Independence Hydrogen, a veteran-owned and operated supplier of gaseous hydrogen solutions, has been purchased by Suburban Propane Partners for $30.0 million.
As part of its long-term strategy to develop a renewable energy platform, the Partnership also announced the establishment of a new subsidiary, Suburban Renewable Energy. We at Suburban Propane are committed to supporting the transition of the entire economy to a sustainable energy future by investing in and fostering innovative solutions and by promoting the clean energy benefits of propane. Decarbonizing material handling, transportation, and heavy industry sectors, and ensuring grid resiliency for intermittent renewable energy sources, necessitates the use of hydrogen as a critical energy source.
Reliable supply of hydrogen
In order to supply locally-sourced hydrogen to local markets, Independence Hydrogen is building an ecosystem of gaseous hydrogen with a primary focus on material handling and backup power applications, which is owned and operated by veterans. Through its end-to-end carbon intensity score, Independence Hydrogen aims to provide a reliable supply of affordable hydrogen to make communities cleaner, safer, and more energy resilient. Veterans who have served in combat are dedicated to the highest standards of safety, integrity and service.
Investments in renewable energy technologies and businesses will be made possible by Suburban Propane’s new wholly-owned subsidiary, Suburban Renewable Energy. Additionally, Suburban Renewables will own 39% of Oberon Fuels, which the Partnership will acquire in September 2020, as well as Independence Hydrogen.
