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The partnership will develop a series of green hydrogen projects in the United States through a newly developed joint company, Clean Hydrogen Fuels.
Monarch Energy and LS Power have announced a partnership agreement to deploy a network of green hydrogen projects throughout the United States. As per the agreement, LS Power will invest up to $400 million into green hydrogen projects developed by Monarch through a recently established joint venture platform, Clean Hydrogen Fuels LLC.
LS Power has already provided $25 million of preferred equity financing for Monarch Energy and will gain a seat on Monarch’s board of directors. Monarch Energy will use LS Power’s investments to advance its project pipeline, expand reach within the U.S., and recruit talent for the Monarch team.
"Executing one of the largest pipelines of green hydrogen projects in the US requires access to deep pools of capital, diverse skillsets, and a commitment to innovation,” said Ben Alingh, Monarch Energy CEO. “LS Power consistently operates new technologies and exemplifies a brand known for building complex projects at industry-leading scale. Together, we unlock the potential to achieve great outcomes in hydrogen and eFuels for our customers."
Monarch Energy is developing large-scale electrolyzer projects to deliver low-cost green hydrogen to customers in various hard-to-decarbonize industries, such as refining, chemicals, fertilizer, and long-haul transport. The Clean Hydrogen Fuels joint platform will allow Monarch to utilize LS Power’s experience in project development, commodities, environmental and credit risk management, power marketing, public policy, market development, and project finance.
"Corporations and policymakers are seeking advancements in clean fuel solutions to accelerate the energy transition," said David Nanus, President of LS Power Equity Advisors. "Green hydrogen can play a leading role in this effort. Given their team's development efforts in the clean hydrogen space and deep skill set, we are excited to partner with Monarch Energy to advance its project pipeline and build on our efforts in other clean fuel categories such as renewable natural gas."