The partnership was formed as the U.S. aims to boost production of clean hydrogen, which can help drive down greenhouse gas emissions, to 10 million tons (MMton) by 2030. (Source: Shutterstock)
New York-based LS Power, an energy infrastructure manager, has teamed up with Monarch Energy to develop green hydrogen projects across the U.S., according to a Nov. 16 news release.
With the formation of Clean Hydrogen Fuels, Monarch will put its hydrogen skillsets to use while leveraging LS Power’s platform of expertise in project development, commodities, environmental attribute and credit risk management, power marketing, public policy and market development and project finance, the release states.
As part of the effort, LS Power said it plans to invest up to $400 million into Monarch’s projects. The infrastructure manager, which will have a seat on Monarch’s board of directors, has already provided $25 million in preferred equity financing for Monarch to advance its hydrogen pipeline, move into new U.S. regions and add talent.
“Executing one of the largest pipelines of green hydrogen projects in the U.S. requires access to deep pools of capital, diverse skillsets and a commitment to innovation,” Monarch Energy’s CEO Ben Alingh said in the release. “LS Power consistently operates at the vanguard of 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.”
The partnership was formed as the U.S. aims to boost production of clean hydrogen, which can help drive down greenhouse gas emissions, to 10 million tons (MMton) by 2030. The production target is 20 MMton by 2040, rising to 50 MMton by 2050.
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