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§ Private Profile · Natick, MA, USA
Electrolyzer technology developer selling advanced systems for green hydrogen production in heavy industry.
Based in Devens, Massachusetts, and San Francisco, California, Electric Hydrogen develops advanced electrolyzer technology to produce low-cost green hydrogen for heavy industry decarbonization. The company manufactures large-scale systems designed to replace fossil fuels in carbon-intensive sectors such as steel manufacturing, fertilizer production, shipping, and aviation. Operating a new 1.2-gigawatt capacity manufacturing facility, the enterprise currently employs a growing workforce of over 300 people. Electric Hydrogen has reached a $1 billion valuation after securing more than $750 million in total financing from prominent institutional investors including Breakthrough Energy Ventures, Microsoft's Climate Innovation Fund, and United Airlines. The firm also supplies its proprietary electrolyzer systems to corporate customers such as New Fortress Energy for commercial green hydrogen plant operations. Electric Hydrogen was founded in 2020 by former renewable energy executives Raffi Garabedian, David Eaglesham, and Derek Warnick.
Electric Hydrogen has raised $754.0M across 5 funding rounds.
Electric Hydrogen has raised $754.0M in total across 5 funding rounds.
Electric Hydrogen is a technology company manufacturing the world's most powerful proton exchange membrane (PEM) electrolyzers, delivering fully integrated 100MW HYPRPlants that convert water and renewable electricity into low-cost green hydrogen.[2][3][6] It serves energy-intensive industries like refineries, ammonia/fertilizer production, steel, chemicals, and eFuels (e.g., sustainable aviation fuel and e-methanol), solving the problem of high-cost hydrogen production that prevents decarbonization of hard-to-abate sectors responsible for 40% of global greenhouse gas emissions.[2][3][6] The company has raised over $600M in funding, employs 300+ people across U.S. and European facilities, and is scaling with a 1.2 GW annual manufacturing capacity at its Massachusetts gigafactory, while developing 15+ hydrogen projects totaling over 600 TPD potential.[2][3][5]
Founded in 2020 by experienced renewable energy technologists, Electric Hydrogen emerged from the need to rethink electrolyzer design to enable massive-scale green hydrogen at cost parity with fossil fuels, drawing on expertise from solar, semiconductor, and battery industries.[2][3][4] The idea stemmed from recognizing that current electrolyzers were too small, costly, and inefficient for industrial decarbonization, prompting a ground-up redesign focused on power density, scale, and integration.[1][2] Early traction included a 2021 Series A round with investors like Breakthrough Energy Ventures, Prelude Ventures, Capricorn's Technology Impact Fund, and Energy Impact Partners, fueling rapid growth to over 300 employees and facilities in California, Massachusetts, and West Texas.[1][2][3]
Electric Hydrogen rides the global green hydrogen wave, targeting the energy transition's hardest challenges: decarbonizing heavy industry and infrastructure amid surging demand for clean fuels driven by net-zero policies and renewables growth.[1][2][3] Timing is ideal with falling renewable costs, U.S. Inflation Reduction Act incentives, and international hydrogen hubs, enabling gigawatt-scale deployment where legacy electrolyzers fall short.[1][5] Market forces like rising SAF mandates, fertilizer/steel electrification needs, and eFuels for shipping/aviation favor its low-cost, scalable model, influencing the ecosystem by de-risking projects, attracting $600M+ capital, and expanding into regions like Latin America for green fertilizer.[2][5][6]
Electric Hydrogen is poised for explosive growth through gigafactory ramp-up, project portfolio execution, and international expansion (e.g., LATAM entry in 2025), potentially capturing multi-GW market share as hydrogen demand hits cost parity.[2][5][6] Trends like AI-driven energy needs, policy subsidies, and supply chain localization will accelerate its trajectory, evolving it from electrolyzer maker to full-stack hydrogen ecosystem leader. This positions EH2 to deliver the clean, abundant hydrogen needed to end fossil fuel dominance in industry, fulfilling its founding North Star.[1][2]
Electric Hydrogen has raised $754.0M across 5 funding rounds. Most recently, it raised $100.0M Debt in May 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 9, 2024 | $100M Debt Financing | Matt Perlow | Greg Peterson, Eric Cohen, Stifel Bank | Announced |
| Mar 6, 2024 | $50M Debt Financing | Ryan Little | — | Announced |
| Oct 3, 2023 | $380M Series C | — | BP, Mark Hutchinson, Microsoft, Mike Leskinen | Announced |
| Jun 1, 2022 | $200M Series B | — | Anorak Ventures, Breakthrough Energy Ventures, Eniac Ventures, Fifth Wall, Future Energy Ventures, Pathbreaker Ventures, Sequoia Capital, Colin Carrier, Kara H. Hurst, Capricorn Venture Partners, Energy Impact Partners, Gareth Burns, Honeywell Ventures, Mitsubishi Heavy Industries, Prelude Ventures, Nigel Steward, S2G Ventures | Announced |
| Jun 1, 2021 | $24M Series A | Breakthrough Energy Ventures | Anorak Ventures, Eniac Ventures, Pathbreaker Ventures, Sequoia Capital, Colin Carrier, Capricorn Investment Group, Prelude Ventures | Announced |
Electric Hydrogen has raised $754.0M in total across 5 funding rounds.
Electric Hydrogen's investors include Matt Perlow, Greg Peterson, Eric Cohen, Stifel Bank, Ryan Little, BP, Mark Hutchinson, Microsoft, Mike Leskinen, Anorak Ventures, Breakthrough Energy Ventures, ENIAC Ventures.