Resource logo with tagline

Quantron announces Series B

The German hydrogen trucking provider is targeting US and Canadian investors for a EUR 200m raise, as previously reported by The Hydrogen Source.

Quantron, the Germany and US-based hydrogen trucking manufacturer, has publicly announced its process to seek investment from North American investors, according to a news release.

Stifel is leading the process, seeking to raise EUR 200m, as previously reported by The Hydrogen Source.

“To further accelerate its growth, Quantron has officially kicked off its B-round funding with lead advisor Stifel, seeking 200 – 250 million euro equity investment and 100 million euro in growth funding, recording strong registrations of interest from strategic and energy investors,” the release states.

The company recently announced commitments with FirstElement Fuel and Goldstone Technologies Limited. Quantron debuted its Class 8 hydrogen fuel-cell truck in the US at the Advanced Clean Transportation Expo in Anaheim, California in April.

“In addition to exciting business growth, Quantron is expanding its financial team with a new chief financial officer, Beate Reiman,” the release states.

Unlock this article

The content you are trying to view is exclusive to our subscribers.
To unlock this article:

You might also like...

CAD $20m awarded to 18 Alberta hydrogen projects

The total value of the funded projects, including matching investments for project partners, is more than CAD $200m.

The Alberta Hydrogen Centre of Excellence is awarding CAD $20m to 18 projects to advance innovations in hydrogen through its first funding competition, according to a press release.

A full list of the projects can be seen here.

One of the projects is the proposed Bremner 100% Hydrogen Community in Strathcona County, Alberta. ATCO and Qualico are studying the logistics, technology requirements and other considerations involved in developing 100% pure hydrogen communities – an step toward eliminating carbon emissions produced by hot water use.

“Other successful projects in the competition will examine the safe and effective use of pipelines for hydrogen transmission,” the release states. “Another project will look at how to convert heavy-duty long-haul trucks to dual-fuel machines. In all, projects will examine everything from production, transmission, distribution, and storage, to end-uses of hydrogen.”

A total of 68 project proposals were received. The HCOE will fund up to 50 per cent of eligible costs for the successful projects, or up to 75 per cent of eligible costs for projects led by post-secondary institutions, or those with a significant Indigenous component.

The total value of the funded projects, including matching investments for project partners, is more than CAD $200m. Projects have 24 months to complete their proposed work.

Read More »

Electric Hydrogen to build electrolyzer gigafactory in Massachusetts

The VC-backed company plans to build a 1.2 GW factory, where it will produce its “world’s most powerful” 100 MW electrolyzer offering.

Electric Hydrogen Co., a manufacturer of advanced, industrial-scale hydrogen electrolyzer technology, announced the location of its first factory in Devens, Massachusetts.

The company has leased a newly constructed 187,000 ft2 facility and is now hiring production team members. The Devens factory will have an annual manufacturing capacity of 1.2 GW with production of EH2’s 100 MW green hydrogen electrolyzers commencing in Q1 2024.

“Our company has a single purpose: to make molecules to decarbonize our world,” stated David Eaglesham, EH2’s CTO and co-founder. “Industrial sectors such as fertilizer and steel need new ways to reliably replace fossil resources at costs that work. The machines we will produce at our new factory in Devens will have a transformational impact by enabling ultra-low-cost green hydrogen at an industrial scale.”

Green hydrogen, made by breaking the chemical bonds of water using renewable electricity, is a growth industry that can make an immediate impact on the global climate crisis. Electric Hydrogen expects its technology to establish the standard for industry-wide cost reduction to make green hydrogen cheaper than fossil alternatives.

“There are a lot of factory announcements in our industry, but not a lot of real capacity being built,” said Raffi Garabedian, EH2’s Chief Executive Officer and Co-founder. “We have a backlog of customer orders to fulfill and are moving quickly to build and ship the world’s most powerful electrolyzers.”

Read More »

Phoenix Motor enters hydrogen fuel cell market

Phoenix Motor Inc has acquired hydrogen fuel cell manufacturing assets from Altergy Systems.

Phoenix Motor Inc. a manufacturer of all-electric, medium-duty vehicles, has acquired hydrogen fuel cell manufacturing assets, including an automated, robotic fuel cell assembly line, from Altergy Systems.

Phoenix will utilize the manufacturing facility to design and produce hydrogen fuel cells to power forklifts, hybrid buses, vans and trucks, and long-range, heavy-duty trucks, according to a press release.

Phoenix Motorcars CEO, Dr. Lance Zhou commented, “We are excited to further expand our operations with our entrance into the rapidly growing hydrogen fuel cell market. The acquisition of these manufacturing assets enables Phoenix to accelerate its development plans, and leverage the automated production capabilities of these facilities, as we transition to mass production of hydrogen fuel cells for the burgeoning EV market in the coming quarters. In addition, the Inflation Reduction Act, also known as the U.S. climate bill, which was signed into law this week, should provide tremendous incentives, opportunities and market stability for us to grow this important clean energy power source. We are currently integrating the acquired assets and facility into our company and look forward to providing regular updates as we achieve important milestones in the hydrogen fuel cell business.”

The acquired manufacturing facility, located in Folsom, CA, has the capability to produce a fuel cell every 30 seconds on its advanced, robotic fuel cell assembly line. With the ability to produce fuel cells in high volumes, using off-the-shelf materials, stamped and molded fabrication, and robotic automated assembly equipment, Phoenix Motorcars plans to raise production at the Folsom facility in the quarters ahead.

Read More »
exclusive

Waste-to-energy company interviewing advisors for strategic capital raise

Vancouver-based Klean Industries plans to run a process to raise between $250m – $500m of capital to deploy into projects, some of which would use green hydrogen to upgrade recovered fuel and pyrolysis oils.

Waste-to-energy specialist Klean Industries is interviewing financial advisors and planning to run a process to find investors for a strategic capital raise.

The Vancouver-based company is seeking to raise between $250m – $500m in a minority stake sale that would value the company around $1bn, Klean CEO Jesse Klinkhamer said in an interview.

Klean had previously intended to list on the NASDAQ exchange but those plans were nixed due to the COVID-19 pandemic, he said. The company still plans to list publicly in 2024 or 2025.

Proceeds from a capital raise now would be used to “rapidly deploy” into the projects that Klean is advancing around the globe, Klinkhamer said.

For one of those projects – a flagship tire pyrolysis plant in Boardman, Oregon – Klean is raising non-recourse debt to finance construction, the executive said. Klinkhammer declined to name the advisor for the project financing but said news would be out soon and added that the company has aligned itself with infrastructure funds willing to provide non-recourse debt for the facility.

The Boardman project, which is expected to cost roughly $135m, is an expansion of an existing site where Klean will use its advanced thermal conversion technology to recover fuel oil, steel, and refined carbon black from recycled tires. The end products are comparable to virgin commodities with the exception of being more cost-effective with a lower carbon footprint.

“A lot of what we do is of paramount interest to a lot of the ESG-focused infrastructure investors that are focused on assets that tick all the boxes,” Klinkhamer said, noting the consistent output of the waste-to-energy plants that Klean is building along with predictable prices for energy sourced from renewable power.

Klean has also partnered with H2Core Systems, a maker of containerized green hydrogen production plants, and Enapter, an electrolyzer manufacturer. The company will install a 1 MW electrolyzer unit at the Boardman facility, with the green hydrogen used to upgrade recovered fuel oil and pyrolysis oil into e-fuels that meet California’s Low Carbon Fuels Standards.

“We were exploring how we could improve the quality of the tire pyrolysis oil so that it could enter the LCFS market in California,” he said, “because there are significant carbon credits and tax incentives associated with the improved product.”

The company received proposals from industrial gas companies to bring hydrogen to the Boardman facility that were not feasible, and Klean opted for producing electrolytic hydrogen on site in part due to the abundance of low-cost hydroelectric power and water from the nearby Columbia River.

Addressable market

Discussing Klean’s addressable market for waste-to-energy projects, Klinkhamer points to Japan as an example of a comparable “mature” market.

Japan, an island nation of 126 million people, has built roughly 5,000 resource recovery, waste-to-energy plants of various scopes and designations, he notes. For comparison, the United Kingdom – another island nation of 67 million people – has just 20 waste-to-energy plants.

“The opportunity for waste-to-energy in the UK alone is mind boggling,” he said. “There are a thousand opportunities of scope and scale. Nevermind you’ve got an aging, outdated electrical infrastructure, limited landfills, landfill taxes rising – a tsunami of issues, plus the ESG advent.”

A similar opportunity exists in North America, he noted, where there are around 100 waste-to-energy plants for 580 million people. The company is working on additional tire, plastic, and waste-to-energy projects in North America, and also has projects in Australia and Europe.

Hydrogen could be the key to advancing more projects: waste-to-energy plants have typically been hamstrung by a reliance on large utilities to convert energy generated from waste into electricity, which is in turn dependent on transmission. But the plants could instead produce hydrogen, which can be more easily and cost effectively distributed, Klinkhamer said.

“There is now an opportunity to build these same plants, but rather than rely on the electrical side of things where you’re dealing with a utility, to convert that energy into hydrogen and distribute it to the marketplace,” he added.

Hydrogen infrastructure

Klinkhamer says the company is also examining options for participating in a network of companies that could transform the logistics for bringing feedstock to the Boardman facility and taking away the resulting products.

The company has engaged in talks with long-haul truckers as well as refining companies and industrial gas providers about creating a network of hydrogen hubs – akin to a “Tesla network” – that would support transportation logistics.

“It made sense for us to look at opportunities for moving our feedstock via hydrogen-powered vehicles, and also have refueling stations and hydrogen production plants that we build in North America,” he said.

Klean would need seven to 12 different hubs to supply its transportation network, Klinkhamer estimates, while the $350m price tag for the infrastructure stems from the geographic reach of the hubs as well as the sheer volume of hydrogen required for fueling needs.

“With the Inflation Reduction Act, the U.S. has set itself up to be the lowest-cost producer of hydrogen in the world, which will really spur the development of hydrogen logistics for getting hydrogen out,” he said. “And to get to scale, it’s going to require some big investments.”

Read More »
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.

Read More »
exclusive

Ambient Fuels evaluating hydrogen project acquisitions

The company is well capitalized following a $250m equity investment from Generate Capital and is now opportunistically reviewing an initial slate of project M&A offerings.

Following an equity investment from Generate Capital, Ambient Fuels has begun to evaluate potential acquisitions of hydrogen projects that are under development, CEO Jacob Susman said in an interview.

“We’ve seen our first project M&A opportunities come through in the last 10 days or so,” Susman said.

Three projects for sale involve land positions, he said. Those that appear most attractive have a clear line of site to offtake or a strong approach to renewable power supply. Two out of three are not on the Gulf Coast.

“In no instance are these brokered deals,” Susman said.

Following the $250m equity investment from Generate Capital, Ambient is capitalized for several years and has no immediate plans to seek debt or tax equity, Susman said. The transaction was done without the help of a financial advisor.

Moving forward Ambient is open to JV formation with a partner that can help access offtake and renewable power, Susman said. Those points will drive future capital investment in the company and were resources that Generate brought to the table besides money.

According to ReSource‘s project tracker, Ambient is involved in at least two of the hubs that were encouraged by the DOE to submit a final application: California’s Alliance for Renewable Clean Hydrogen Energy Systems (ARCHES), and the Port of Corpus Christi Green Hydrogen Hub.

In 2021 Ambient completed a funding round led by SJF Ventures. Several other VC funds and angel investors also participated.

In January The Hydrogen Source reported that Ambient was in exclusivity with an equity provider.

Read More »

Welcome Back

Get Started

Sign up for a free 15-day trial and get the latest clean fuels news in your inbox.