February 21st, 2021 – An Albuquerque startup expects to deploy its first commercial fleet of compact, mobile hydrogen generators to customers worldwide this year, backed by $157 million in new equity from private investors.
BayoTech Inc.’s imminent march to market prompted a visit last week by Sen. Martin Heinrich, D-N.M., who toured the company’s 15,000-square-foot research and development facility in north Albuquerque.
Unlike competitors who are still developing new technology, BayoTech has mobile units that are fully functional and capable of producing hydrogen far cheaper than today’s massive, centralized plants, giving the company and the state a huge competitive edge in emerging clean-fuel markets, Heinrich told the Journal after his tour.
“BayoTech is ready to charge out the gate,” Heinrich said. “… Its technology offers a real opportunity for New Mexico to get a foothold as a center of excellence in the emerging hydrogen economy.”
The company, which launched in 2015 with technology originally developed by Sandia National Laboratories, has attracted global attention from investors and industry partners, culminating in a new $157 million commitment in January led by growth equity firm Newlight Partners LP. Privately owned investment firm Fortistar also participated, as did two existing BayoTech investors, Santa Fe-based Cottonwood Technology Fund and Sun Mountain Capital.
BayoTech previously raised $16 million in venture capital. But the latest investment – one of the largest such private equity commitments for a local startup in recent years – will help thrust BayoTech full force into global markets, said company president and CEO Mo Vargas.