Electric Hydrogen Raises $380M in Series C Funding Round to Boost Production

chemistry abstract of hydrogen molecules

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by | Oct 4, 2023

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Electric Hydrogen has raised $380 million in a Series C funding round, with plans to accelerate the manufacturing and deployment plans to meet green hydrogen demands.

Electric Hydrogen manufactures, delivers, and commissions electrolyzers for critical industries to produce the low-cost green hydrogen. The company offers a 100-megawatt platform with all system components required to turn water and electricity into green hydrogen. 

Fortescue, Fifth Wall, and Energy Impact Partners led the funding round, which also included new investors BP Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures, and Fatima Holdings USA. Several existing strategic investors, including Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto also participated, as well as previous financial investors Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.

It is being reported by several news outlets that with this round of funding, Electric Hydrogen is now valued at $1 billion, with the Wall Street Journal saying it is the first green hydrogen startup to achieve that milestone. Since its founding in 2020, Electric Hydrogen has raised more than $600 million.

The funding comes as green hydrogen is gaining momentum globally as a low-emissions alternative to fossil fuel energy. Recently, the United Kingdom and Germany signed an agreement that aims to accelerate the development of the international hydrogen industry, with the two countries working together to support international trade in hydrogen. The United States is also establishing hydrogen hubs that will improve domestic energy security and supply power to industries. 

Electric Hydrogen says its approach to hydrogen will help the market scale. The company is manufacturing 100 MW electrolyzer systems that are capable of producing nearly 50 tons of green hydrogen per day. 

“We’re here to replace natural gas and coal with renewable green hydrogen. To address the global climate challenge, we need new technologies that help critical industries reduce their emissions. Electric Hydrogen’s 100 MW electrolyzer systems do that,” Raffi Garabedian, CEO and co-founder of Electric Hydrogen, said in a statement. “Today’s hydrogen comes from natural gas and coal and accounts for around 2.5% of global carbon emissions. There has not been a viable solution to this problem because renewable green hydrogen has been too expensive to produce at scale. The Electric Hydrogen team is changing that and the opportunities for decarbonization go far beyond today’s applications”.

Electric Hydrogen is currently installing manufacturing equipment at its 1.2 gigawatt factory in Devens, Massachusetts, with plans to begin producing commercial electrolyzer systems in early 2024. The first customer-sited electrolyzer plant will be installed in Texas for New Fortress Energy. More than five million GW of electrolyzer systems are already reserved by customers, the company said. 

 

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