2024 Power 100: Raffi Garabedian
Photo | Courtesy of Electric Hydrogen
Raffi Garabedian, co-founder and CEO of Electric Hydrogen
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The rise of Electric Hydrogen since its founding in 2020 could be described as stratospheric, owing to its promising technology to decarbonize hydrogen production. In just four years, the Natick-based company has raised nearly $700 million in private funding under Raffi Garabedian's leadership, according to Crunchbase.
With 300 employees, Electric Hydrogen is headquartered in Natick and has operations at two California sites and a new manufacturing plant in Devens. The Devens plant will allow the company to produce up to 50 tons of green hydrogen when it comes online in the second quarter.
This 187,000-square-foot Devens plant will have a manufacturing capacity of 1.2 gigawatts, which will eliminate up to 2.4 million metric tons of carbon dioxide emissions per year, which outpaces the current total global installed capacity for such production. The U.S. Department of Energy has awarded $65 million in funding to support the plant, in both tax credits and grants.
In September, Electric Hydrogen reached an agreement to provide a 100-megawatt electrolyzer system to New Fortress Energy in Texas by the fourth quarter. The plant is expected to produce 50 tons per day of hydrogen to be used as an alternative energy source, with the capacity to double output in the future.
“I’m proud of the values-driven culture that we’ve built at Electric Hydrogen that makes us stronger together, to address the greatest challenge of our time: decarbonization,” Garabedian said.
Garabedian founded Electric Hydrogen alongside co-founders David Eaglesham and Derek Warnick. Before that, he was with Arizona-based First Solar, and he was the founding CEO of California-based Touchdown Technologies and spent more than 15 years developing and commercializing new technologies.
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