Sustainable infrastructure company Generate Capital announced an investment in green hydrogen development startup Ambient Fuels, with an agreement including a commitment of up to $250 million to fund green hydrogen infrastructure.
Hydrogen is viewed as one of the key building blocks of the transition to a cleaner energy future, particularly for sectors with difficult to abate emissions, in which renewable energy solutions such as wind or solar are less practical, such as metals manufacturing and heavy transport.
Around 90 million metric tons of hydrogen are produced annually, although the vast majority is extracted using fossil fuels, which create pollutants and GHG emissions. The development of clean hydrogen capacity, such as green hydrogen, which uses renewable energy to power the process to extract hydrogen from other materials, will require massive investments in areas including infrastructure, electrolysis, and transport.
Scott Jacobs, co-founder and CEO of Generate Capital, said:
“For the last decade, Generate Capital has been partnering with leading project developers and technology companies to de-risk, accelerate and scale innovative, sustainable infrastructure. We are excited to work with the team at Ambient Fuels to deliver effective and cost-competitive solutions to emission-intensive sectors that have traditionally been considered hard to decarbonize.”
Founded in 2021, New York-based Ambient Fuels delivers custom-engineered solutions for green hydrogen projects aimed at supporting the decarbonization of heavy industry and transportation, with services from project development and design to financing and construction. Ambient said that the funding will support its fast-growing pipeline of projects.
Jacob Susman, CEO of Ambient Fuels, said:
“Joining forces with a global sustainability leader such as Generate gives us access not only to the capital we need to grow our business but also to a trusted and strategic partner who is committed to our long-term success. Our collaboration with Generate Capital supercharges our ability to meet the unique needs of our customers by delivering the green hydrogen facilities they require for their decarbonization efforts.”