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The finalization of $380 million Series C financing enables the company to meet hydrogen manufacturing demands.
Electric Hydrogen (EH2) has completed an oversubscribed $380 million Series C funding round, in which the company received financing in excess of its targeted number from an extensive list of investors. The funds will be allocated toward the increased manufacture and deployment of EH2’s green hydrogen systems.
“We’ve re-invented electrolyzer technology to make it more efficient and far lower cost. Now we’re scaling up rapidly to produce and assemble large electrolyzer systems for our industrial customers who are leading the shift from grey hydrogen to renewable green hydrogen,” said Dave Eaglesham, Chief Technology Officer of EH2. “We’re driven by our mission to achieve fossil-fuel parity for green hydrogen, and this new round of financing gives us everything we need to deliver on the promise of our technology.”
The Series C financing was led by Fortescue, Fifth Wall, and Energy Impact Partners, but a series of additional investments from the following companies led to the oversubscription of the funding round: bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, United Airline’s Sustainable Flight Fund, New Legacy, Kajima Ventures, and Fatima Holdings USA. EH2, prior to these new investments, had existing financial partnerships with Amazon’s Climate Pledge Fund, Equnior Ventures, Mitsubishi Heavy Industries, Rio Tinto, Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.
The EH2 electrolyzers produce green hydrogen from renewable electricity and water, making it a viable industrial decarbonization tool for fertilizer production, steelmaking, base chemicals, etc. EH2 plans to drive the cost of hydrogen production down through the delivery and commissioning of 100 MW electrolyzer systems, each capable of producing about 50 tons of green hydrogen per day at comparably lower costs.
“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 100MW electrolyzer systems do that,” said Raffi Garabedian, Chief Executive Officer and Co-founder of EH2. “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.”
Currently, EH2 is equipping its 1.2 GW manufacturing facility in Devens, MA in preparation for commercial electrolyzer production in early 2024. New Fortress Energy is expected to be the first recipient of EH2’s electrolyzer systems, having the modules delivered to its facility in Texas. EH2 is scheduled to satisfy more than 5 GW of electrolyzer orders and projects this demand to rise as green hydrogen production is scaled up.