Wednesday 29 June 2022
Electric Hydrogen secures $198m for fossil-free production
Electric Hydrogen (EH2) has secured $198 million (£163m) in financing to supports the development of cost-competitive fossil-free hydrogen.
The investment was led by Fifth Wall Climate Tech, with participation from S2G Ventures, Amazon's Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries and Rio Tinto.
The funding will support the start-up in scaling its electrolyser technology and the manufacturing and deployment of demonstration projects at a large scale for industrial customers.
According to EH2, its patented approach to electrolysis – the process of producing hydrogen from electricity and water – is designed for the high-volume, low-cost production required to support massive industrial operations, with its systems running on 100% clean energy.
Peter Gajdoš, Partner at Fifth Wall and Co-Lead of the Climate Investment team said: “This round represents more than an investment in a company. It’s the biggest step yet toward meeting the urgent challenge of decarbonising hard-to-decarbonise industries that are both essential to modern life and huge sources of GHG emissions.
“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.”
EH2's goal is to help eliminate more than 30% of global greenhouse gas emissions from hard-to-electrify industries.
CEO Raffi Garabedian added: “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.
“Just as importantly, the participation of strategic partners at the forefront of the industries we are poised to decarbonise - energy, mining, logistics and heavy manufacturing, to name a few - provides vital insight that will facilitate and accelerate our path to market.”
