BayoTech, Inc., an Albuquerque, N.M.-based on-site hydrogen production company, received an equity investment of up to $157m.
The round was led by Newlight Partners with participation from existing investors Cottonwood Technology Funds, Sun Mountain Capital and new investor Fortistar.
The company intends to use the funds to accelerate its strategic growth through product development, project development and infrastructure expansion.
Led by Mo Vargas, President & Chief Executive Officer, is a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and gas-as-as-service to customers worldwide
The company, through its on-site hydrogen generators and “Gas-as-a-Service” offering, reduces or eliminates transportation and storage costs, which result in less energy wasted and a lower carbon footprint than traditional hydrogen production technology and electrolyzer-based systems.