Industry-Leading Hydrogen Fuel Innovator Secures Major Financing for Revolutionary Hydrogen Production and Distribution Facility
HOUSTON and AVENAL, Calif., Aug. 22, 2024 /PRNewswire/ — HydrogenXT, the world’s leading innovator in hydrogen fuel production and distribution for trucks, transit, autos, planes, and AI Data Centers, has announced the signing of a Letter of Intent (LOI) with Carbonix to finance the first NeXTstop, in Avenal, Ca., strategically located halfway between San Francisco and Los Angeles.
Carbonix, a Newport Beach green finance pioneer, will receive a minority stake in the Avenal facility. This agreement marks a significant milestone in transforming the hydrogen fuel industry, enabling HydrogenXT to commence construction this fall, with first fuel delivery expected in the first half of 2026.
The HydrogenXT and the Carbonix Avenal NeXTstop project, backed by a robust $88 million capital stack including equity and debt, will produce hydrogen on a footprint the size of a typical U.S. truck stop. This will revolutionize hydrogen production and distribution with HydrogenXT’s on-site, fast, and scalable technology. Unlike all competitors in the market today who must purchase hydrogen from third-party suppliers and add markup, HydrogenXT’s innovative approach, with on-site production, significantly reduces costs and enhances the efficiency of hydrogen fuel delivery to many sectors, including transportation and data centers.
“Working with John McMonigle, Carbonix Founder and CEO, on the Avenal project is an exciting opportunity,” said Robert Wise, HydrogenXT Founder & CEO. “His commitment to sustainable development and strategic partnership aligns perfectly with our vision to lead the industry in hydrogen fuel innovation. This project is a game-changer in how hydrogen for fuel cells is produced and distributed.”
“HydrogenXT’s revolutionary approach to new fuel production and delivery is set to shake up the entire energy industry,” McMonigle commented. “Its cutting-edge technology and strategic vision will significantly impact hydrogen fuel’s future, making it more accessible and efficient for trucks, transit, planes, and AI data centers.”
About HydrogenXT
HydrogenXT is disrupting the 150-year-old oil and gas industry with innovative hydrogen fuel solutions. HydrogenXT focuses on delivering carbon-neutral energy for transportation fleet operations, personal vehicles, and data centers, making them energy-independent and carbon-free. HydrogenXT’s NeXTstops produce onsite hydrogen in micro SMR plants, leveraging state and federal subsidies to build cost-effective and scalable hydrogen production facilities.
About Carbonix
Carbonix, a pioneer in advancing carbon capture and sustainable energy technologies, is dedicated to driving positive change and delivering exceptional value to its partners. Carbonix supports visionary projects like HydrogenXT, setting new standards in sustainability and energy efficiency. Carbonix employs a dual-faceted funding approach that integrates sustainable energy systems with innovative liquidity creation methods. By utilizing the blockchain-based CBNX Index Coin and tokenizing our Energy Backed Securities (EBS) that are specific to each project, we generate liquidity to further invest in green energy-backed projects.
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SOURCE Hydrogen-XT, Inc.
