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Electric Hydrogen raises USD 50 million to support gigafactory development
Hydrogen Economy
Mar 6, 2024
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Hydrogen Economy

Hydrogen Economy

Mar 6, 2024

Electric Hydrogen raises USD 50 million to support gigafactory development

Funding

  • Electric Hydrogen, a startup producing cost-competitive clean hydrogen, has raised USD 50 million in equipment funding from Trinity Capital, a provider of venture debt and equipment financing.

  • The company intends to use the funds to upscale the manufacturing capabilities of its gigafactory in Devens, Massachusetts.

  • Analyst QuickTake: Electric Hydrogen’s giga-factory, which expects to start production in Q2 2024, is a 187,000 sq ft facility that will produce the company’s 100 MW green hydrogen electrolyzers and eventually have an annual production capacity of 1.2 GW. In October 2023 , Electric Hydrogen also raised USD 380 million in a Series C funding round led by Fortescue, Fifth Wall, and Energy Impact Partners. The company intended to use the funding to expedite manufacturing and deployment to meet high customer demand.

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