NovoHydrogen Secures $20M Equity Commitment from Modern Energy
Modern Energy announced today a $20 million equity commitment to Colorado-based NovoHydrogen, the premiere North American green hydrogen developer. NovoHydrogen, founded in 2021 by Matt McMonagle, develops onsite and near-site green hydrogen projects for its customers across a variety of sectors. This capital will enable NovoHydrogen to continue strengthening its team and bring its development portfolio of green hydrogen projects to final investment decision and into construction. Prior to closing Modern Energy’s investment, NovoHydrogen had raised initial seed funding of $3.5 million and formed a strategic partnership with Ohmium, a leading Proton Exchange Membrane (PEM) electrolyzer manufacturer.