WLPGA Member Suburban Propane Launches Renewable Energy Subsidiary and Acquires Stake in Independence Hydrogen
As part of its commitment to fostering innovative solutions to support a sustainable energy future, Suburban Propane launched a new subsidiary, Suburban Renewable Energy, LLC, (Suburban Renewables) as part of its long-term strategic goal of building out a renewable energy platform.
Additionally, on March 10, Suburban Propane purchased a 25% equity stake in Independence Hydrogen, Inc., a veteran-owned and operated supplier of gaseous hydrogen solutions.
Independence Hydrogen, Inc. (IH), privately-held company developing a gaseous hydrogen ecosystem to deliver locally-sourced hydrogen to local markets, with a primary focus on material handling, and backup power applications. IH’s mission is to make communities cleaner, safer, and more energy resilient by providing a reliable supply of affordable hydrogen with an end-to-end carbon intensity score.
Hydrogen is a critical energy source to decarbonise the material handling, transportation and heavy industry sectors, and to provide grid resiliency as backup power and long-duration storage to enable the deployment of intermittent renewable energy sources.
Suburban Renewables will serve as the platform for its investments in innovative, renewable energy technologies and businesses. In addition to the investment in Independence Hydrogen, Suburban Renewables will also hold the Partnership’s 39% equity stake in Oberon Fuels, acquired in September 2020.
For more information on the acquisition, please visit www.suburbanrenewables.com.
For additional information on Independence Hydrogen, please visit www.ih2.us.