BayoTech has finalized its acquisition of IGX Group, a market leader in the design and manufacture of high-pressure hydrogen storage and distribution equipment based on cylinders.
BayoTech becomes a full-service hydrogen supplier with this acquisition, including localized hydrogen production, transportation, storage, and fueling solutions.
“By combining forces with IGX, we are disrupting the established centralized hydrogen supply chain with a new, highly efficient model of local hydrogen production hubs,” said Mo Vargas, BayoTech’s CEO. “BayoTech is now your single point of contact for low-cost, low-carbon hydrogen, supplied reliably when and where you need it. BayoTech makes hydrogen easy.”
Today, the majority of hydrogen produced in the United States is concentrated and transported significant distances to the end user. Due to hydrogen’s low volumetric energy density, this strategy faces a number of issues, including costly infrastructure and transportation costs, as well as large emissions caused by diesel truck delivery.
Combining BayoTech with IGX’s technologies creates an attractive alternative for hydrogen customers. BayoTech’s patented hydrogen generators are strategically located near points of consumption, decreasing transportation distance. BayoTech’s high-pressure storage solutions transport three times the amount of hydrogen per truck as typical steel tube trailers, resulting in a more efficient delivery of hydrogen to the consumer. Reduced truck trips result in reduced transportation costs, reduced pollutants, and safer roadways.
BayoTech’s extended product line now includes hydrogen dispensing equipment and zero-emission fuel cell power generators in addition to high-pressure gas transport and storage systems. BayoTech bought two IGX affiliate companies in this transaction: NorAm Valves and Gas Transport Leasing.
Michael Koonce, the recently appointed BayoTech President and a former IGX President, will join the BayoTech executive team and oversee the newly united sales staff under BayoTech ownership.
“I’m incredibly excited about the potential this unlocks for us in the years to come,” said Michael Koonce. “The shared vision of our incredible combined team and the support of our investors positions us to accelerate our growth. We’ll continue to lead the way as a trusted hydrogen supply partner during a dynamic time for the industry.”
