Electric Hydrogen, a startup producing cost-competitive clean hydrogen, has raised USD 198 million in a Series B funding round led by Fifth Wall Climate Tech. The round brings Electric Hydrogen’s total funding to USD 222 million.
The funds will be used to scale up the company’s electrolyzer technology and to produce clean hydrogen in large-scale industrial and infrastructure projects.
Amazon’s Climate Pledge Fund, Honeywell, Mitsubishi Heavy Industries, Silicon Valley Bank, and Trinity Capital also participated in the round, along with existing investors Breakthrough Energy Ventures, Capricorn Partners, and Prelude Ventures.
Established in 2021, Electric Hydrogen is a decarbonization startup aiming to produce low-cost, highly efficient, and fossil-free hydrogen. The company uses a new generation of electrolyzer technologies and focuses on heavy emitters like the steel production, mining, and agriculture industries.