NovoHydrogen Gets $20 Million Boost to Make Biden’s Future Fuel

US startup NovoHydrogen Holdings LLC received a $20 million equity investment from Modern Energy Group LLC to develop green hydrogen production plants across North America as the US pushes use of the carbon-free fuel.

The financial backing “really equips us to keep developing and get that steel in the ground,” Chief Executive Officer Matt McMonagle said in an interview.

NovoHydrogen develops plants that split water into hydrogen and oxygen using machines called electrolyzers, a process that — when powered by renewable energy — creates no greenhouse gases. The company, founded in 2021, has already partnered with electrolyzer-maker Ohmium International ...