(Natick / USA) – The US company Electric Hydrogen (EH2) wants to increase the production of electrolysers. The funds are being financed using the funds from a recently completed Series C financing of $380 million (257 million euros).
50 tons of hydrogen per day
So far, the switch from fossil fuels to green hydrogen has been too costly to be implemented on a large scale. EH2 is therefore producing and planning to build 100-megawatt electrolyzer systems, each capable of producing nearly 50 tons of green hydrogen per day “at a revolutionary low cost,” says Raffi Garabedian, EH2’s chief executive officer and co-founder. However, the former long-standing First Solar CTO did not give any specific figures.
The company's 100 MW complete solution, based on Proton Exchange Membrane technology, includes all system components required to convert water and electricity into green hydrogen, including energy conversion, gas processing, water treatment and thermal management.
Factory ready for operation in 2024
The company says it is currently installing new production equipment at its 1,2 gigawatt factory in Devens, Massachusetts. The production of commercial electrolyzer systems will begin there at the beginning of 2024 and the first system will be delivered later this year, including in Texas to New Fortress Energy. Electric Hydrogen already has customer reservations for capacities of more than five gigawatts.
Among the backers, the “main investor and potential customer” is Fortescue Future Industries, part of Fortescue Metals Group Ltd. by Australian mining magnate Andrew Forrest. According to media reports, Fortescue has signed a one gigawatt supply contract with the manufacturer after investing more than $100 million in June.
The venture capitalists Fifth Wall (USA) and Energy Impact Partners (USA) are also on board. BP Ventures, Oman Investment Authority, Temasek, Microsoft's Climate Innovation Fund, the United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures and Fatima Holdings USA were also attracted as new investors.
Existing strategic investors - global industry heavyweights such as Amazon's Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries and Rio Tinto - continued their participation, as did financial investors Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures and S2G Ventures.
EH2, with nearly 300 employees, has offices in California and Massachusetts. The company was founded in 2020 and claims to have raised more than $600 million from financial and strategic investors.
Photos
EH2 has closed a $380 million funding round. © Electric Hydrogen
