The hub will be located in the state of Utah
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
Also in this section
25 July 2025
Oil major cites strategy reset as it walks away from Australian Renewable Energy Hub, leaving partner InterContinental Energy to lead one of world’s largest green hydrogen projects
23 July 2025
Electrolysis seen as most leakage-prone production pathway as study warns of sharp increase through 2030 and beyond
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
16 July 2025
Major manufacturer cancels rollout of new hydrogen-powered vans and strengthens focus on battery electric and hybrid markets
