Colorado-based green hydrogen developer NovoHydrogen has received a $20 million equity investment from clean energy firm Modern Energy.

NovoHydrogen plans to use the funds to strengthen its team and advance its green hydrogen project portfolio, working to get projects to a final investment decision and into construction. Company ceo Matt McMonagle says the capital will also help scale “key functions like origination, project development and project finance.”

Founded in 2021, NovoHydrogen develops onsite and near-site green H2 projects across a variety of sectors. The company secured $3.5m in seed funding earlier this year, and Kallanish notes it has more than 30 projects in development across the US.

It also has an existing strategic partnership with Ohmium, a proton exchange membrane (PEM) electrolyser manufacturer.

“Green hydrogen is emerging as an essential piece of the energy transition,” says Chris Hamilton, chief investment officer at Modern Energy. “NovoHydrogen has both the demonstrated experience and excellent partnership network necessary to help push the industry forward.”

NovoHydrogen is a member of the Pacific Northwest Hydrogen Hub, which was recently selected by the US government to receive up to $1 billion in Bipartisan Infrastructure Law funding (see related story). Development of the H2 hub is supported by the Department of Energy’s Office of Clean Energy Demonstrations, with the overall goal of creating a national clean energy network.