Electric Hydrogen (EH2) today (22nd June) announced a $198 million financing to support its 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 S2G Ventures’ participation and lenders Silicon Valley Bank and Trinity Capital. Strategic investors included 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 also participated.
The funding will support the scale-up of EH2’s high throughput electrolyzer technology and the manufacturing and deployment of demonstration projects to produce large-scale fossil-free hydrogen for industrial and infrastructure applications.
Hydrogen, when produced in places with abundant and clean electricity, is a promising 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.
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.