Victory Clean Energy is an early-stage green hydrogen company. Through its wholly owned subsidiary H2 Energy Group (H2EG), Victory is developing a biomass-based pyrolysis process to produce what it calls TrueGreen Hydrogen — hydrogen generated by heating biomass (forest waste, agricultural refuse, municipal solid waste, or energy crops) in an oxygen-free environment, producing a hydrogen-rich syngas without carbon emissions. Victory argues this approach has key advantages over electrolysis, the more common method: lower production cost, 24/7 baseload availability independent of sunlight or wind, and minimal water requirements. Victory's initial target market is California heavy truck transportation, where state regulations mandate eliminating diesel-powered Class 6-8 trucks by 2035, with hydrogen fuel cell electric vehicles viewed as the primary viable alternative. Victory's business model is partnership-based — rather than building and owning hydrogen production facilities directly, H2EG contributes technology and expertise to third-party-funded projects, and receives a share of net income from each project. This limits Victory's direct capital requirements and lets a small team manage multiple projects. The company also believes its process qualifies for the IRA's Section 45V production tax credit of up to $3.00 per kilogram. Victory is very early stage, with six full-time employees, no commercial hydrogen revenue, and a business model still under development. The current green hydrogen strategy stems entirely from the January 2024 merger with H2EG.