BayoTech, a pioneer in localized hydrogen production, announced a new indirect equity investment from Caterpillar Venture, which will be used to accelerate strategic growth through product development and infrastructure expansion.
BayoTech is an energy solutions company dedicated to meeting the global demand for a reliable, cost-effective, and low-carbon hydrogen supply.
Many characteristics of hydrogen as a fuel source will drive long-term demand, including its role in global decarbonization efforts.
The majority of hydrogen is produced in large, centralised facilities before being delivered to end users, but BayoTech reduces or eliminates transportation and storage costs with its distributed hydrogen and ‘Gas-as-a-service’ offering.
Compared to traditional hydrogen production technology and electrolyser-based systems, this results in less energy waste and a lower carbon footprint.
The company’s modular, scalable, and quickly deployable hydrogen production systems require less upfront capital, have simplified siting and installation, and can provide some of the most cost-effective green hydrogen currently available.
BayoTech caters to a wide range of customers, including those in the industrial gas and chemicals industries, as well as those who use hydrogen to power the rapidly expanding fuel cell market.
Mo Vargas, President and CEO of BayoTech, said, “It’s a strong sign of market acceleration when well-established corporations recognise the important role hydrogen will play in decarbonising industry.
“Cottonwood Technology Funds has been a great partner to BayoTech and continues to play a key role in aligning us with investors to drive our long-term growth.”
Michael Young, Vice-President of Caterpillar Venture Capital, said, “Caterpillar Venture Capital’s investment illustrates a recognition that hydrogen has great potential to help with the energy transition as Caterpillar moves forward.
“We are excited to be an investor in BayoTech.”