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Electric Hydrogen raises USD 18.3 million in tax credit funding
Hydrogen Economy
Apr 4, 2024
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Hydrogen Economy

Hydrogen Economy

Apr 4, 2024

Electric Hydrogen raises USD 18.3 million in tax credit funding

Funding

  • Electric Hydrogen, a startup producing cost-competitive clean hydrogen, has secured USD 18.3 million in funding in the form of a transferable tax credit from the Department of Energy, the Department of Treasury, and the Internal Revenue Service under the Qualifying Advanced Energy Project 48C initiative. This initiative is supported by the Inflation Reduction Act. This brings the company's total funding to USD 716 million.

  • The funds raised will expand production capacity at the company’s gigafactory in Devens, Massachusetts. The facility’s first 100 MW electrolyzer stacks will be shipped to a project in Southeast Texas later this year. 

  • When fully operational, the company's gigafactory is expected to have a production capacity of 1.2 GW per year, potentially reducing CO2 emissions by approximately 2.4 million metric tons per year. 

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