Electric Hydrogen Raises $380 Million to Transform the Economics of Green Hydrogen Production
ELECTRIC HYDROGEN (EH2) announced the successful completion of an oversubscribed $380 million Series C financing. The new capital will accelerate the company’s manufacturing and deployment plans to meet strong customer demand for its power-dense green hydrogen systems. The funding round was led by Fortescue, Fifth Wall and Energy Impact Partners.
EH2’s electrolyzer systems produce green hydrogen from renewable electricity and water. Green hydrogen is needed for decarbonizing vital industrial processes such as fertilizer production, steelmaking, base chemicals and many others. Until now, switching from fossil-based sources to renewable green hydrogen has been too costly to be implemented at scale. EH2 is manufacturing and plans to deliver and commission 100 megawatt (MW) electrolyzer systems, each capable of producing nearly 50 tons of green hydrogen per day at transformational low cost to help its customers meet their decarbonization goals.