The combined debt and equity financing deal with Kell Kapital Partners (KKP) will finance the construction of the firm’s first projects in California, Oregon, Washington, and North Dakota – targeting key logistics corridors.
KKP is a recently formed private equity firm with limited publicly disclosed investment activity to date.
HydrogenXT, which launched in 2015, will look to deploy what it calls “localised scale” steam methane reforming plants equipped with carbon capture, combined with on-site compression, storage, and dispensing.
It claims the plant design can capture 100% of carbon emissions and produce on-site electricity from natural gas using solid oxide fuel cells.
Hydrogen produced by the plants is expected to be supplied for heavy-duty vehicles, industrial power, and AI infrastructure.
HydrogenXT said it had “millions” in signed take-or-pay fuel subscriptions, and “billions” in qualified prospects, though it did not disclose specific customers or contract values.
The first plant in Avenal, California, is expected to break ground this autumn. Further plants planned for Blythe, Otay, Mesa, El Centro, Victorville, West Sacramento, Yreka, Eugene in Oregon, Chehalis in Washington, and Bismarck in North Dakota could enter construction in the next 20 months.
HydrogenXT has not shared expected production volumes of its initial plants.
“This agreement is transformational,” said Robert Wise, CEO and Chief Technology Officer at HydrogenXT. “KKP’s backing validates our localised hydrogen production and dispensing model and accelerates our vision of delivering clean, affordable fuel and clean electricity at the scale the market urgently needs.”
The firm intends to build over 100 plants in North America by 2030, before expanding globally.
Despite the ambitious plans, HydrogenXT is yet to raise capital. However, it is intending to close its corporate seed round this year, before undertaking a Series A raise in early 2026.
CEO of the little-known KKP, Peter Kell, said the investor viewed HydrogenXT as a “cornerstone partner” in building next-gen hydrogen infrastructure.
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