The $30m investment will support the establishment of a new subsidiary, Suburban Renewable Energy, with the company continuing to support the mission of Independence Hydrogen and accelerate the adoption of the clean energy carrier.
As part of the agreement, propane could well be utilised to create an innovative method for transporting hydrogen in a cost-effective manner.
Read more: Hydrogen dual-use storage could help reduce operating costs for UK food cold chain
Read more: Oberon producing renewable DME to accelerate hydrogen transition
Suburban Renewables also holds a 39% equity stake in Oberon Fuels, a developer and producer of renewable dimethyl ether (rDME) which, when blended with propane, can significantly reduce emissions and carbon intensity.
This rDME can then be used as a carrier of hydrogen enabling the transportation of the clean energy carrier to various end users.
The company will continue to invest in both technologies to support the growing energy transition and support industries and communities looking to decarbonise through the use of hydrogen.
Michael Stivala, CEO and President of Suburban Propane, said, “We believe in the role that hydrogen will play in the move toward decarbonisation across many sectors of the economy.
“In line with our commitment to the military veterans’ community through our SuburbanCares corporate pillar, we are extremely excited to partner with the team at Independence Hydrogen to help them achieve their vision and mission of localised hydrogen production and distribution.
“Suburban Propane’s logistics expertise, unwavering focus on safety and localised service model are perfectly situated to support the adoption of hydrogen solutions in the marketplace and accelerate the growth of Independence Hydrogen.
“This investment is the most recent demonstration of our ongoing commitment to lead the industry in innovation as society transitions to a renewable energy future.”
North American Hydrogen Summit
H2 View is taking its events platform to America’s original clean hydrogen hub of California. Together with the California Fuel Cell Partnership (CaFCP), we will stage our North American Hydrogen Summit in San Francisco on July 14-15.
As our summit theme Building Bridges: Hydrogen hubs and investment suggests, the event will explore the $8bn of funding announced to create at least four regional hydrogen hubs in the US. These hubs will turbo-charge the nation’s progress toward heavy trucking and industrial sectors that run without producing carbon pollution – and they may just provide the path forward to a hydrogen-fuelled future.
With California and Texas vying to be America’s hydrogen capital today, where are the hubs of tomorrow? Further still, what can other states, and countries, learn from California’s success story? And how can we build bridges to a successful flow of international investment?
Full information about this event including attendance and sponsorship packages can be found here.