Aces project finalises investment

Investments will ensure the future growth and scalability of the Aces hub, developers say

The Advanced Clean Energy Storage (Aces) hub in Utah—the world’s largest industrial green hydrogen production and storage facility—should finish its initial financing this quarter, according to co-developer Magnum Development. Haddington Ventures, the financial adviser for the hub and equity sponsor of Magnum Development, is securing $650mn for the project through its equity syndication programme. And the US Department of Energy last week issued a conditional commitment for up to $504.4mn in debt financing for the hub. These critical investments will ensure the future growth and scalability of the Aces hub, according to Dave Webster, COO of Magnum Development. “It is the first real demonstra