Electric Hydrogen designs, manufactures and deploys 100MW electrolyzer plants using advanced PEM technology to produce green hydrogen for steel, fertilizer, shipping and aviation. Its complete 100MW plant includes power conversion, gas processing, water treatment and thermal management, and the company emphasizes U.S. manufacturing. The firm operates in California and Massachusetts, has a team of more than 300 people, and is headquartered in Natick, MA. Electric Hydrogen is scaling production at its Devens, MA gigafactory, with first electrolyzer stacks scheduled to ship later this year to a customer project in southeast Texas. The company recently announced a 1GW framework supply agreement with The AES Corporation and says it aims to deliver gigawatts of electrolyzer plants in the coming years. Financially, Electric Hydrogen has secured more than $750M in financing to date and has added a $100M corporate credit facility to support manufacturing and deployment. Electric Hydrogen builds complete electrolyzer systems—described as chemical plants—that produce green hydrogen from renewable electricity and water. Its systems are aimed at decarbonizing heavy industrial processes such as fertilizer production, steelmaking, and base chemical production. The company cites a 100-megawatt electrolyzer plant that produces nearly 50 tons of green hydrogen daily at an ultra-low cost. Electric Hydrogen is scaling manufacturing with a gigafactory in Devens, MA that begins production in Q2. Last year the company completed a $380 million Series C, bringing total capital raised to more than $600 million. The company has secured additional financing to support rapid scaling of manufacturing capacity to meet industrial demand for zero-carbon green hydrogen. Electric Hydrogen is a Massachusetts-based green hydrogen technology company that designs and sells large-scale electrolyzers. The company engineers and builds critical electrolyzer components in-house, focusing on performance gains to lower hydrogen production costs. Its business model is to sell cheaper electrolyzers to hydrogen producers rather than sell hydrogen itself. EH2 plans to launch an electrolyzer factory in Massachusetts in 2024 and to deliver 100 MW systems capable of producing nearly 50 tons of green hydrogen per day. The startup aims to reach roughly $1.50 per kilogram by 2030 in regions with abundant renewables, leveraging incentives from the Inflation Reduction Act. Financially, EH2 recently completed a $380M Series C that made it green hydrogen’s first unicorn and brought total funding to about $600M. The founding team includes CEO Raffi Garabedian and co-founder Dave Eaglesham, both formerly CTOs at First Solar. Electric Hydrogen (EH2) is a deep-decarbonization company building patented high-throughput electrolysis systems designed for low-cost, large-scale hydrogen production using 100% clean energy. The company is focused on industrial applications such as steel, ammonia (fertilizer), freight transportation and other hard-to-electrify sectors, with a stated goal of helping eliminate more than 30% of global GHG emissions from those industries. EH2 plans to scale up its electrolyzer technology and to manufacture and deploy demonstration projects to produce fossil-free hydrogen at large scale. The team is led by cofounders Raffi Garabedian and Dave Eaglesham and includes leaders with backgrounds at First Solar, Tesla and Breakthrough Energy Ventures. EH2 is backed by climate-tech investors and strategic partners across energy, mining, logistics and manufacturing, which the company says will accelerate its path to market. The company publicly announced a large financing to support the next phase of technology validation, manufacturing scale-up and commercial deployment. Electric Hydrogen is developing large-scale solutions to produce clean hydrogen gas using low-cost renewable electricity to help decarbonize polluting industrial sectors. The company aims to commercialize systems that enable large-scale hydrogen production as a medium for industrial decarbonization. It raised $24M in a Series A round to continue product development and expand its team and operations. The funds will be used for continued product development and team and operations expansion in the Greater Boston and San Francisco Bay Areas. The company is led by CEO Raffi Garabedian and was founded by a team of energy transition veterans from First Solar and Tesla. Electric Hydrogen is based in Boston, MA and San Francisco, CA.

Total raised

$752M

Funding rounds

6

Latest round

Debt Financing

Latest activity

May 2024