Electric Hydrogen, a manufacturer of industrial-scale electrolyzers used for green hydrogen production, raised $380 million in an oversubscribed Series C fundraising round, the company announced.
The company said the funds will help accelerate its manufacturing and deployment plans to meet the growing demand for green hydrogen. Electric Hydrogen has raised more than $600 million since its founding in 2020.
The funding round was led by Fortescue, Fifth Wall and Energy Impact Partners and 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. Existing strategic investors Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto continued their participation, as did previous financial investors Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.
Electric Hydrogen is manufacturing and plans to deliver and commission 100 MW electrolyzer systems, each capable of producing nearly 50 tons of green hydrogen per day at low cost.
“We’re here to replace natural gas and coal with renewable green hydrogen,” Electric Hydrogen CEO Raffi Garabedian said. “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 company is currently installing manufacturing equipment in its 1.2 GW factory in Devens, Massachusetts. The factory will begin producing commercial electrolyzer systems in early 2024, with deliveries later in the year including the first customer-sited electrolyzer plant to be installed in Texas for New Fortress Energy.
Electric Hydrogen said it has more than 5 GW electrolyzer orders to date.
