NEW YORK, Sept. 14, 2023 (GLOBE NEWSWIRE) — Elemental Clean Fuels (“ECF”), an energy development company focused on the emerging clean fuel economy in North America, today announced that it has recently closed on its first round of external financing from investors Piney Point Capital, a Racon Capital investment vehicle, and Fusion Fuel Green plc (NASDAQ: HTOO) (“Fusion Fuel”), a green hydrogen solutions company. Capital investment provided by Piney Point will be utilized by ECF to further develop its existing decarbonization portfolio in North America, as well as to expand its internal capabilities and add additional project assets (including the projects contributed by Fusion Fuel).
ECF was created as the latest business venture of Zach Steele and Jason Baran, seasoned energy executives with a demonstrated track record of successful collaboration in energy infrastructure and cleantech, including the execution and management of over $3 billion in development projects together in North America. Joining Zach and Jason in the leadership of ECF is Jeff Crone, a senior energy executive with over 25 years of experience at top multinational organizations managing complex projects as well as leading and developing large technical organizations.
ECF aims to be a leading developer of clean fuels related projects throughout North America by utilizing a customer-focused approach of providing turnkey and customized solutions through the entire project life cycle – development, financing, construction, management and operations. The Company’s technology-agnostic approach works with any renewable energy source to support decarbonization at scale. With experience in both conventional and renewable energy industries, the ECF team offers deep development and technical expertise. ECF will pursue additional funding opportunities to support its immediate and long-term strategies.
“We are extremely excited to have Piney Point as a partner as we progress our mission to drive growth in the emerging clean fuels market,” said CEO Zach Steele. “With investments in a broad range of companies across the energy transition, they are uniquely positioned to provide strategic partnerships and additional access across the value chain to drive scale. Piney Point’s investment and expertise will accelerate the growth of our Company in the mobility and heavy industry sectors throughout North America. We are also excited and optimistic about continued collaboration with Fusion Fuel going forward.”
“As investors, Piney Point Capital recognizes the immense potential of ECF in revolutionizing the clean fuel landscape. We believe in the vision and capabilities of the ECF team, and we are committed to supporting their mission to accelerate decarbonization through innovative projects and strategic partnerships across North America,” Said Mike Keough, Managing Partner Piney Point Capital
About Piney Point
Piney Point Capital is an innovative investment firm focused on providing transformational growth capital to companies and projects across North America and Europe. Piney’s value-add approach targets growth investments across the Energy Transition, Agriculture and Transportation sectors, where we believe strong tailwinds are driving demand for new infrastructure, technology and projects for decades to come. Piney Point portfolio companies have become leaders in the hydrogen, carbon capture, chemical recycling and battery storage markets alongside key strategic partners.
About Elemental Clean Fuels
Elemental Clean Fuels (“ECF”) is a technology agnostic energy development company with a vision to be on the cutting edge of the emerging clean fuel economy in North America by offering solutions that add value to customers, strategic partnerships and projects. ECF seeks to harness our team’s more than 65 years of collective experience developing, financing, managing and operating energy and infrastructure projects to ensure a meaningful positive impact for all our stakeholders. For more information, visit www.elementalcf.com.
About Fusion Fuel
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of disruptive, clean hydrogen solutions. Fusion Fuel’s patented miniaturized Proton Exchange Membrane (PEM) electrolyzer, the HEVO, and building-block approach to green hydrogen production, unlock unprecedented modularity and flexibility in the design and deployment of cost-competitive, decentralized green hydrogen solutions. Its business lines include the sale of its electrolyzer technology to customers interested in building their own green hydrogen production, the development of turnkey hydrogen plants to be owned and operated by Fusion Fuel, and the sale of green hydrogen as a commodity to end-users through long-term hydrogen purchase agreements. For more information, please visit https://www.fusion-fuel.eu.
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