H CYCLE POSITIONED FOR FUNDS FROM DOE HYDROGEN HUB PROGRAM AS PART OF CALIFORNIA'S ARCHES PARTNERSHIP

CONCORD, Calif., Oct. 16, 2023 /PRNewswire/ -- H Cycle, LLC, a green hydrogen producer, applauds President Joe Biden's announcement of as much as $7 billion in federal funding for hydrogen hub projects across the country, to stimulate production of clean fuel in the US. As part of his announcement, ARCHES, a California-based public-private partnership backed by Governor Gavin Newsom, was among the hub award recipients and may receive up to $1.2 billion in DOE funding.

As one of the key hydrogen production projects within the California hydrogen hub, H Cycle's project in Pittsburg could receive up to $30 million in DOE funding through ARCHES. H Cycle's Pittsburg project has already been awarded up to $10 million of sales and use tax exclusion in a competitive process completed in July 2023 by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA).

"We are excited about our partnership with the ARCHES Hub and DOE, which will allow us to deliver cost-competitive green hydrogen and help our customers to displace fossil fuels, including diesel fuel and natural gas-based hydrogen production. H Cycle looks forward to working with partners and stakeholders to support California's clean hydrogen economy and green energy goals" ? Rob Morgan, CEO of H Cycle.

Since launch, H Cycle has been a leader in developing green hydrogen production facilities that use post-recycling, organic waste materials destined for landfills. Helping to tackle the twin climate goals of transitioning from fossil fuels and innovative organic waste management, H Cycle is a critical partner in reaching California's ambitious environmental policy goals.

"H Cycle is positioned to play a crucial role in the advancement of a green hydrogen market in California. We appreciate the leadership of Governor Newsom and CEO of ARCHES Angelina Galiteva, for leading this effort" ? Quentin Foster, VP of Policy & Government Affairs of H Cycle.

About H Cycle

H Cycle produces renewable, low-carbon hydrogen using an innovative waste processing system and thermal conversion, redirecting municipal and organic waste away from the landfill.  The company's principles include: 1) recycle what is recyclable; 2) divert local, unrecyclable waste away from landfills ? avoiding harmful methane production; 3) extract renewable hydrogen to de-carbonize local and regional transportation, reducing local air emissions. The Company has multiple projects in development in the western US.  H Cycle's corporate investors include Azimuth Capital Management, ENEOS and the Larsen-Lam Climate Change Initiative.

For more information, visit www.hcycle.com

SOURCE H Cycle, LLC