LS Power to invest in Monarch Energy’s green hydrogen projects
LS Power and Monarch Energy announced on Thursday that they have established a new platform called Clean Hydrogen Fuels – and will begin working together on green hydrogen projects across the US.
LS Power said it plans to invest up to $400mn in Monarch’s large-scale electrolyzer projects, which will deliver cost-competitive green hydrogen to customers in carbon-heavy industries, including in the fertilizer industry.
The energy infrastructure manager added that it provided $25mn in preferred equity financing for Monarch Energy, saying that this will help it to expedite its pipeline of projects, expand to new regions within the US, and continue to add top talent to its team.
LS Power will also gain a seat on Monarch’s board of directors.
Monarch Energy’s CEO, Ben Alingh, was quoted in a press release as saying: ‘Executing one of the largest pipelines of green hydrogen projects in the US requires access to deep pools of capital, diverse skill sets, and a commitment to innovation. 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 [sic] the potential to achieve great outcomes in hydrogen and e-fuels for our customers.’