With the funds, Monarch will expand its operations to support large-scale green hydrogen projects and bring these to the market.
Funding is expected to increase in the future and thus further projects can be developed and supported by the company helping further companies to transition to green hydrogen and promote its use.
Monarch’s mission is to decarbonise hydrogen production with 95% of the current hydrogen produced from fossil fuels; decarbonisation of this is key to transition away from a reliance of these carbon intensive operations.
Ben Alingh, Co-Founder and President of Monarch Energy, said, “When considering potential investors, it was critical that we find a partner that not only shares in Monarch Energy’s vision for a future powered by clean energy but one that also recognises the significant economic opportunity available in green hydrogen production.
“This investment will enable us to aggressively pursue new initiatives to create an ecosystem where green hydrogen projects can flourish.”
Michael McNamara, CEO and Co-Founder of Lancium, said, “Our shared goal of achieving a cleaner energy future through new and innovative uses of renewable energy makes Monarch a natural fit.
“We believe that green hydrogen production will play an important role in the transition towards net zero emissions.”
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