Total amount raised
$798.3 Millions
Latest funding date
5/1/2024
Location
Electric Hydrogen has successfully raised significant funding through multiple rounds, securing a $100M credit facility from prominent investors like HSBC, J.P. Morgan, Stifel Bank, and Hercules Capital.
Keep reading to explore the intricacies of Electric Hydrogen's fundraising journey and the investors backing this innovative platform.
What Is Electric Hydrogen?
Electric Hydrogen, founded in 2020, is based in Natick, Massachusetts. The company focuses on developing electrolyzer technologies to produce low-cost, clean hydrogen, aiming to replace fossil fuels in industrial sectors.
Founded by David Eaglesham, Derek Warnick, Dorian West, and Raffi Garabedian, Electric Hydrogen leverages advanced PEM stack technology to offer integrated solutions for hydrogen production. Their technology is designed to decarbonize industries such as ammonia and steel production.
With a workforce of 251-500 employees, Electric Hydrogen is committed to building high-power electrolyzers that significantly reduce the total installed costs of hydrogen production projects.
How Much Funding Has Electric Hydrogen Raised?
- Series A
- Amount Raised: $24M
- Date: June 2021
- Lead Investors: Breakthrough Energy Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial electrolyzer technology and scale early operations.
- Series B
- Amount Raised: $198M
- Date: June 2022
- Lead Investors: Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand manufacturing capabilities and accelerate product development.
- Debt Financing
- Amount Raised: Not disclosed
- Date: June 2022
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and short-term financial needs.
- Series C
- Amount Raised: $380M
- Date: October 2023
- Lead Investors: Energy Impact Partners, Fifth Wall, Fortescue Metals
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and commercialize electrolyzer technology.
- Debt Financing
- Amount Raised: $50M
- Date: March 2024
- Lead Investors: Trinity Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To finance equipment and expand manufacturing capacity.
- Grant
- Amount Raised: $46.3M
- Date: March 2024
- Lead Investors: US Department of Energy
- Valuation at Round: Not applicable
- Motivation Behind the Round: To support scaling U.S. manufacturing at the Devens, MA gigafactory.
- Debt Financing
- Amount Raised: $100M
- Date: May 2024
- Lead Investors: HSBC, J.P. Morgan, Stifel Bank, Hercules Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the manufacturing and deployment of 100MW electrolyzer plants.
Total amount raised: $798.3M. Current valuation: Not publicly disclosed.
Key Investors
- HSBC
- Details: HSBC Holdings plc is one of the world's largest banking and financial services organizations, headquartered in London. It serves customers worldwide from offices in 62 countries and territories.
- Investment Focus Areas: Banking, financial services, sustainable and green technologies.
- Notable Investments: Various green and sustainable projects, including renewable energy and clean technology.
- US Department of Energy
- Details: The US Department of Energy is a federal agency responsible for advancing the national, economic, and energy security of the United States. It supports energy innovation and technology development.
- Investment Focus Areas: Energy innovation, renewable energy, technology development.
- Notable Investments: Various projects in renewable energy, energy efficiency, and advanced energy technologies.
- Trinity Capital
- Details: Trinity Capital is a leading provider of venture debt and equipment financing to growth-stage companies. It focuses on supporting innovative companies in various sectors.
- Investment Focus Areas: Venture debt, equipment financing, technology, life sciences.
- Notable Investments: Various technology and life sciences companies.
- Energy Impact Partners
- Details: Energy Impact Partners is a global investment firm focused on sustainable energy and innovation. It partners with companies that are driving the transition to a cleaner, more resilient energy future.
- Investment Focus Areas: Sustainable energy, smart grid, energy efficiency technologies.
- Notable Investments: Various companies in the energy sector focusing on sustainability and innovation.
- Fifth Wall
- Details: Fifth Wall is a venture capital firm focused on real estate technology and sustainability. It invests in companies that are transforming the built environment and addressing climate change.
- Investment Focus Areas: Real estate technology, sustainability, climate technology.
- Notable Investments: Various companies in the real estate and sustainability sectors.
What's Next for Electric Hydrogen?
Electric Hydrogen stands at the cusp of a transformative opportunity, with its 100MW electrolyzer plants poised to decarbonize critical industries like steel, fertilizer, shipping, and aviation. The company’s recent $100 million credit facility, coupled with a 1GW framework supply agreement with The AES Corporation, underscores the vast potential for growth in the green hydrogen sector.
Future fundraising efforts are likely to be bolstered by continued support from major financial institutions and potential government grants. However, scaling manufacturing and navigating regulatory landscapes remain significant challenges. As the demand for cost-competitive, zero-carbon hydrogen grows, Electric Hydrogen's ability to innovate and expand will be crucial in maintaining its competitive edge.
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