Honeywell has announced that Honeywell Ventures, its venture arm that invests in early-stage, high-growth companies that have emerging and disruptive technologies, has contributed to Electric Hydrogen’s Series B round financing. Honeywell joins a select group of investors and banks to bring the total funding for the round to US$198 million.
Electric Hydrogen (EH2) is developing a new generation of electrolyser technologies to split water into hydrogen and oxygen, which when powered by renewable energy like wind and solar, creates green hydrogen. The funding will support the scale-up of EH2’s high throughput electrolyser and manufacturing technology and deployment of pilot projects at large-scale for industrial and infrastructure applications.
Honeywell’s investment and increased collaboration with Electric Hydrogen allows Honeywell to better understand and support the needs of the electrolyser industry.
Honeywell’s recently announced catalyst coated membrane (CCM) technology demonstrates higher electrolyser efficiency and higher electric current density in lab testing. It could further optimise and enhance the performance of the electrolyser stack for green hydrogen production. Leveraging this type of collaboration can help improve the speed and reduce the cost of deploying and operating sustainable green hydrogen production facilities.
This investment furthers Honeywell’s commitment to provide ready-now solutions that meet the needs and scale of industry now and in the future. Honeywell has been providing innovative hydrogen processing solutions for more than 50 years, including purification systems, membranes, controls, cyber security, automation, and remote monitoring services.
“Honeywell has decades-long industrial experience within the hydrogen industry,” said Patrick Hogan, Managing Director, Honeywell Ventures. “Our investment in Electric Hydrogen will accelerate collaboration between key players in the green hydrogen value chain and provide a ready-now solution to speed the transition to a hydrogen-based economy.”
“Honeywell’s deep industry relationships allow Electric Hydrogen to speed up development and scaled deployment of cost effective systems to decarbonise the massive industrial sectors that we all depend on,” said Raffi Garabedian, CEO of Electric Hydrogen. “Our high-performance electrolysers will.”
Electric Hydrogen is forging cost effective and transformative assistance to a zero-carbon world for heavy industry. The company is building the new generation of electrolyser technologies to enable clean, abundant, and low-cost hydrogen for hard-to-decarbonise industrial sectors. EH2 is led by a team of the world’s leading experts in scaling clean technologies from First Solar and Tesla and backed by top climate technology investors committed to deep decarbonisation. The company was founded in 2020 and is based in the Bay Area and Boston, US.