BayoTech Receives Indirect Investment from Caterpillar Venture Capital Inc.
ALBUQUERQUE, N.M., June 30, 2021 /PRNewswire/ — BayoTech, Inc. (“BayoTech”), a global leader in localized hydrogen production, today announced it has received an indirect equity investment from Caterpillar Venture Capital Inc., the venture capital arm of Caterpillar Inc. (CAT), the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives, through Cottonwood Technology Funds. The proceeds will be used to accelerate 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 a 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 distributed hydrogen 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 serves 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.
“It’s a strong sign of market acceleration when well-established corporations recognize the important role hydrogen will play in decarbonizing industry,” said Mo Vargas, BayoTech’s President and CEO. “Cottonwood Technology Funds has been a great partner to BayoTech and continues to play a key role in aligning us with investors to drive our long-term growth.”
“Caterpillar Venture Capital’s investment illustrates a recognition that hydrogen has great potential to help with the energy transition as Caterpillar moves forward. We are excited to be an investor in BayoTech,” said Michael Young, Vice President of Caterpillar Venture Capital Inc.
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 Caterpillar Venture Capital Inc.
Caterpillar Venture Capital Inc. assists entrepreneurs around the world to grow and scale their businesses to build today for a better tomorrow by leveraging Caterpillar’s industry expertise, supply base and independent dealer network. Caterpillar Venture Capital’s focus areas of investment include robotics, energy, advanced materials, and digital solutions that help its customers be successful. Caterpillar Venture Capital is a wholly owned subsidiary of Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and dieselelectric locomotives. For more information, visit Caterpillar Ventures.
About Cottonwood Technology Fund
CTF is a seed and early-stage technology commercialization fund with offices in Santa Fe, New Mexico; and Enschede, the Netherlands. It invests in founding stage technology-related (particularly telecom, chemistry/material sciences, photonics, biosciences, robotics and new energy) businesses originating throughout the Southwest region of the US and also in Northern Europe. Visit www.cottonwoodtechnologyfund.com for more information.