Modern Energy has made a $20m equity commitment to Colorado-based NovoHydrogen, a North American green hydrogen developer, according to a news release.
ReSource first reported in August that the parties had entered exclusive talks, and previously reported Novo’s Series A capital raise, advised by GreenFront Energy Partners.
Novo received legal advice from Vinson & Elkins on the transaction.
NovoHydrogen, founded in 2021 by Matt McMonagle, develops onsite and near-site green hydrogen projects for its customers across a variety of sectors. This capital will enable NovoHydrogen to continue strengthening its team and bring its development portfolio of green hydrogen projects to final investment decision and into construction. Prior to closing Modern Energy’s investment, NovoHydrogen had raised initial seed funding of $3.5m and formed a strategic partnership with Ohmium, a leading Proton Exchange Membrane (PEM) electrolyzer manufacturer.
“NovoHydrogen’s Matt McMonagle has assembled an impressive executive team, and their early-market presence and thoughtful go-to-market strategy have earned them significant development momentum,” said Chris Hamilton, Chief Investment Officer at Modern Energy in the news release.
As a member of the Pacific Northwest Hydrogen Hub, NovoHydrogen was also recently selected to begin award negotiations for the development of this site.
“During our fundraising process, we sought not only corporate capital but also a partner who shared our mission to deploy distributed green hydrogen infrastructure and could help accelerate our growth. We were fortunate enough to find such a partner in Modern Energy who also provides core business operations support to NovoHydrogen as we scale our key functions like origination, project development, and project finance,” said Matt McMonagle, CEO of NovoHydrogen.
