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    Harnyss Closes Equity Investment From Riverbend Energy Group


    June 9, 2022 - Business Wire

     

      FORT WORTH, Texas--(BUSINESS WIRE)-- Harnyss, LLC (“Harnyss” or the “Company”), the market leader in solid-state hydrogen storage technologies, announced today the closing of an equity investment from Riverbend Energy Group (“Riverbend”). This investment into Harnyss comes from Riverbend’s newest fund, Energy Transition (Fund X).

      This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220609005287/en/

      Harnyss provides safe, cost-effective, and clean energy hydrogen storage solutions to its customers. The Company’s patented metal hydride alloy formulations have the highest weight density in the market, offer high absorption and desorption kinetics at ambient temperatures, and are non-pyrophoric. The Company’s low pressure storage solution does not require balance of plant equipment, offering customers significant cost advantages and ease of operation. Additionally, Harnyss uses non-rare earth minerals that are abundantly available.

      “We are excited to partner with Riverbend’s Energy Transition team in helping us achieve our go-to-market and commercialization goals,” said Kirby Smith, Harnyss Chief Executive Officer. “As we thought about the right partner for this phase of the Company, we wanted experienced investors with a track record in growing and scaling companies within the broader energy transition.”

      Harnyss is strategically focused on the market for mobile, remote, space-constrained emergency backup power systems. Harnyss’ advanced hydrogen storage material has been encapsulated into canisters that are rack mountable and, when coupled with a fuel cell, delivers a plug-and-play hydrogen fueled power unit to end-customers. The Company has designed a self-sustaining, independent, green hydrogen power system that is able to capture water from the atmosphere, which is used to produce hydrogen that is stored safely until converted into electricity by a fuel cell. Harnyss is also focused on transportation and mobility applications such as forklifts, drones, electric vehicles, maritime and heavy-duty industrial.

      “Harnyss’ leading-edge technology offers a low pressure, high density, safe, and cost-efficient storage solution for the rapidly evolving hydrogen economy,” said Eric Danziger, Managing Director, Energy Transition, Riverbend Energy Group. “Harnyss fits well with the types of businesses and technologies that match our thesis of investing in energy transition service companies across the entire stack of the renewable energy ecosystem.”

      About Harnyss

      Harnyss is headquartered in Fort Worth, Texas, USA, specializing in solid-state hydrogen storage technologies. Harnyss draws on many years of experience, with a technical team of world-renowned scientists that have played a critical role in advancing metal hydride-based hydrogen storage for several decades. Harnyss leverages its patented hydrogen storage technologies to provide safe, economical and clean energy solutions to help its customers meet their business goals. For more information, visit: www.harnyss.com.

      About Riverbend Energy Group

      Riverbend Energy Group, based in Houston, Texas, is a multi-faceted investment firm, utilizing risk-weighted deal evaluation processes to deploy capital into a variety of investment theses in the U.S. energy sector. As a trusted name in the energy investment space, Riverbend’s portfolios have included, and continue to include, operated, non-operated, and mineral and royalty assets in traditional energy, as well as investments in the energy transition sector. Since 2003, Riverbend has successfully acquired, developed, and managed over $5 billion of total enterprise value across ten asset portfolios. Riverbend is a direct investor in traditional energy and has longstanding relationships and tools derived from a deep background in the functioning energy industry. Riverbend’s Energy Transition Fund is currently pursuing investment opportunities in the energy transition services space, with a focus on energy management, solar, storage, wind, electric mobility, hydrogen and carbon capture industries. For more information, visit www.riverbendenergygroup.com.

      Kirby Smith, CEO

      (214) 683-2084

      ksmith@harnyss.com

      Eric Danziger, Managing Director, Energy Transition

      (713) 874-9000

      edanziger@riverbendeg.com

      Source: Harnyss, LLC and Riverbend Energy Group

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