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Reg A+TRL76.5–7.4Tier IIOpen

Thermogen Industries

Thermogen Baytown Hydrogen

Senior notes on process heat and hydrogen sold to refiners under executed offtake, not electricity sold to a grid.

Roughly a quarter of industrial energy demand is heat, not electricity, and a high-temperature gas reactor delivers 750 °C directly. Selling process heat and hydrogen to refiners avoids the wholesale power market, the interconnection queue and the merchant pricing risk entirely. Two refiners have executed offtake agreements with volume floors.

Cedar Bayou Industrial Complex · Baytown, TXConstruction permit filedEscrow: Meridian Trust, N.A.
TRL 7 of 9, band 6.5 to 7.4, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on Apr 30, 2026.See the evidence it rests on

$41,600,000 committed of $65,000,000

$29,120,000 released · 64% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$500

$100 per unit

Target coupon
7.05%

Annual, fixed

Term
8 yr
Investors
4,517

Closes January 29, 2027 · 138 days remaining

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Offering documents

The filing set is determined by the rail. This offering is a Regulation A+ Tier 2 offering.

  • Form 1-A offering circular

    Form 1-A · 12 pages · filed Mar 30, 2026

    Not available in demo

  • Offering circular supplement

    Form 253(g)(2) · 49 pages · filed Mar 30, 2026

    Not available in demo

  • Subscription agreement

    Agreement · 86 pages · filed Mar 30, 2026

    Not available in demo

  • Audited financial statements

    Financials · 123 pages · filed Mar 30, 2026

    Not available in demo

  • TRL assessment report

    TRL report · 160 pages · filed Mar 30, 2026

    Not available in demo

  • Milestone and capital release schedule

    Schedule · 17 pages · filed Mar 30, 2026

    Not available in demo