HyGen Industries, Inc. a California-based company that supplies clean renewable hydrogen for fuel cell electric vehicles, announced on Friday it launched a crowdfunding offering on StartEngine to raise funds under Regulation A+ Tier 2. The company reported that this offering news comes just after it awarded $5.3 million from the California Energy Commission to build clean renewable hydrogen fueling stations.
According to the company, its zero-emission stations will service the new line-up of fuel cell electric vehicles (FCEVs) from forward-looking companies such as Toyota, Hyundai, Honda and other manufacturers. Its clean and renewable production method notably involves purchasing renewable electricity and create hydrogen through water electrolysis, which is described as a process that uses electrolyzers at partner gas stations. HyGen Industries revealed:
“Renewable energy is intermittent. Clean energy companies often generate more power than they can sell to the grid, and storage of this excess electricity has not traditionally been feasible at scale. HyGen takes that energy, stores it as hydrogen and adds value, selling the stored energy (hydrogen) as a transportation fuel. In HyGen’s model, renewable energy companies will be able to sell their excess energy to power cars. Marginal renewable energy projects become viable, increasing the renewable portfolio.”
Speaking about the public offering, Paul Dillon, CFO of HyGen Industries, stated;
“HyGen is excited to offer the public an opportunity to invest in a carbon-free alternative to fossil fuels for transportation. We firmly believe that the JOBS Act provides an ideal opportunity for small investors to become stakeholders in companies generating a positive impact. Our offering allows millions across the U.S., and the world, the chance to vote with their pocketbook for cleaner transportation.”
The company went on to add that beginning this year it plans to deploy the latest generation hydrogen production systems at locations throughout California. The StartEngine campaign is set to close later this summer.
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