Our CEO Matt McMonagle recently shared insights with S&P Global on NovoHydrogen’s strategy for the 45V hydrogen production tax credit and the evolving renewable energy landscape.

Matt emphasized NovoHydrogen’s commitment to 45V compliance, stating that the company plans to build its own renewables directly connected to electrolyzers. 

“We’re going to comply with 45V no matter what,” said Matt McMonagle, CEO and founder of Colorado-based NovoHydrogen.

S&P Global reported that NovoHydrogen expects to begin construction next year, with operations starting in early 2026.

“I will build my own renewables that are physically connected to my electrolyzers,” he said. “Not only is that the cheapest electron I can get, it’s of course clean; because I can physically track the electron involved in producing my hydrogen as it’s connected to me.”

“For other projects, I will be grid connected, and therefore, be acquiring green power through the grid,” McMonagle said, explaining that dedicated renewables are not suitable for all NovoHydrogen’s proposed projects due to the significant amounts of renewable energy, often in the hundreds of megawatts, and the required “hundreds, if not thousands of acres” of necessary land.

Addressing the increasing competition for renewable energy, Matt acknowledged the impact of AI growth and electrification trends in transportation and heating on grid-connected hydrogen projects. He highlighted a key advantage of NovoHydrogen’s approach: “One of the most appealing aspects of behind-the-meter hydrogen production is not having to wait in interconnection queues.” 

Read the full article here.