Electric Hydrogen Secures $198 Million Funding

Renewable energy leader Electric Hydrogen (EH2) announced a $198 Million financing to support the company's efforts in making cost competitive fossil-free hydrogen.

June 24, 2022. By News Bureau

Renewable energy leader Electric Hydrogen (EH2) announced a $198 Million financing to support the company's efforts in making cost competitive fossil-free hydrogen.

The round consisted of Series B equity and venture debt from top investors. Fifth Wall Climate Tech led the round, with participation by S2G Ventures, and lenders Silicon Valley Bank and Trinity Capital.

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

Amazon’s Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries, and Rio Tinto. Previous investors Breakthrough Energy Ventures, Capricorn Partners, Energy Impact Partners, and Prelude Ventures were some of the strategic investors that participated.

“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,” said Peter Gajdoš, Partner, Fifth Wall and Co-Lead, Climate Investment team. “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.”

“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,” said Raffi Garabedian, CEO, Electric Hydrogen. “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.”

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