by Tina Olivero

    Generate Capital partners with Ambient Fuels to scale green hydrogen projects & accelerate the decarbonization of hard-to-abate industrial sectors

    MAY 17, 2023

    Generate Capital, a leading sustainable infrastructure investment and operating company announced it has made an investment in Ambient Fuels, a pioneering developer that builds green hydrogen projects to support the decarbonization of heavy industries and transportation.

    The agreement includes a commitment to fund up to $250 million of green hydrogen infrastructure. The funding supports Ambient Fuels’ fast-growing pipeline of projects. 

    Ambient Fuels offers custom-engineered green hydrogen solutions, overseeing every step of execution—from project development and design to financing and construction—of its renewable hydrogen centers. The company’s technology-agnostic approach works with any renewable energy source to support decarbonization at scale. With experience across both conventional and renewable energy as well as industrial and chemical processes, the Ambient Fuels team offers deep development and technical expertise. 

    “Joining forces with a global sustainability leader such as Generate gives us access not only to the capital we need to grow our business but also to a trusted and strategic partner who is committed to our long-term success,” said Jacob Susman, chief executive officer of Ambient Fuels. “Our collaboration with Generate Capital supercharges our ability to meet the unique needs of our customers by delivering the green hydrogen facilities they require for their decarbonization efforts.” 

    “For the last decade, Generate Capital has been partnering with leading project developers and technology companies to de-risk, accelerate and scale innovative, sustainable infrastructure,” said Scott Jacobs, co-founder and chief executive officer of Generate Capital. “We are excited to work with the team at Ambient Fuels to deliver effective and cost-competitive solutions to emission-intensive sectors that have traditionally been considered hard to decarbonize.” 

    Today’s global hydrogen production is responsible for 830 million tons of CO2 annually, which represents 2.5% of global emissions and corresponds to the annual CO2 emissions of Indonesia and the United Kingdom combined. The U.S. itself accounts for 10% of these global emissions. Green hydrogen is key to achieving a net-zero economy, particularly in heavy industry sectors that use relatively little electricity but are carbon-intensive such as ammonia production, oil refining, and heavy transportation. Using hydrogen produced with renewable electricity to replace grey hydrogen and produce e-fuels is a practical and cost-efficient way to decarbonize these critical sectors. 

    “Since SJF Ventures led the seed financing for Ambient Fuels in late 2021, the firm has developed a strong pipeline of green hydrogen projects,” said Dave Kirkpatrick, co-founder and managing director of SJF. “Generate has been extremely successful at scaling critical, sustainable infrastructure so we are delighted to partner with them to get all these projects built.”

    About Generate 

    Generate Capital PBC is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, transportation, water, waste and digital infrastructure. Founded in 2014, Generate partners with over 50 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop-shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world.

    For more information, please visit www.generatecapital.com.

    About Ambient Fuels 

    Ambient Fuels is a pioneering green hydrogen developer blending development and technical expertise with renewable energy and industrial process experience to oversee every step of execution—from project development and design to financing and construction. When our customers adopt green hydrogen, they strengthen the security of their energy supply, address the growing environmental demands of society, and position themselves to capitalize on falling green hydrogen costs, while ensuring a sustainable future.

    See www.ambientfuels.com

    About SJF 

    SJF Ventures invests in high-growth companies creating a healthier, smarter and cleaner future. SJF has invested in more than 80 portfolio companies that enhance sustainability, opportunity and wellness. In addition to Ambient Fuels, selected other SJF portfolio decarbonization investments include Terabase, Nextracker, Community Energy, groSolar, PosiGen, Voltaiq, Novinium, and ENTOUCH. The firm was founded in 1999 as one of the first impact venture capital funds and has $435 million in total assets under management with offices in Durham, New York, and San Francisco.


    Tina Olivero

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