BayoTech Completes Acquisition of IGX Group to Become Full-Service Hydrogen Supplier
1 July 2021, Albuquerque, NM, USA – BayoTech Inc. (“BayoTech”) today announced that it has completed the acquisition of IGX Group (“IGX”), an established leader in the design and manufacture of high-pressure, cylinder-based hydrogen storage and delivery equipment. With this acquisition, BayoTech becomes a full-service hydrogen supplier, offering localized production, transport, storage and fueling solutions.
“By combining forces with IGX, we are disrupting the established centralized hydrogen supply chain with a new, highly efficient model of local hydrogen production hubs,” said Mo Vargas, BayoTech’s CEO. “BayoTech is now your single point of contact for low-cost, low-carbon hydrogen, supplied reliably when and where you need it. BayoTech makes hydrogen easy.”
Today in the US, the majority of hydrogen is produced in centralized locations and transported long distances to the end consumer. Due to hydrogen’s low volumetric energy density, this model presents challenges, including high infrastructure and transportation costs, along with significant emissions generated via delivery by diesel truck.
The combination of BayoTech and IGX’s products offers a compelling alternative for hydrogen consumers. BayoTech’s proprietary hydrogen generators are sited close to demand, minimizing transport distance. BayoTech’s high-pressure storage solutions carry three times more hydrogen per truck than traditional steel tube trailers delivering hydrogen to the user more efficiently. Fewer truck trips translate to lower transportation costs, fewer emissions, and safer roads.
In addition to high-pressure gas transport and storage solutions, BayoTech’s expanded product line now includes hydrogen dispensing equipment and zero-emission fuel cell power generators. In this deal, BayoTech acquired IGX affiliate companies, NorAm Valves and Gas Transport Leasing.
New BayoTech President and former IGX President, Michael Koonce, will join the BayoTech executive team and will lead the newly combined sales team under BayoTech’s ownership.
“I’m incredibly excited about the potential this unlocks for us in the years to come,” said Michael Koonce. “The shared vision of our incredible combined team and the support of our investors positions us to accelerate our growth. We’ll continue to lead the way as a trusted hydrogen supply partner during a dynamic time for the industry.”