contracts have been paying for equipment.

Mining operations often include or are adjacent to rock that can be used to produce geologic hydrogen, thereby decarbonizing mining operations using both geothermal energy and geologic hydrogen, Smalls said.

“On our cap table right now we have one of the largest mining companies in the world, Anglo American,” Smalls said. “We do projects with BHP and other big mining companies as well; we see a lot of potential overlap with the mining industry because they are right on top of these rocks.

Anti-fracking

Eden is currently going through the process of permitting for a mining project in Idaho, in collaboration with Idaho National Labs, Smalls said.

In doing so the company had to submit a public letter explaining the project and addressing environmental concerns.

“We’re employing a new technology that can mitigate all the issues [typically associated with fracking],” Small said.

With electric fracturing of rocks, there is no groundwater contamination or high-pressure water injection that cause the kind of seismic and water quality issues that anger people.

“This isn’t fracking, this is anti-fracking,” Smalls said.
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exclusive

Solar-powered hydrogen producer raising capital for EU and US growth

A European JV developing off-grid hydrogen production units using concentrated solar power – “white hydrogen” – plans to raise capital for growth in Europe and the US.

hysun, a Spanish JV between European firms Nanogap and Tewer Engineering, will raise $15m over three years for its first industrial plant and commercialization by 2026, CEO and Co-founder Tatiana Lopez said in an interview.

hysun has not engaged a financial advisor to date, but is open to meetings, Lopez said.

The new venture, formed in November, has raised $2m and is actively seeking another $3m (pre-money valuation of $10m) equity for a100 g H2/h prototype to close by the end of the year.

The company will then need $4m for an industrial plant, locations for which are being scouted now in the US and Europe. After that, the founders intend to enter a commercialization phase.

hysun’s intellectual property allows it to produce off-grid “white hydrogen” via steam generated with concentrated solar technology, Lopez said. The lack of electrolyzers means about eight times less land is needed to generate projects as large as 200 MW assuming 2,500 hours of sunlight per year.

“You don’t need to be next to a wind farm or solar plant,” Lopez said, adding that the hydrogen is produced at $1 per kilo.

Average project sizes range between 50 and 100 tonnes per year, assuming the same amount of sunlight, though the technology is applicable on a micro scale. The company sees the end uses being for ammonia production, replacement of grey hydrogen in industry and remote location deployment.

Lopez said the company is interested in growing in the US and Europe but believes the US will develop its industry faster.

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exclusive

Green hydrogen firm secures offtake LOI for Texas project

Clean Energy Holdings has secured an LOI for offtake from a European buyer for phase 1 of a green hydrogen project currently under development in Texas.

Clean Energy Holdings (CEH), a green hydrogen firm, has secured offtake for phase 1 of a green hydrogen project currently under development in Clear Fork, Texas.

A critical component of the project’s progress, the letter of intent for hydrogen offtake was signed this week with a European buyer, CEH chief executive Nicholas Bair said in an interview. He declined to name the offtaker but described it as a national energy security issue for the buyer.

The offtake agreement covers the first 30,000 kg per day of production from the site starting in 4Q24, which encapsulates phase 1 of the project. CEH President Cornelius Fitzgerald said the facility will eventually ramp up in four phases to around 130,000 kg per day of production.

CEH, which develops but also plans to own and operate projects, has assembled a coalition of industry partners, which it calls The Alliance, to provide “soup-to-nuts delivery,” Bair said. “We oversee projects from the first day to the last day the lights are on and the last use of each molecule.”

He added: “In the energy transformation, availability, security, and reliability matter.”

In addition to CEH, the group includes Bair Energy, Chart Industries, Equix, RockeTruck, Coast 2 Coast Logistics, The Eastman Group, and, most recently, HSB.

Bair emphasized the importance of the recent $4.4bn merger announcement between Chart Industries and Howden for its impact on vertical integration for CEH’s projects. Chart and Howden said in a press release last week that the merger will expand Chart’s equipment portfolio and process technology offering for multiple molecules and applications across high growth areas, including hydrogen.

“The acquisition gives CEH high confidence in security of supply from the Chart scope, and when paired with Chart’s performance history and customer centric experience, we believe Chart has increased its important position for our platform and our industry in general,” Fitzgerald added.

CEH had already put in a $100m purchase order for equipment with Chart, which is advising The Alliance on liquefaction, storage, reverse osmosis, and water, but the order jumped to $400m in a phased approach over the next 24 – 36 months following the Howden announcement, Bair said.

Project finance

In order to finance the Clear Fork project, CEH is seeking to raise just under $1bn through sponsor equity and project finance debt, using ING as financial advisor, the executives said. The tenor of the debt will likely come in between seven and 10 years, in line with the terms of the offtake agreement.

CEH has received interest from 142 “top notch” investors for the equity piece, and interest from 42 investors that could do both debt and equity, Bair said.

Bair and Fitzgerald declined to discuss pricing for the offtake contract, but noted the terms were “economically responsible” even without factoring in expanded tax credits included in the Inflation Reduction Act. “We meet the hurdle rates of our investors and our bank” without the tax credits, Bair said.

CEH is on a baseline schedule to reach FID on the Clear Fork project by April, 2023, Bair said, and is working with Norton Rose Fulbright as legal counsel.

More projects

Meanwhile, CEH and its partners are seeking to assemble an ambitious pipeline of projects over the next decade, and have held discussions with additional potential offtakers in foreign and domestic markets.

A project announced last year — CEH’s first — seeks to advance a wind-powered green hydrogen plant in Colorado.

With The Alliance, “The amount of intelligence and experience that we’ve had at the table at the early design phase of these projects has been of tremendous value,” Fitzgerald said.

“Once there’s been enough experience and a bit more trust built up within those relationships, now we’re seeing opportunities to start to come from our platform around where an offtake might be needed,” he added, equating it to a development model that “shops backward” from where the molecule is needed.

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