SunHydrogen Receives Additional $45M Capital Commitment, Shares Vision for Investment Strategy Across Larger Green Hydrogen Landscape
SANTA BARBARA, CA, Nov. 29, 2022 (GLOBE NEWSWIRE) -- SunHydrogen, Inc. (OTC: HYSR), the developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, today shared that it has accepted a $45 million investment commitment from GHS Investments, LLC, of Jericho, New York.
The proceeds will be used in part to further the development of SunHydrogen's nanoparticle-based green hydrogen technology, and in parallel to enable the Company to invest in and co-develop other complementary technologies across the renewable hydrogen value chain.
The Company remains committed to developing its nanoparticle technology to commercialization, with its most immediate internal goal being the successful demonstration of a first-ever, production-quality prototype.
However, with the addition of the $45M capital commitment, SunHydrogen also looks to realize its goal of furthering renewable hydrogen technology to grow the hydrogen ecosystem. Specifically, SunHydrogen seeks to make strategic investments by partnering with other early-stage companies to enable and assist them in reaching their own manufacturing stages.
This vision is evidenced by SunHydrogen's recent $10M strategic investment in Norway-based TECO 2030, the developer of zero-emission technology for the maritime and heavy industry sectors.
"This investment commitment from GHS ushers in a new era of SunHydrogen as a technology company for the green hydrogen economy," said SunHydrogen's CEO Tim Young.
"Our mission to develop, acquire and partner with other critical technologies brings significant value to our investor base," Mr. Young continued. "Our cooperation with TECO 2030 is a prime example of this."
