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
Target coupon: 7.05%
Term: 8 yr
Investors: 4,517

Closes January 29, 2027 · 138 days remaining

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Principal risks of this offering

Hydrogen offtake pricing is tied to natural gas, so a sustained collapse in gas prices compresses margin.
Customer concentration: two counterparties on a single industrial complex.
A construction permit has been filed but not issued.
Co-location at an operating refinery introduces external hazard analysis not required at a greenfield site.

General risks of private securities

Private securities are speculative and illiquid. You should be prepared to hold this position for its full term and to lose the entire amount invested. Nuclear construction has a documented history of schedule and cost overrun. Platforms that sold equity in unbuilt energy projects have mostly failed; those that sold debt against operating assets with contracted offtake have mostly survived. That history is why the TRL tier of an offering matters more than its headline return.

A TRL score is not a prediction and not a rating. Read the offering documents in full before committing capital.