Electric Hydrogen Raises $380M to Replace Natural Gas, Coal

Fortescue Metals, Fifth Wall and Energy Impact Partners led an oversubscribed $380 million Series C funding round for hydrogen technology startup Electric Hydrogen (EH2), reportedly valuing the company at $1 billion.

The round included new investors BP Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund and the United Airlines’ Sustainable Flight Fund, among others.

EH2’s electrolyzer systems can produce green hydrogen from renewable electricity and water and the company plans to deliver and commission 100MW electrolyzer systems that can each produce 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. EH’s 100MW electrolyzer systems do that,” said Raffi Garabedian, EH2 CEO, co-founder.

Currently, EH2 is installing its manufacturing equipment in its 1.2GW factory in Devens, MA. The factory will begin producing commercial electrolyzer systems in early 2024, with deliveries later in the year, including a plant to be installed in Texas for New Fortress Energy.

Since its founding in 2020, EH2 has raised over $600 million.

EH2 has a team of nearly 300 people with offices in San Carlos, and San Jose, CA, and Natick, and Devens, MA.