Electric Hydrogen joined the Unicorn Club on October 2023. The company develops advanced electrolyzer systems for clean hydrogen production, leveraging PEM stack technology to decarbonize industries such as ammonia, steel, and chemicals. Its fully integrated solutions include pre-engineered designs ready for project site assembly, supporting the transition from fossil-based processes to low-cost, clean hydrogen alternatives.
What Is Electric Hydrogen and What Does It Do?
Electric Hydrogen, founded in 2020 by David Eaglesham, Derek Warnick, Dorian West, and Raffi Garabedian, Electric Hydrogen is headquartered in Natick, Massachusetts, United States. The company focuses on manufacturing advanced electrolyzer systems and integrated solutions for hydrogen production.
Electric Hydrogen employs 294 people and serves industrial sectors including refineries, eFuels, metals, chemicals, and ammonia production. Its technology and operations are designed to replace fossil fuels with sustainable hydrogen alternatives, driving decarbonization at scale.
How Much Funding Has Electric Hydrogen Raised?
1. Series A
- Amount Raised: $24M
- Date: June 2021
- Lead Investors: Breakthrough Energy Ventures
- Motivation: To develop initial electrolyzer technology and scale early operations
2. Series B
- Amount Raised: $198M
- Date: June 2022
- Lead Investors: Fifth Wall
- Motivation: To expand manufacturing capabilities and accelerate product development
3. Series C
- Amount Raised: $380M
- Date: October 2023
- Lead Investors: Energy Impact Partners, Fifth Wall, Fortescue Metals
- Motivation: To scale production and commercialize electrolyzer technology
4. Debt & Grants (2024)
- $50M (March 2024, Trinity Capital) — finance equipment and expand manufacturing
- $46.3M (March 2024, US Department of Energy) — support scaling U.S. manufacturing
- $100M (May 2024, HSBC, JP Morgan, Stifel Bank, Hercules Capital) — support 100MW electrolyzer deployment
Total Funding Raised: $603 Million
Current Valuation: $1 Billion (as of October 2023)
Latest Funding Round: May 2024
Key Investors
1. HSBC
- Details: HSBC Holdings plc is one of the world's largest banking and financial services organizations, headquartered in London. It serves customers worldwide from offices in 62 countries and territories.
- Investment Focus Areas: Banking, financial services, sustainable and green technologies.
- Notable Investments: Elliptic, FIA Tech, Contour, Consensys, BioCatch
2. US Department of Energy
- Details: The US Department of Energy is a federal agency responsible for advancing the national, economic, and energy security of the United States. It supports energy innovation and technology development.
- Investment Focus Areas: Energy innovation, renewable energy, and technology development.
- Notable Investments: General Atomics, Focused Energy, Caelux, Solexant.
3. Trinity Capital
- Details: Trinity Capital is a leading provider of venture debt and equipment financing to growth-stage companies. It focuses on supporting innovative companies in various sectors.
- Investment Focus Areas: Venture debt, equipment financing, technology, life sciences.
- Notable Investments: Machine Zone, Rocket Lab, Gravie.
4. Fifth Wall
- Details: Fifth Wall is a venture capital firm focused on real estate technology and sustainability. It invests in companies that are transforming the built environment and addressing climate change.
- Investment Focus Areas: Real estate technology, sustainability, and climate technology.
- Notable Investments: Opendoor, VTS, Doma, Clutter, ClassPass.
Where Is Electric Hydrogen’s Headquarters?
Electric Hydrogen is headquartered in Natick, Massachusetts, United States, providing access to a strong talent pool in clean energy and engineering, proximity to leading research institutions, and opportunities for collaboration with investors and industrial partners driving the green hydrogen transition.
What’s Next for Electric Hydrogen?
Electric Hydrogen is advancing the deployment of its 100MW electrolyzer plants and executing a 1GW framework supply agreement with The AES Corporation. The company plans to continue scaling production, expand its technological capabilities, and pursue additional strategic partnerships and funding to decarbonize industries such as steel, fertilizer, shipping, and aviation.
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