SPH - Suburban Propane buys 25% stake in Independence Hydrogen for $30M

Suburban Propane Partners (NYSE:SPH) agrees to acquire a 25% equity stake in gaseous hydrogen supplier Independence Hydrogen for $30M, and creates a new Suburban Renewable Energy subsidiary as part of its long-term goal of building out a renewable energy platform. Independence Hydrogen is a privately-held company developing a gaseous hydrogen ecosystem to deliver locally-sourced hydrogen to local markets, with a primary focus on material handling and backup power applications. In addition to the investment in Independence Hydrogen, Suburban Renewables also will hold the partnership's 39% stake in Oberon Fuels, a developer and producer of renewable dimethyl ether acquired in 2020. Suburban Propane Partners offers "old school value," attractively priced with a nearly 9% yield, Cory Cook writes in a bullish analysis posted on Seeking Alpha.

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Suburban Propane buys 25% stake in Independence Hydrogen for $30M