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NovoHydrogen Closes Seed Financing and Finalizes Board of Directors

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Golden, Colo. – February 7, 2023 – NovoHydrogen, a leading renewable hydrogen project developer, today announced that it has closed its seed funding round and officially appointed four esteemed executives to its board of directors. With the board’s guidance throughout 2022, the company has already produced impressive results including the accelerated development of its leading pipeline of projects and the growth of a team of dedicated seasoned industry professionals.

More than twice as energy-dense as gasoline and approximately fifty times lighter, hydrogen – when produced using state-of-the-art green energy and electrolytic technology – is the key that unlocks the energy transition. Green hydrogen can store immense amounts of dispatchable clean energy, which will be crucial for enabling the industrial transition. The steel, chemical, and transportation industries all require cost-effective green hydrogen to decarbonize. Grand View Research expects the market for green hydrogen to expand at a compound annual growth rate (CAGR) of 40% through 2030, reaching USD 60.56 billion by 2030. The technology to produce hydrogen cost-effectively is in the middle of a rapid ‘S-curve’ cost-down process mirroring the early phases of the semiconductor and solar industries.”

NovoHydrogen is the premier North American green hydrogen developer. Based in Golden, its team is a collection of leaders with deep expertise in deploying and commercializing successful innovative energy transition technologies and projects. With unique backgrounds and skill sets, the company has established key technology and OEM relationships, which in turn will enable the company to deliver zero-carbon fuels when and where they are needed.

“NovoHydrogen has assembled the perfect team at the perfect time to deliver high-performance green hydrogen plants nationwide,” said Joe Malchow, board member of NovoHydrogen. “I’m grateful to have the opportunity to contribute to this next-generation clean energy company. With step-change advancements in electrolyzer technology and abundant clean energy at minimal cost, we look forward to building efficient, high-yielding solutions for our partners and customers.”

The NovoHydrogen board includes several clean energy leaders, including:

  • Jeremy Avenier:
    • Active Investor at Ohmium International, a leading green hydrogen company that designs, manufactures, and deploys advanced Proton Exchange Membrane (PEM) electrolyzers.
    • Board member of Larkin Street Youth Services, the largest non-profit provider of services for young people experiencing homelessness in San Francisco.
    • Former VP of Finance at SunEdison, an innovative and personalized solar energy solutions provider.
  • Peyton Boswell:
    • Managing Partner at Woodfield Renewable Partners, a clean energy investment company focused on the acquisition, ownership and operations of distributed generation solar & storage assets.
    • Managing Director at MaxSolar, an independent national provider of Operations & Maintenance (O&M), Technical and Asset Management Services for distributed energy assets.
    • Former CEO and Co-Founder of EnterSolar, a leading provider of solar solutions to the C&I marketplace. Founded in 2010, EnterSolar was acquired by EDF Renewables in 2021 and rebranded as PowerFlex.
  • Bruno Franco:
    • Partner at Pacífico Energia, a Brazilian capital firm with activities in energy trading and investment funds
    • Managing Partner at PWR Capital, a private investment firm with assets in Brazil and US.
    • Former CFO of Latin America Power, a renewable portfolio company with operations in Chile and Peru.
    • Former Associate Partner at BTG Pactual, managing several infrastructure funds in the Latam region.
  • Joseph Malchow:
    • Managing Partner at Hanover, a Silicon Valley venture capital investment fund.
    • Board member and investor in Enphase (ENPH), a global energy technology company pioneering microgrid, solar, and storage technology
    • Board member and investor in Archaea (LFG), the nation’s largest producer of renewable natural gas, which was recently acquired by BP
    • Investor in Enovix (ENVX), the leading Silicon Lithium-Ion battery company

NovoHydrogen develops both on and off-site renewable hydrogen solutions for its customers. This innovative approach provides large industrial, heavy duty transportation, and power customers with cost effective, resilient, secure, and clean hydrogen molecules to run their operations without the associated greenhouse gas emissions of fossil fuels

“I am delighted to be working with such an incredible board of directors,” said Matt McMonagle, CEO of NovoHydrogen. “Renewable molecules, like hydrogen produced via the electrolysis of water with clean power, will play a key role in decarbonizing society along with other necessary energy transition technologies. Novo now has the resources, connections, and the partner network to drive the globe towards a clean energy future. We look forward to many more announcements regarding our progress throughout 2023.”

About NovoHydrogen

NovoHydrogen is a renewable hydrogen project developer. NovoHydrogen’s mission is to accelerate the energy transition with a focus on the tough-to-decarbonize industrial, transportation, and power sectors. We are led by the conviction that zero-carbon hydrogen is a key piece of the decarbonization puzzle. This drives our passion for our work. NovoHydrogen focuses on the origination, project development, and financial structuring of renewable hydrogen projects to serve our customers. We leverage our deep energy sector knowledge to provide renewable hydrogen solutions. NovoHydrogen is experienced at deploying and commercializing successful innovative energy transition technologies. Our extensive learnings from across the energy sector include developing solar, wind, and battery storage assets and oil & gas operations. This track record has given us real project experience that customers can trust.