Peaks Renewables and Summit Utilities, Inc. Among Key Partners to Cosign Multi-State Agreement for Clean Hydrogen Hub

10/14/2022

YARMOUTH, Maine (October 10, 2022) – Peaks Renewables (Peaks), and parent company Summit Utilities, Inc., (Summit) are honored to announce that they have cosigned a multi-state Memorandum of Understanding (MoU) with the New York State Energy Research and Development Authority (NYSERDA) for a U.S. Northeast clean hydrogen hub. Peaks and Summit join more than 60 clean hydrogen ecosystem partners on this MoU.

"Summit is honored to be a part of this new collaboration featuring a blend of diverse and dynamic organizations,” said Kurt Adams, Chief Executive Officer at Summit. “Together, we will help meet our shared climate goals while strengthening innovation and strong economic growth in our region. It’s exciting to be on the cusp of a game-changing clean energy alternative as we decarbonize and work toward achieving a zero-emission economy powered by clean renewable energy.”

Under the MoU, the parties will collaborate to develop a proposal that will enable the Northeastern United States to become one of at least four regional clean hydrogen hubs designated through the federal Regional Clean Hydrogen Hubs program, included in the bipartisan Infrastructure Investment and Jobs Act.

"Clean hydrogen is an exciting technology with potential for economic growth that can reduce greenhouse gas emissions from our energy system,” said Angus King III, President of Peaks. “We look forward to working with regional partners to advance opportunities for clean hydrogen and help the state of Maine reach its climate goals."

The coalition of six States (Connecticut, Massachusetts, Maine, New Jersey, New York, and Rhode Island) and more than 60 clean hydrogen ecosystem partners, are laying the groundwork for a proposal for the United States Department of Energy funding opportunity anticipated to be announced in September or October 2022, with up to $8 billion in total funding available. With the execution of these agreements, the partners will work together to:

• Define the shared vision and plans for the regional clean hydrogen hub that can advance safe clean hydrogen energy innovation and investment to address climate change, while improving the health, resiliency, and economic development of the region's residents.
• Advance a Hub proposal that makes climate and environmental justice central to its strategy, which will deliver opportunities and improved quality of life to under resourced areas across the region.
• Perform research and analysis necessary to support the hub proposal and align on approach to quantifying greenhouse gas emissions reductions as a result of deploying this technology.
• Develop a framework to ensure the ecosystem for innovation, production, infrastructure, and related workforce development is shared across all partner states.
• Support environmentally responsible opportunities to develop clean hydrogen, in accordance with participating states' policies.

The coalition will continue to focus on the integration of renewables - such as onshore and offshore wind, hydropower, and solar PV - and nuclear power into clean hydrogen production, and the evaluation of clean hydrogen for use in transportation, including for medium and heavy- duty vehicles, heavy industry, and power generation applications or other appropriate uses consistent with decarbonization efforts.

Peaks Renewables is a renewable energy development company specializing in the development of low carbon, carbon-neutral, and carbon-negative fuels like renewable natural gas and green hydrogen. Our goal is to help states, communities, utilities, homeowners, and industries reduce emissions while creating economic growth and providing access to clean, safe, reliable, and affordable energy solutions.

Peaks is a subsidiary of Summit Utilities, Inc.

To learn more, visit: www.peaksrenewables.com

Summit Utilities, Inc. owns natural gas distribution and transmission subsidiaries that operate in Arkansas, Colorado, Maine, Missouri, Oklahoma, and Texas. The company provides safe, clean and affordable natural gas to businesses and residents in six states through Arkansas Oklahoma Gas, Colorado Natural Gas, Summit Natural Gas of Maine, Summit Natural Gas of Missouri, Summit Utilities Arkansas, and Summit Utilities Oklahoma. Each of Summit’s natural gas distribution and transmission subsidiaries constructs and installs natural gas distribution systems with the goal of supporting economic development by providing clean-burning, safe and reliable natural gas to residential and commercial customers through exceptional customer service and commitment to community. Overall, Summit entities serve approximately 625,000 customers and operate more than 23,400 miles of pipeline.