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Electric Hydrogen secures US$100 million credit facility from HSBC and JP Morgan

Published by , Editorial Assistant
Global Hydrogen Review,

Electric Hydrogen has announced US$100 million in corporate credit financing to support manufacturing and deployment of electrolyser plants, which enable the lowest cost production of green hydrogen. The funding was led by HSBC, with participation from JP Morgan, Stifel Bank, and Hercules Capital.

Electric Hydrogen, headquartered in Natick, US, is leading critical industries such as steel, fertilizer, shipping and aviation towards decarbonisation with its powerful, US-manufactured electrolysers, designed to deliver the lowest cost green hydrogen on earth.

“For more than 150 years, HSBC has been supporting businesses as they scale and transform industries worldwide,” said Matt Perlow, Director, HSBC Innovation Banking. “Our focus on financing innovative companies like Electric Hydrogen aligns with our mission of providing best-in-class banking services for our clients at every stage of their growth cycle. Clean technology and sustainability remain top priorities at HSBC, and we are thrilled to support Electric Hydrogen’s deployment of large-scale electrolyser plants in its mission to decarbonise critical industries.”

“This facility marks a step-change in Electric Hydrogen’s access to capital and overall maturity as a business. With credit backing from some of the world’s largest and most well-known banks, we are well positioned to deliver gigawatts of electrolyser plants in the coming years and enable our customers to meet their decarbonisation goals,” stated Derek Warnick, the company’s Chief Financial Officer.

Electric Hydrogen recently announced US$65 million in total Department of Energy support and US$50 million in equipment financing from Trinity Capital to scale its US manufacturing at its Devens, Massachusetts, gigafactory, one of the largest electrolyser factories in the country. The gigafactory’s first electrolyser stacks will be shipped later this year to a customer-sited project in southeast Texas. Electric Hydrogen also announced a 1 GW framework supply agreement with The AES Corporation last quarter.

“At JP Morgan, we are focused on serving companies who are helping decarbonise industries and building the green economy. We are pleased to support Electric Hydrogen in their next phase of growth, as they bring their 100 MW electrolyser plants to customers worldwide,” said Eric Cohen, Head of Green Economy Banking at JP Morgan Commercial Banking.

“Given the growing demand for cost-competitive, zero-carbon green hydrogen, we are excited to partner with Electric Hydrogen’s industry-leading team to help accelerate its manufacturing rollout and support deployment of their 100 MW electrolyser plants,” said Greg Peterson, Managing Director of Hercules Capital.

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