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

Eligibility depends on residency, accreditation status and how much you have already invested this year.
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Instrument and terms

Instrument: Senior note
Risk tier: Tier II · Operating Assets
Target coupon: 7.05%
Expected term: 8 yr
Price per unit: $100
Minimum investment: $500
Target raise: $65,000,000
Opens: March 30, 2026
Closes: January 29, 2027
Escrow agent: Meridian Trust, N.A.

Regulatory rail

Exemption: Regulation A+ Tier 2
Offering ceiling: $75M / 12 mo
Who can buy: All investors, 10% of income or net worth
Resale: Freely tradable
Resale restriction: None
Residency: No restriction
Accreditation: Not required

Secondary tradingComing soon

Freely tradable does not mean there is a market. An alternative trading system for platform securities is planned and is not operational.