Skip to content
DemonstrationReset
Sign up
Your account
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

Sign in to see your limit

  • Eligibility depends on residency, accreditation status and how much you have already invested this year.
  • You can read everything about this offering without an account. Committing capital requires one.
Open an account
Open an account to invest

Demo · viewing as

Browsing without an account. Everything is visible; nothing is purchasable until you verify who and where you are.

Or answer the questions yourself

No money will move

No payment processor is connected. The commitment flow runs end to end, through amount, agreement, signature and receipt, and records a simulated position rather than a charge.

Capital release schedule

1 of 3 rungs released

Release is structured as staged closings rather than withheld proceeds. Amounts shown are cumulative against the $41.6M committed to this offering.

  1. Hydrogen pilot witnessed at temperature

    Capital released
    TRL target
    TRL 7
    Cumulative release
    70% · $29,120,000
    Certified
    April 2, 2026

    Verified by: Independent witness test report; executed offtake agreements

    Certifier: Thornbury Technical Certification

  2. Construction permit issued

    Pending
    TRL target
    TRL 8
    Cumulative release
    90% · $37,440,000
    Target
    June 30, 2028

    Verified by: NRC construction permit issuance

  3. First hydrogen delivered under offtake

    Pending
    TRL target
    TRL 9
    Cumulative release
    100% · $41,600,000
    Target
    September 30, 2031

    Verified by: Customer acceptance; metered hydrogen delivery

Committed
$41,600,000

Held by the escrow agent on subscription

Released to the issuer
$29,120,000

70% of committed capital

Still escrowed
$12,480,000

Unlocks on the next certification

Escrow agent: Meridian Trust, N.A.. Certification is performed by an independent party with no economic interest in the release.