Fifth Wall Climate Tech leads round that includes Amazon, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries and Rio Tinto; investment will support deployments of Electric Hydrogen's pioneering electrolyser technology.
The furnace has been commissioned by Essar Oil UK as it transitions to run its operations on hydrogen as part of HyNet, the UK’s leading decarbonisation cluster and will be the UK’s first refinery-based hydrogen-powered furnace.
The Franco-German partnership will enable the emergence of a sustainable hydrogen economy in Europe and foster a European ecosystem for electrolysis and hydrogen technology. Production is expected to begin in the second half of 2023 and ramp-up to an annual production capacity of three gigawatts by 2025.