Electric Hydrogen, a Boston, MA-based decarbonization company, raised $198M in funding.
The round was led by Fifth Wall Climate Tech with participation by S2G Ventures, Silicon Valley Bank, Trinity Capital, Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries, Rio Tinto, Breakthrough Energy Ventures, Capricorn Partners, Energy Impact Partners, and Prelude Ventures.
The company intends to use the funds to scale-up its high throughput electrolyzer 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.
Led by co-founders 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 is a deep decarbonization company pioneering new technology for low-cost, high-efficiency, fossil-free hydrogen systems. Focusing on industrial applications of hydrogen in steel, ammonia and freight transport, EH2’s goal is to help eliminate more than 30% of global GHG emissions from hard-to-electrify industries.