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January 5, 2021

Fortistar Joins Equity Investment Led by Newlight Partners to Accelerate Strategic Growth for Onsite Hydrogen Production Company BayoTech

WHITE PLAINS, NY — (January 5, 2021) Fortistar, a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges, today announced that it joined an equity investment of up to $157 million in BayoTech, Inc., an emerging global leader in on-site hydrogen production, which was led by Newlight Partners LP. The financing round included existing investors Cottonwood Technology Funds and the New Mexico State Investment Council under a fund managed by Sun Mountain Capital. The funds will be used to accelerate the BayoTech’s strategic growth through product development, project development and infrastructure expansion.

BayoTech is an energy solutions company committed to addressing the global need for consistent, cost-effective, low carbon supply of hydrogen.  Hydrogen possesses many attributes that will drive long‐term demand as a fuel source, including its role in global decarbonization efforts.  Today, most hydrogen is produced at large, centralized facilities before being delivered to end users.  BayoTech, through its on-site hydrogen generators and “gas-as-a-service” offering, reduces or eliminates transportation and storage costs, which result in less energy wasted and a lower carbon footprint than traditional hydrogen production technology and electrolyzer-based systems.  The company’s modular, scalable, and rapidly deployable hydrogen production systems require lower upfront capital commitments, streamlined siting and installation and, when paired with renewable natural gas (“RNG”), offer the most cost-effective green hydrogen available today.

BayoTech’s hydrogen generation systems produce local hydrogen close to the application, serving a diverse set of end users, including traditional consumers in the industrial gas and chemicals industries, as well as those using hydrogen to power the fast growing fuel cell segment.

“For 2021 and beyond, we’re looking to support emerging, proven solutions that help accelerate our country’s transition to a lower carbon and more sustainable future,” said Fortistar President Mark Comora. “We’re excited about our investment in BayoTech, which is already providing innovative ways to incorporate hydrogen into our economy today. With our help and BayoTech’s innovations, I’m sure America just got one step closer to a net zero-carbon economy.”

“This is a momentous day in our company’s evolution. This investment will enable BayoTech to drive commercial growth aggressively so that consumers around the world can have access to low-cost and low- to zero-carbon hydrogen today,” said Mo Vargas, BayoTech’s President & Chief Executive Officer. “We are excited to welcome Fortistar, a leading investor in sustainability, who have developed almost 400 fueling stations and a $500 million capital investment program to produce over 100 million gas gallon equivalents of RNG. The transportation sector will play a critical role in accelerating the hydrogen economy and BayoTech and Fortistar have an amazing opportunity to build together and produce low-cost, green hydrogen using RNG with BayoTech’s generators to support this growth. The Fortistar team continues to show a great commitment to supporting emerging technologies in the clean energy space and we are honored to work with them to help transition the transportation sector to a more sustainable system.”

About BayoTech:

BayoTech is a hydrogen generation technology company offering hydrogen production solutions through rentals, leases, sales and gas-as-as-service to customers worldwide. Headquartered and produced in New Mexico, USA, BayoTech’s on-site hydrogen generators are more efficient than legacy steam methane reformers, leading to lower carbon emissions and low-cost hydrogen. Visit www.bayotech.us for more information.

About Newlight Partners LP:

Newlight Partners LP is a growth equity firm focused on building businesses with long-term growth potential in partnership with founders and exceptional management teams. For more than 15 years, the Newlight team has helped build successful enterprises in five sectors, including telecommunications, financial services, power & infrastructure, healthcare and business services. Led by David Wassong and Ravi Yadav, the Newlight team has invested approximately $6 billion in over 100 investments since 2005, first as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team’s spin out from Soros in 2018. Newlight has approximately $4 billion in capital commitments and assets under management.

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

About Fortistar

Founded in 1993, Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges. Fortistar utilizes its capital, flexibility and operating expertise to grow high-performing assets, first in independent power projects and now into other areas that support decarbonization. As a team, Fortistar has led financings raising over $3.5 billion in capital for companies and projects in the energy, transportation and industrial sectors. For more information about Fortistar or its portfolio companies, please visit: www.fortistar.com and follow the company on LinkedIn.