Generate Capital Makes $250M Green Hydrogen Bet

Sustainable infrastructure investor Generate Capital has made a $250 million investment in Ambient fuels, a green hydrogen developer that has previously received backing from SJF Ventures.

Ambient – which bills itself as the only ‘pure-play’ green hydrogen developer in the US – provides custom-engineers green hydrogen solutions and overseas the whole process, from project development to financing and construction of its hydrogen centers.

The company claims its technology-neutral approach can work with any renewable energy source to support industrial customers’ decarbonization at scale.

“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.

SJF Ventures led the seed financing for Ambient Fuels in 2021, and Dave Kirkpatrick, Co-founder and Managing Director of SJF, said it has now developed a “strong pipeline of green hydrogen projects.”