ELECTRIC HYDROGEN (EH2) made the announcement today that they have successfully closed an oversubscribed $380 million Series C fundraising round. The company’s manufacturing and deployment plans will be accelerated as a result of the fresh funding in order to meet the strong demand from customers for the company’s power-dense green hydrogen systems.
“We are here to supplant natural gas and coal with hydrogen that comes from renewable sources.” In order to solve the issue of climate change on a worldwide scale, we require innovative solutions that assist key industries in lowering their emissions. The 100MW electrolyzer systems offered by Electric Hydrogen are capable of doing that.
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The fundraising round was spearheaded by Fortescue, Fifth Wall, and Energy Impact Partners, and additional investors included bp Ventures, the Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund, additional Legacy, and Kajima Ventures, as well as Fatima Holdings USA. earlier strategic investors such as Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto have continued their involvement in the project. Likewise, earlier financial investors such as Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures have kept their commitments.
Electrolyzer systems manufactured by EH2 generate green hydrogen by reacting water with renewable forms of electricity. Decarbonizing essential industrial processes such as the manufacturing of fertiliser, steelmaking, base chemicals, and a great number of others requires the use of green hydrogen. The cost of transitioning from sources that rely on fossil fuels to renewable sources of green hydrogen has made it impossible to undertake this change on a large scale until now. EH2 is in the process of manufacturing, delivering, and commissioning 100 megawatt (MW) electrolyzer systems, each of which is capable of producing roughly 50 tonnes of clean hydrogen per day at prices that are exponentially lower, in order to assist its customers in accomplishing their decarbonization objectives.
“We are here to supplant natural gas and coal with hydrogen that comes from renewable sources.” In order to solve the issue of climate change on a worldwide scale, we require innovative solutions that assist key industries in lowering their emissions. According to Raffi Garabedian, Chief Executive Officer and Co-founder of EH2, the 100MW electrolyzer systems offered by Electric Hydrogen are capable of achieving this. Hydrogen is produced nowadays from natural gas and coal, and it is responsible for around 2.5% of the world’s total carbon emissions.1 Because producing large quantities of renewable and environmentally friendly hydrogen has been prohibitively expensive up to this point, there has not been a workable solution to this issue. This is something that the Electric Hydrogen team is working to change, and the prospects for decarbonization go far beyond the applications that are currently available.
In its 1.2GW factory located in Devens, Massachusetts, the company is in the process of constructing production equipment at the moment. Early in the year 2024, the factory will start building commercial electrolyzer systems. Deliveries will begin later that year, with the first customer-sited electrolyzer plant being placed in Texas for New Fortress Energy. Customers have reserved more than 5 gigawatts (GW) of Electric Hydrogen’s electrolysis equipment, and the company predicts significant continued demand for its products.
In addition to being a potential customer and key investor, the global metals and green energy firm Fortescue has also inked a procurement agreement with EH2. “Producing green hydrogen at scale globally is integral to that,” said Mark Hutchinson, CEO of Fortescue Energy. “Fortescue is committed and focused on supporting the creation of green technology to help heavy industry decarbonize,” “Just like Fortescue, Electric Hydrogen is working at the speed and scale necessary to assist in the delivery of green hydrogen projects all over the world.”
“bp Ventures invests in game-changing and innovative technology across bp’s transition growth engines and in the energy the world needs today,” said Gareth Burns, Vice President of bp Ventures. “bp Ventures invests in the game-changing and innovative technology across bp’s transition growth engines.” The 100MW green hydrogen systems offered by Electric Hydrogen make use of cutting-edge technology that has the potential to considerably cut production costs. It is essential for us to make investments in technologies that could contribute to the development of green hydrogen production as we move forward with our global hydrogen portfolio and make progress towards our goal of reaching net zero.
“Scalable and cost-competitive access to environmentally friendly hydrogen is essential to the manufacture of Sustainable Aviation Fuel — for United and others that seek a transition to clean energy. According to the President of United Airlines Ventures, Michael Leskinen, the innovative electrolyzers developed by Electric Hydrogen have the potential to drastically cut down on the capital costs associated with the generation of hydrogen, and their electrolyzers can be fueled by a wide variety of renewable energy sources. “The need for sustainable aviation at United will require scaling up the supply of green hydrogen, and we believe the technology offered by Electric Hydrogen could be a game changer.”
We have completely rethought the electrolyzer process in order to make it both more effective and more affordable. According to Dave Eaglesham, Chief Technology Officer of EH2, “Now we are rapidly scaling up to produce and assemble large electrolyzer systems for our industrial customers who are leading the shift from grey hydrogen to renewable green hydrogen.” “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 company said in a statement.
We’re grateful for the continued faith and encouragement of our previous investors, and we’re excited to work with our new strategic and financial investors to grow as quickly as we can to deliver technology that has the potential to change the world,” said Derek Warnick, Chief Financial Officer of EH2, who emphasised the breadth and diversity of the investor syndicate the company has assembled.
Since its inception in the year 2020, EH2 has amassed more than 600 million dollars in funding.
