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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TRL assessment

Technology readiness level, 1 to 9

Confidence band 6.5 – 7.4

The reactor technology is well evidenced and the thermochemical hydrogen process has operated at pilot scale under witness, placing this at level 7. Two refiners have executed offtake with volume floors, so the demand side is more certain than the plant, which is the reverse of the usual position. The construction permit is filed and not issued, which is what holds the technical score where it is.

At TRL 7, the ladder permits Senior note and releases up to 70% of committed capital. This offering is structured as a senior note, which is consistent with that band.

Signed and published

Reviewer: Dr. Helena Vargas-Mbeki
Credential: PE, Nuclear; former NRC senior reactor analyst
Signed: April 30, 2026
Published: May 1, 2026
Methodology: v1.4
Model: ci-trl-2026.06
Generated: Apr 25, 2026

How scoring works

Evidence

Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.

Source	Document	Date	Weight
Independent test report	Thermochemical hydrogen pilot, witnessed campaign Independent witness test report, sulfur-iodine cycle Pilot achieved target hydrogen yield at prototypical inlet temperature.	Mar 13, 2026	31%
Supplier contract	Two executed hydrogen offtake agreements Refiner agreements with volume floors and indexed pricing Floors cover 74% of nameplate hydrogen output for ten years.	Feb 20, 2026	30%
NRC docket	Construction permit application docketed NRC docket, acceptance review complete Accepted for docketing. Safety review in progress.	Jan 27, 2026	23%
National lab result	TRISO compact performance data National laboratory irradiation results Performance consistent with the qualified TRISO database.	Jul 24, 2025	16%

Score history

A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.