Electric Hydrogen, a US manufacturer of advanced electrolysers, has announced that it has acquired Ambient Fuels. Rising demand for clean hydrogen in both the US and EU is accelerating the already fast-growing market for US technology. Adding Ambient Fuels’ development expertise and portfolio of US project sites will expand Electric Hydrogen’s ability to partner with customers on co-development of hydrogen projects and provide dedicated capital resources where appropriate.
As part of the transaction, Electric Hydrogen has also entered into a strategic relationship with Generate Capital, an infrastructure investment platform and former investor in Ambient Fuels, to offer up to US$400 million in hydrogen project finance solutions around the globe. This complementary relationship combines Electric Hydrogen’s electrolyser technology with project financing to create attractive offerings for customers seeking the lowest levelised cost of hydrogen (LCOH). The combination of project development expertise and financing also enables Electric Hydrogen to originate, buy, and sell large scale clean hydrogen projects.
“Generate Capital is determined to accelerate the transition to low-carbon molecules by offering leading project finance capabilities in close collaboration with skilled developers and innovative technologies,” said Scott Gosselink, Managing Director at Generate Capital. “Working with Electric Hydrogen, we can help solve current finance and bankability challenges and reduce LCOH, enabling more hydrogen projects to reach the final investment decision (FID).”
“Clean hydrogen is poised for significant growth in the years ahead, supported in part by the RED-III compliance framework in the EU and the 45 V hydrogen production tax credit in the US said Raffi Garabedian, CEO and Co-Founder of Electric Hydrogen. “We believe this new integration will both enable the industry to scale faster and give Electric Hydrogen even more ways to serve our diverse array of customers – from those who want to do it all themselves, from power procurement all the way to the finished clean-fuel – to those who prefer a partner to finance and develop the hydrogen plant so they can remain focused on their business outcomes. We are excited to add this new capability with Ambient Fuels and Generate Capital.”
“We are thrilled to join the Electric Hydrogen team,” said Jacob Susman, former CEO of Ambient Fuels and now leading project development at Electric Hydrogen. “With this unique project finance capability from Generate Capital, our team is well positioned to support Electric Hydrogen customers who prefer to buy renewable hydrogen as a process input rather than building and operating their own renewable hydrogen plants. We believe this is a key ‘unlock’ for the nascent renewable hydrogen and renewable fuels industries that will help customers get to scale faster, enabled by Electric Hydrogen’s technology.”
Electric Hydrogen’s productised hydrogen plant, the HYPRPlant, leverages the company’s proprietary high-power proton exchange membrane (PEM) electrolyser technology to deliver ultra-low-cost hydrogen made with renewable energy. Built in the US and shipped as modular skids, the system reduces total installed project costs by as much as 60% and significantly shortens deployment timelines. The combination of Electric Hydrogen with Ambient Fuels, supported by a financing collaboration with Generate Capital, enables the company to substantially reduce the levelised cost of hydrogen as a service, passing along value to customers.
The transaction closed in May 2025 and the company is targeting the deployment of project capital beginning in 2026.