Electric Hydrogen

Electric Hydrogen (EH2) develops electrolyzer technologies that split water into hydrogen and oxygen, powered by renewable energy to produce green hydrogen. The company’s patented high-throughput electrolyzer technology as well as its manufacturing, and pilot project deployment are focused on heavy emitters such as the steel production, mining, and agriculture.

In May 2023, the company announced the location of its first factory in Devens, Massachusetts, which will have an annual manufacturing capacity of 1.2 GW, with electrolyzer production beginning in Q1 2024.

Key customers and partnerships

In September 2023, EH2 partnered with New Fortress Energy, an energy infrastructure company, to supply EH2’s 100 MW electrolyzer system to NFE’s green hydrogen project in Texas. First hydrogen production is expected in Q4 2024 with full commercial operation in 2025. The site and facility are scalable to 200 MW in the future.

In October 2021, Electric Hydrogen signed a three-year agreement with the National Renewable Energy Laboratory (NREL) to develop proton exchange membrane (PEM) electrolysis systems.

Funding and financials

Electric Hydrogen’s most recent funding was in May 2024, when the company secured USD 100 million in corporate credit financing. The funding was led by HSBC and will be used to support the manufacturing and deployment of its 100 MW electrolyzer plants. Prior to this in April 2024, the company secured USD 18.3 million in funding in the form of a transferable tax credit from the Department of Energy to expand production capacity at the company’s gigafactory in Devens, Massachusetts. In March 2024, Electric Hydrogen was awarded a USD 46.3 million grant from the Department of Energy to accelerate technology advancements at the gigafactory in Devens, Massachusetts. During the same month, the company raised USD 50 million in equipment funding from Trinity Capital to upscale the manufacturing capabilities of its gigafactory in Devens, Massachusetts.

Prior to this, in October 2023, when the company secured USD 380 million in a Series C funding round led by Fortescue, Fifth Wall, and Energy Impact Partners. Electric Hydrogen intended to use the funds to expedite manufacturing and deployment to meet high customer demand. Prior to this in June 2022, the company raised USD 198 million in a Series B funding round led by Fifth Wall Climate Tech. The funds were used to scale up the company’s electrolyzer technology and to produce clean hydrogen in large-scale industrial and infrastructure projects. Previously in June 2021, the company raised USD 24 million in a Series A funding round led by Breakthrough Energy Ventures.