The producer of industrial-scale electrolyzers to produce green hydrogen, Electric Hydrogen, reported receiving $380 million in a Series C financing round that was oversubscribed. To fulfill the rising demand for green hydrogen, the business claimed the funding would assist in speeding up its manufacturing and deployment plans. Since its start in 2020, Electric Hydrogen has raised more than $600 million.
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 were among the new investors in the funding round, which was organized by Fortescue, Fifth Wall, and Energy Impact Partners.
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Together with prior financial partners Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures, existing strategic investors Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto continued to take part in the project.
Capability
Each 100 MW electrolyzer system produced by Electric Hydrogen is capable of producing close to 50 tons of green hydrogen per day at a reasonable cost. It also promises to deploy and commission these systems.
Raffi Garabedian, CEO of Electric Hydrogen, stated, “We’re here to replace natural gas and coal with sustainable green hydrogen.” “Today’s hydrogen is produced from coal and natural gas, which contributes to around 2.5% of the world’s carbon emissions. Because it is too expensive to manufacture at scale, sustainable green hydrogen, there hasn’t been a workable solution to this issue.
In its 1.2 GW plant in Devens, Massachusetts, the business is now constructing production machinery. Beginning in early 2024, the facility will start manufacturing commercial electrolyzer systems. Later that year, deliveries will include the first customer-sited electrolyzer plant, which will be placed in Texas for New Fortress Energy.
In conclusion, Electric Hydrogen’s latest funding round marks a significant milestone in their journey towards a clean energy future. With their cutting-edge technology, substantial financial backing, and a growing global demand for sustainable solutions, Electric Hydrogen is poised to make a lasting impact on the world and pave the way for a greener and more sustainable future.
