Electric Hydrogen secures US$198 million in financing to decarbonise global industries with fossil-free hydrogen

The funding will support the scale-up of EH2’s high throughput electrolyser technology and the manufacturing and deployment of demonstration projects to produce fossil-free hydrogen (also known as green hydrogen) at large scale for industrial and infrastructure applications.

Hydrogen, when produced in places with abundant and clean electricity, is a promising pathway for decarbonising industries not amenable to electrification, like steel, fertilizer and intercontinental energy transport, that account for more than a third of global GHG emissions.

EH2’s patented approach to electrolysis – the process of producing hydrogen from electricity and water – is specially designed for the high-volume, low-cost production required to support massive industrial operations. Their systems run on 100% clean energy, working seamlessly with cheap variable renewable power.

Peter Gajdoš, Partner at Fifth Wall and Co-Lead of the Climate Investment team said: “This round represents more than an investment in a company. It’s the biggest step yet toward meeting the urgent challenge of decarbonizing hard-to-decarbonize industries that are both essential to modern life and huge sources of GHG emissions. We’ve been searching for the most promising answers to that challenge and found one in EH2. Their team, cross-disciplinary expertise and visionary technology place them at the forefront of the race to make deep cuts in industrial emissions with compelling economics.”

Led by cofounders Raffi Garabedian and Dave Eaglesham, former executives at First Solar, Dorian West, former engineering lead at Tesla, and Derek Warnick, former Company Builder at Breakthrough Energy Ventures, Electric Hydrogen’s team brings together expertise in multiple sectors, from engineering and finance to manufacturing.

Raffi Garabedian, CEO of Electric Hydrogen notes: “This funding round fuels the next phase of our evolution. We’ve demonstrated our enabling core technology, built an amazing team and now have the capital we need to get our technology out into the world and start curbing emissions. Just as importantly, the participation of strategic partners at the forefront of the industries we are poised to decarbonize–energy, mining, logistics, and heavy manufacturing, to name a few–provides vital insight that will facilitate and accelerate our path to market.”

For more news and technical articles from the global hydrogen sector, read the latest issue of Global Hydrogen Review magazine.

Global Hydrogen Review's Spring 2022 issue

The inaugural issue of Global Hydrogen Review is full of detailed technical articles and case studies exploring the entire spectrum of hydrogen production and its applications worldwide. This issue covers a range of topics including the current status of blue hydrogen, how cryogenic technology is helping to shape the energy transition, and integrity management of hydrogen pipelines. Other features include green hydrogen, simulation, transportation, compressor technology, and much more.

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/23062022/electric-hydrogen-secures-us198-million-in-financing-to-decarbonise-global-industries-with-fossil-free-hydrogen/