HydrogenXT, an innovator in hydrogen fuel production and distribution, and AI Data Centers have signed a Letter of Intent (LOI) with Carbonix to finance the first NeXTstop, in Avenal, California, strategically located halfway between San Francisco and Los Angeles.
Carbonix, a Newport Beach green finance pioneer, will receive a minority stake in the Avenal facility. This agreement marks a milestone in transforming the hydrogen fuel industry, enabling HydrogenXT to commence construction in autumn 2024, with first fuel delivery expected in the first half of 2026.
The Avenal NeXTstop project, backed by an $88 million capital stack including equity and debt, will produce hydrogen on a footprint the size of a typical U.S. truck stop. Unlike competitors that must purchase hydrogen from third-party suppliers and add markup, HydrogenXT’s approach, with on-site production, reduces costs and enhances the efficiency of hydrogen fuel delivery to many sectors, including transportation and data centers.
“Working with John McMonigle, Carbonix founder and CEO, on the Avenal project is an exciting opportunity,” says Robert Wise, HydrogenXT founder and CEO. “His commitment to sustainable development and strategic partnership aligns perfectly with our vision to lead the industry in hydrogen fuel innovation. This project is a game-changer in how hydrogen for fuel cells is produced and distributed.”
“HydrogenXT’s revolutionary approach to new fuel production and delivery is set to shake up the entire energy industry,” adds McMonigle. “Its cutting-edge technology and strategic vision will significantly impact hydrogen fuel’s future, making it more accessible and efficient for trucks, transit, planes and AI data centers.”