Electric Hydrogen Raises $380M in Series C Funding


Electric Hydrogen, a Natick, MA-based manufacturer of electrolyzers for critical industries to produce the lowest cost green hydrogen, raised $380M in Series C funding.

The round was led by Fortescue, Fifth Wall and Energy Impact Partners and included new investors bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures and Fatima Holdings USA. Existing strategic investors Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto continued their participation, as did previous financial investors Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.

The new capital will accelerate the company’s manufacturing and deployment plans to meet customer demand for its power-dense green hydrogen systems.

Led by Raffi Garabedian, Chief Executive Officer, and Dave Eaglesham, Chief Technology Officer, Electric Hydrogen manufactures, delivers and commissions electrolyzers for critical industries to produce the lowest cost green hydrogen. The company’s complete 100MW solution includes all system components required to turn water and electricity into green hydrogen, including power conversion, gas processing, water treatment and thermal management.

The company is currently installing manufacturing equipment in its 1.2GW factory in Devens, Massachusetts. The factory will begin producing commercial electrolyzer systems in early 2024, with deliveries later in the year including the first customer-sited electrolyzer plant to be installed in Texas for New Fortress Energy. Electric Hydrogen has more than 5 gigawatts (GW) of its electrolysis systems reserved by customers and anticipates strong ongoing demand.

EH2 has a team of nearly 300 people with offices in San Carlos, CA, and San Jose, CA and Natick, and Devens, MA. The company was founded in 2020 and has raised more than $600M from financial and strategic investors.