ARKANSAS, Oct 5 (Future Headlines)- Electric Hydrogen, a leading manufacturer of industrial-scale electrolyzers for green hydrogen production, has successfully raised $380 million in an oversubscribed Series C fundraising round. This significant investment will expedite the company’s manufacturing and deployment efforts to meet the surging demand for green hydrogen solutions. Electric Hydrogen, founded in 2020, has now raised over $600 million, solidifying its position as a major player in the green hydrogen sector.

The Series C funding round was led by prominent investors, including Fortescue, Fifth Wall, and Energy Impact Partners. It also featured participation from new investors such as 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. Several existing strategic investors, including Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto, continued their support. Previous financial investors, such as Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures, also participated.

Electric Hydrogen is dedicated to manufacturing and delivering 100 MW electrolyzer systems, each capable of producing approximately 50 tons of green hydrogen daily at a low cost. This ambitious goal aligns with the company’s mission to replace fossil fuels like natural gas and coal with sustainable green hydrogen. Presently, a significant portion of hydrogen production relies on natural gas and coal, contributing to approximately 2.5% of global carbon emissions. Electric Hydrogen aims to address this challenge by making green hydrogen production economically viable at scale.

Raffi Garabedian, CEO of Electric Hydrogen, expressed the company’s dedication to transforming the hydrogen industry: “We’re here to replace natural gas and coal with renewable green hydrogen. Today’s hydrogen comes from natural gas and coal and accounts for around 2.5% of global carbon emissions. There has not been a viable solution to this problem because renewable green hydrogen has been too expensive to produce at scale.”

To achieve its ambitious goals, Electric Hydrogen is actively establishing its manufacturing presence. The company is currently installing manufacturing equipment at its 1.2 GW factory located in Devens, Massachusetts. The facility is scheduled to commence the production of commercial electrolyzer systems in early 2024, with deliveries expected later in the year. One of the prominent milestones includes delivering the first customer-sited electrolyzer plant in Texas for New Fortress Energy.

Electric Hydrogen’s impressive track record is further exemplified by the substantial volume of electrolyzer orders it has secured, totaling over 5 GW. These orders signify the industry’s growing confidence in the company’s technology and its role in driving the green hydrogen revolution.

With green hydrogen gaining increasing recognition as a critical component of a sustainable energy future, Electric Hydrogen’s substantial Series C funding represents a significant step towards realizing this vision. The financial support from a diverse group of investors underscores the industry’s collective commitment to decarbonization and advancing the adoption of green hydrogen across various sectors, from industry to transportation, and beyond.

Writing by Kevin Wood; Editing by Sarah White