Intersect Power signed a memorandum of understanding (MOU) with Electric Hydrogen, an electrolyzer manufacturer, to advance green hydrogen production infrastructure.
The MOU provides a framework for the companies to collaborate on using Electric Hydrogen’s proton exchange membrane (PEM) electrolysis system in Intersect’s renewable-powered hydrogen projects. The two also plan to work toward a definitive supply agreement by the first half of 2022.
The collaboration will focus on pairing and integrating renewable power with Electric Hydrogen’s electrolysis system to enable higher efficiencies and lower capital costs.
Founded in 2016, Intersect Power is a clean energy company with a portfolio of 2.4 GW late-stage solar and storage projects that it expects to be in operation by 2023. It also has a pipeline of 5 GW of early-stage clean energy assets. To date, the company has developed and sold more than 1.7 GW of contracted solar projects in California and Texas.
In January, the company secured $127 million in equity funding from Climate Adaptive Infrastructure and Trilantic North America to accelerate its aim to become a scalable provider of electric power for utilities and large end-users. Intersect also closed on a $482 million debt facility with Generate Capital and CarVal Investors.
Electric Hydrogen was founded by former First Solar and Tesla technologists. It has backing from Breakthrough Energy Ventures, Capricorn’s Technology Impact Fund, Energy Impact Partners, and Prelude Ventures.
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