Friday 25 June 2021

Bill Gates fund leads $24m investment in Electric Hydrogen

Electric Hydrogen has announced a $24 million (£17m) financing round led by Breakthrough Energy Ventures, a billion-dollar fund founded by Bill Gates.

The company, founded by a team of energy transition veterans from Tesla and First Solar, is developing large-scale hydrogen solutions to help ease global dependence on fossil fuels.

Using low cost renewable electricity, Electric Hydrogen aims to produce clean hydrogen gas to support the decarbonisation of polluting industrial sectors.

Derek Warnick, CFO of Electric Hydrogen said: “In infrastructure and industry, cost drives decisions,.

“That's why we are laser-focused on delivering green hydrogen at a cost that's competitive with fossil fuels. When doing the right thing is actually the lowest cost option, the market will shift very quickly.”

Carmichael Roberts, Business Lead, Investment Committee, Breakthrough Energy Ventures added: “With their strong track record of success in scaling new clean energy technologies, Electric Hydrogen has what it takes to make good on the promise of hydrogen as a clean and economical building block for decarbonising industry.

“We're proud to have supported Electric Hydrogen in this vital mission from its inception and now through its Series A financing.”

The financing was also supported by Prelude Ventures and Capricorn's Technology Impact Fund.