Suburban Propane Partners has purchased a 25% equity stake in Independence Hydrogen. The company also announced the creation of a new subsidiary, Suburban Renewable Energy LLC, as part of its long-term strategic goal of building out a renewable energy platform. 

Suburban Propane is committed to investing in and fostering innovative solutions to support the economy-wide transition to a sustainable energy future, while also advancing the clean energy benefits of propane to support the transition. Hydrogen is a critical energy source to decarbonize the material handling, transportation and heavy industry sectors, and to provide grid resiliency as backup power and long-duration storage to enable the deployment of intermittent renewable energy sources.

"We believe in the role that hydrogen will play in the move toward decarbonization across many sectors of the economy. In line with our commitment to the military veterans' community through our SuburbanCares corporate pillar, we are extremely excited to partner with the team at Independence Hydrogen to help them achieve their vision and mission of localized hydrogen production and distribution," said Michael Stivala, Suburban Propane President and Chief Executive Officer. "Suburban Propane's logistics expertise, unwavering focus on safety and localized service model are perfectly situated to support the adoption of hydrogen solutions in the marketplace and accelerate the growth of Independence Hydrogen. This investment is the most recent demonstration of our ongoing commitment to lead the industry in innovation as society transitions to a renewable energy future."

Suburban Propane's formation of a new wholly-owned subsidiary, Suburban Renewable Energy, will serve as the platform for its investments in innovative, renewable energy technologies and businesses.

In addition to the investment in Independence Hydrogen, Suburban Renewables will also hold the Partnership's 39% equity stake in Oberon Fuels, acquired in September 2020. Oberon is a developer and producer of renewable dimethyl ether ("rDME") which, when blended with propane, can significantly reduce emissions and carbon intensity. Additionally, rDME has the potential to be an efficient and cost-effective carrier of hydrogen. The firm is continuing to invest in Oberon's technology and is working toward the commercial sale of propane +rDME blended products.