Natick green energy firm raises $380M to accelerate manufacturing
Photo | Courtesy of Electric Hydrogen
The founders of Electric Hydrogen (from left) David Eaglesham, Raffi Garabedian, Dorian West, and Derek Warnick
Natick-based Electric Hydrogen (EH2), a company manufacturing equipment to create hydrogen from water using renewable electricity, has raised $380 million in series C financing, which it will use to accelerate manufacturing to meet customer demand.
This round of funding brings the company to a total of $600 million raised since being founded in 2020, according to a Tuesday press release from EH2.
EH2 is manufacturing 100-megawatt electrolyzer systems, each capable of producing nearly 50 tons of hydrogen per day. The company is building a 187,000-square-foot facility in Devens to expand its manufacturing capabilities.
The company plans to begin production of the systems in early 2024 and has more than five gigawatts of systems reserved by customers, including New Fortress Energy in Texas, which expects to be producing hydrogen using the EH2 system in late 2024.
The funding round was led by Australian green tech giant Fortescue, Fifth Wall of Los Angeles, and Energy Impact Partners in New York City.
A long list of participants in the round of funding include new investors bp Ventures, Oman Investment Authority, Microsoft’s Climate Innovation Fund, and the United Airlines Sustainable Flight Fund. Existing strategic investors Amazon’s Climate Pledge Fund and Mitsubishi Heavy Industries, continued their participation.
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