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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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Use of proceeds

  • 42%Reactor module procurement
  • 29%Thermochemical hydrogen plant
  • 16%Site integration and pipeline tie-in
  • 9%Licensing
  • 4%Offering expenses and platform fees

The issuer

High-temperature gas reactors coupled to thermochemical hydrogen production, selling process heat and hydrogen to refiners rather than electricity to a grid.

Legal name
Thermogen Industries, LLC
Entity
Delaware LLC
Jurisdiction
Texas
Founded
2019

  • Elena Vasquez-DuarteChief Executive Officer

    Refinery hydrogen supply and industrial gas contracting, nineteen years.