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Electric Hydrogen secures USD 100 million credit facility from several banks to manufacture electrolyzer plants
Hydrogen Economy
May 9, 2024
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Hydrogen Economy

Hydrogen Economy

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May 9, 2024

Electric Hydrogen secures USD 100 million credit facility from several banks to manufacture electrolyzer plants

Funding

  • Electric Hydrogen, a startup producing cost-competitive clean hydrogen, has secured USD 100 million in corporate credit financing. The funding was led by HSBC, with participation from J.P. Morgan, Stifel Bank, and Hercules Capital. This brings the company's total funding to USD 798.3 million.

  • The company intended to use the funds to support the manufacturing and deployment of its 100 MW electrolyzer plants.

  • Analyst QuickTake: This is the fourth round of funds Electric Hydrogen has raised in 2024. In March 2024 , the company raised USD 50 million in equipment funding from Trinity Capital to upscale the manufacturing capabilities of its gigafactory in Devens, Massachusetts. During the same month , the company was awarded a USD 46.3 million grant from the Department of Energy to accelerate technology advancements at the same facility. Following this, in April 2024 , Electric Hydrogen secured USD 18.3 million in funding through a transferable tax credit from the Department of Energy to expand production capacity at the gigafactory.

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