The funding round was led by Fortescue, Fifth Wall and Energy Impact Partners and included new investors bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures and Fatima Holdings USA. Existing strategic investors Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto continued their participation, as did previous financial investors Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.

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.

“We’re here to replace natural gas and coal with renewable green hydrogen. To address the global climate challenge, we need new technologies that help critical industries reduce their emissions. Electric Hydrogen’s 100MW electrolyzer systems do that”, said Raffi Garabedian, Chief Executive Officer and Co-founder of EH2. “Today’s hydrogen comes from natural gas and coal and accounts for around 2.5% of global carbon emissions.¹ There has not been a viable solution to this problem because renewable green hydrogen has been too expensive to produce at scale. The Electric Hydrogen team is changing that and the opportunities for decarbonization go far beyond today’s applications”.

The company is currently installing manufacturing equipment in its 1.2GW factory in Devens, Massachusetts. The factory will begin producing commercial electrolyzer systems in early 2024, with deliveries later in the year including the first customer-sited electrolyzer plant to be installed in Texas for New Fortress Energy. Electric Hydrogen has more than 5 gigawatts (GW) of its electrolysis systems reserved by customers and anticipates strong ongoing demand.

Fortescue, a global metals and green energy company, is both a lead investor and potential customer, having also signed a procurement agreement with EH2. “Fortescue is committed and focused on supporting the creation of green technology to help heavy industry decarbonize and producing green hydrogen at scale globally is integral to that”, said Mark Hutchinson, Fortescue Energy CEO. “Electric Hydrogen, just like Fortescue, is working at the speed and scale necessary to help deliver green-hydrogen projects around the world”.

“bp Ventures invests in game-changing and innovative technology across bp’s transition growth engines and in the energy the world needs today, said Gareth Burns, Vice President of bp Ventures. Electric Hydrogen’s 100MW green hydrogen systems use advanced technology that could significantly reduce production costs. Investing in technologies that could help to advance green hydrogen production is crucial as we progress our global hydrogen portfolio and work towards our net zero ambition.”

“Scalable and cost competitive access to green hydrogen is key to the production of Sustainable Aviation Fuel – for United and others that seek a transition to clean energy. Electric Hydrogen’s novel electrolyzers have the potential to greatly reduce the capital cost of hydrogen production and their electrolyzers can be powered by a variety of renewable power sources,” said United Airlines Ventures President, Michael Leskinen. “United’s need for sustainable aviation will require scaling the supply of green hydrogen, and we believe Electric Hydrogen’s technology could be game changing.”

“We’ve re-invented electrolyzer technology to make it more efficient and far lower cost. Now we’re scaling up rapidly to produce and assemble large electrolyzer systems for our industrial customers who are leading the shift from grey hydrogen to renewable green hydrogen”, said Dave Eaglesham, Chief Technology Officer of EH2. “We’re driven by our mission to achieve fossil fuel parity for green hydrogen, and this new round of financing gives us everything we need to deliver on the promise of our technology”.

Derek Warnick, Chief Financial Officer of EH2 emphasized the breadth and diversity of the investor syndicate the company has assembled, “We’re grateful for the continued faith and encouragement of our previous investors and we’re excited to work with our new strategic and financial investors to grow as fast as we can to deliver technology that can change the world”.

EH2 has raised over $600 million since its founding in 2020.

About EH2:

Electric Hydrogen manufactures, delivers and commissions the world’s most powerful electrolyzers for critical industries to produce the lowest cost green hydrogen. The company’s complete 100MW solution includes all system components required to turn water and electricity into green hydrogen, including power conversion, gas processing, water treatment and thermal management. Electric Hydrogen’s advanced PEM technology helps critical industries achieve their climate objectives by making green hydrogen an economic inevitability. EH2 has a team of nearly 300 people with offices in California and Massachusetts. The company was founded in 2020 and has raised more than $600M from financial and strategic investors.

¹A Global Hydrogen Review 2023, https://www.iea.org/reports/global-hydrogen-review-2023 / IEA CO2 Emissions in 2022, https://www.iea.org/reports/co2-emissions-in-2022

Contacts

matt@redwoodclimatecomms.com

The post Electric Hydrogen Raises $380 Million to Transform the Economics of Green Hydrogen Production appeared first on Electric Hydrogen.

Expected to be one of the largest in North America, the facility will be enabled by EH2’s ground-breaking advanced electrolysis technology, capable of producing nearly 50 tons per day of green hydrogen. First hydrogen production is expected in the fourth quarter of 2024 with full commercial operation in 2025. The site and facility are scalable to 200 MWs in the future.

EH2 manufactures turnkey 100 MW electrolysis systems, including innovative electrolysis stacks with record-breaking efficiency, that can match the variability of renewable energy production with precision. The modular plant architecture significantly reduces on-site construction costs and complexity. The electrolyzer stacks are being manufactured at EH2’s 187,000 square foot facility in Devens, Massachusetts, while balance-of-plant modules are being fabricated in Texas.  Announced in May 2023, the high-rate production facility in Massachusetts is on schedule to produce up to 1.2 gigawatts of electrolyzer stacks annually. 

“We are excited to enter into this agreement with Electric Hydrogen, a pioneer in electrolysis technology that shares our vision of enabling clean, abundant, and low-cost hydrogen to accelerate the energy transition around the world,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We are focused on developing scalable solutions that have a real impact on decarbonizing hard-to-abate sectors of the global economy and given our background, believe we are uniquely positioned to be an early mover in the market.” 

“We are thrilled to partner with Zero Parks, NFE’s hydrogen business, on this groundbreaking large-scale green hydrogen project. Together, we believe in our ability to accelerate green hydrogen towards fossil-parity, enabling industrial sectors to meaningfully reduce their emissions by the end of this decade. Our shared vision can only be realized by building green hydrogen plants at large scale and low cost, which is uniquely enabled by our technology and which this project will indisputably demonstrate,” said Raffi Garabedian, EH2’s Chief Executive Officer and Co-founder.

The transactions described in this press release are subject to customary terms and conditions.

About Electric Hydrogen

Electric Hydrogen manufactures the world’s most powerful electrolyzers, helping critical industries to produce the lowest cost green hydrogen. The company’s complete 100MW solution includes all system components required to turn water and electricity into green hydrogen, including power conversion, gas processing, water treatment, and thermal management. EH2 is helping make the United States a global leader in high-tech electrolysis manufacturing. Electric Hydrogen’s technology helps customers reach their climate objectives by making green hydrogen an economic inevitability. EH2 has a team of over 300 employees, based in Massachusetts and California, and has previously announced investment backing from some of the largest venture and strategic investors in the sector.  For more information about Electric Hydrogen: https://eh2.com/ 

For media inquiries, contact media@eh2.com or for interest in reserving capacity, contact info@eh2.com.

About New Fortress Energy

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship, and transform local industries and communities around the world. 

For more specific information about NFE’s Zero Parks: https://www.newfortressenergy.com/zero 

Investors
Jonathan Sisto
irzero@newfortressenergy.com

Media
press@newfortressenergy.com

Cautionary Language Regarding Forward-Looking Statements

This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these terms or other comparable words. Forward looking statements include but are not limited to: that the facility is expected to be one of the largest green hydrogen plants in North America; expectations regarding the supply of electrolyzer technology to the project; expectations regarding the design and capacity of the project, as well as the technology used and its benefits to the project, including ability to meaningfully reduce emissions by the end of this decade; scalability of the project and design; expected timelines for production and commercial operations dates; ability of NFE to be uniquely positioned to be an early mover in the market; and the ability to accelerate the timeline for green hydrogen to achieve cost parity with fossil resources.

These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: unknown and unforeseen risks associated with the development of new projects, including failure to meet design and engineering specifications, incompatibility of systems, delays and schedule changes, high costs and expenses, regulatory and legal challenges, instability or clarity of application of laws, and rules and regulations to the technology, among others; risks related to the development, construction, conversion, completion or commissioning schedule for the facilities and related infrastructure; we will be unable to operationalize our plans for the projects; risks that we may not be able to realize the benefits of any such transactions or support customers’ needs; risks related to hydrogen operations and the power industry; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise these forward-looking statements, even though our situation may change in the future. New factors emerge from time to time, and it is not possible to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.

Source: Electric Hydrogen Co. and New Fortress Energy Inc. 

The post Electric Hydrogen to Supply Electrolyzer Technology for one of North America’s Largest Green Hydrogen Facilities appeared first on Electric Hydrogen.

“I am thrilled to welcome Electric Hydrogen to the Third District. I proudly voted for the Inflation Reduction Act and Bipartisan Infrastructure Law because I knew that investments in clean energy would pay dividends not only for our climate, but also for our local economy”

“Our company has a single purpose: to make molecules to decarbonize our world,” stated Dr. David Eaglesham, EH2’s Chief Technology Officer and Co-founder. “Industrial sectors such as fertilizer and steel need new ways to reliably replace fossil resources at costs that work. The machines we will produce at our new factory in Devens will have a transformational impact by enabling ultra-low-cost green hydrogen at an industrial scale.”

Green hydrogen, made by breaking the chemical bonds of water using renewable electricity, is a growth industry that can make an immediate impact on the global climate crisis. Electric Hydrogen expects its technology to establish the standard for industry-wide cost reduction to make green hydrogen cheaper than fossil alternatives.

“Electric Hydrogen Co’s new factory in Devens will harness state-of-the-art technology and bright minds in Massachusetts to produce fossil-free hydrogen from water and renewable electricity – creating jobs, helping industries transition away from fossil fuels, and curbing emissions,” said Senator Elizabeth Warren. “I fought hard for the Bipartisan Infrastructure Law and Inflation Reduction Act, which have accelerated the growth of green energy jobs and are the largest investments in tackling climate change in the history of the world.”

“We are excited EH2 will expand its footprint and add good, high-tech jobs with this new manufacturing facility in Devens,” said Massachusetts Economic Development Secretary Yvonne Hao. “EH2’s cutting-edge hydrogen electrolyzer technology will help our state and country reach our ambitious decarbonization goals, and we’re grateful for the company’s investment in Massachusetts.”

“I am thrilled to welcome Electric Hydrogen to the Third District. I proudly voted for the Inflation Reduction Act and Bipartisan Infrastructure Law because I knew that investments in clean energy would pay dividends not only for our climate, but also for our local economy,” said Congresswoman Lori Trahan. “Electric Hydrogen brings with it good-paying manufacturing jobs, and the company is not alone. Towns like Devens are rapidly growing into incubators for revolutionary clean energy technologies with jobs ready to meet the demands of the 21st century.”

“There are a lot of factory announcements in our industry, but not a lot of real capacity being built,” said Raffi Garabedian, EH2’s Chief Executive Officer and Co-founder. “We have a backlog of customer orders to fulfill and are moving quickly to build and ship the world’s most powerful electrolyzers.”

About Electric Hydrogen Co.

Electric Hydrogen is a deep decarbonization company pioneering new technology for low-cost and efficient green hydrogen systems. Focusing on industrial applications of hydrogen such as steel, ammonia and freight transport, EH2’s goal is to help eliminate more than 30% of global GHG emissions from hard-to-electrify industries. The company is backed by world-class investors like Breakthrough Energy Ventures, Capricorn Investment Group, Energy Impact Partners, Fifth Wall Climate Tech, Prelude Ventures and S2G Ventures. The company also partners with strategic investors leading their target sectors, including Equinor Ventures, Mitsubishi Heavy Industries and Rio Tinto, among others. Electric Hydrogen has a team of over 200 employees and is based out of Natick, MA and San Carlos, CA.

For media inquiries, contact media@eh2.com or for interest in reserving capacity, contact info@eh2.com.

Contacts

For media inquiries, contact media@eh2.com

The post Electric Hydrogen announces new gigafactory to produce next-generation electrolyzer equipment appeared first on Electric Hydrogen.

In this episode, Raffi Garabedian, CEO of startup Electric Hydrogen, discusses all things electrolyzer, the current hydrogen market, and the future risks and opportunities for green hydrogen.

(PDF transcript)

(Active transcript)

The post What’s the deal with electrolyzers? appeared first on Electric Hydrogen.

“Hydrogen has emerged as the only viable solution for many applications. We exist fundamentally to speed up that transition and get to economic parity far faster than we think the industry will go on its own un-urged by aggressive and ambitious plans like ours.”

The post Watt It Takes with Raffi Garabedian appeared first on Electric Hydrogen.

The post CNBC’s Clean Start profiles Electric Hydrogen appeared first on Electric Hydrogen.

June 22, 2022 08:00 AM Eastern Daylight Time

BOSTON–(BUSINESS WIRE)–Electric Hydrogen (EH2) today announced a $198 million financing to support their efforts in making cost competitive fossil-free hydrogen. The round consisted of Series B equity and venture debt from top investors. Fifth Wall Climate Tech led the round, with participation by S2G Ventures, and lenders Silicon Valley Bank and Trinity Capital. Strategic investors included Amazon’s Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries, and Rio Tinto. Previous investors Breakthrough Energy Ventures, Capricorn Partners, Energy Impact Partners, and Prelude Ventures also participated.

The funding will support the scale-up of EH2’s high throughput electrolyzer technology and the manufacturing and deployment of demonstration projects to produce fossil-free hydrogen (also known as “green hydrogen”) at large scale for industrial and infrastructure applications.

Hydrogen, when produced in places with abundant and clean electricity, is a promising pathway for decarbonizing industries not amenable to electrification, like steel, fertilizer and intercontinental energy transport, that account for more than a third of global GHG emissions.

EH2’s patented approach to electrolysis – the process of producing hydrogen from electricity and water – is specially designed for the high-volume, low-cost production required to support massive industrial operations. Their systems run on 100% clean energy, working seamlessly with cheap variable renewable power.

“This round represents more than an investment in a company. It’s the biggest step yet toward meeting the urgent challenge of decarbonizing hard-to-decarbonize industries that are both essential to modern life and huge sources of GHG emissions,” said Peter Gajdoš, Partner at Fifth Wall and Co-Lead of the Climate Investment team. “We’ve been searching for the most promising answers to that challenge and found one in EH2. Their team, cross-disciplinary expertise and visionary technology place them at the forefront of the race to make deep cuts in industrial emissions with compelling economics.”

Led by cofounders Raffi Garabedian and Dave Eaglesham, former executives at First Solar, Dorian West, former engineering lead at Tesla, and Derek Warnick, former Company Builder at Breakthrough Energy Ventures, Electric Hydrogen’s team brings together expertise in multiple sectors, from engineering and finance to manufacturing.

“This funding round fuels the next phase of our evolution. We’ve demonstrated our enabling core technology, built an amazing team and now have the capital we need to get our technology out into the world and start curbing emissions,” said Raffi Garabedian, CEO of Electric Hydrogen. “Just as importantly, the participation of strategic partners at the forefront of the industries we are poised to decarbonize–energy, mining, logistics, and heavy manufacturing, to name a few–provides vital insight that will facilitate and accelerate our path to market.”

“Through our commitment to The Climate Pledge, Amazon has a goal to be net-zero carbon by 2040,” said Kara Hurst, Vice President for Worldwide Sustainability at Amazon. “We are proud to support Electric Hydrogen’s innovative efforts to scale the green hydrogen economy and to meet the decarbonization needs of hard-to-abate sectors like freight transportation and ocean shipping.”

Rio Tinto Chief Scientist Nigel Steward said, “Rio Tinto is investing in Electric Hydrogen to support the development of emerging technologies with the potential to help decarbonize our operations and supply chains. We produce materials that are increasingly required for our society’s transition to a low carbon future, so it is critical to pursue new ways to work towards net zero in supplying them.”

“The energy transition represents an opportunity for Equinor Ventures to leverage its leading position within carbon management and hydrogen, and to develop and grow new value chains and markets. We are pleased to announce the investment in Electric Hydrogen as they scale up green hydrogen production to GW-scale,” said Gareth Burns, Head of Equinor Ventures.

About Electric Hydrogen

Electric Hydrogen (EH2) is a deep decarbonization company pioneering new technology for low-cost, high-efficiency, fossil-free hydrogen systems. Focusing on industrial applications of hydrogen in steel, ammonia and freight transport, EH2’s goal is to help eliminate more than 30% of global GHG emissions from hard-to-electrify industries. Their leadership team has revolutionized other clean energy sectors at Tesla and First Solar and they are backed by world-class climate tech investors like Breakthrough Energy Ventures, Prelude Ventures, Capricorn Investment Group, Energy Impact Partners, Fifth Wall Climate Tech and S2G Ventures. The company also has partnerships with strategic investors that are leaders in their target sectors, including Amazon Decarbonization Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries and Rio Tinto.

Contacts

media@eh2.com

The post Electric Hydrogen secures $198M in financing appeared first on Electric Hydrogen.

Electric Hydrogen, based outside Boston, designs plants that will extract hydrogen from water using renewable energy, a process that releases no carbon into the atmosphere. While other companies, including Bloom Energy Corp. and Cummins Inc., sell machines that handle this task, known as electrolyzers, Electric Hydrogen will provide the entire plant. Chief Executive Officer Raffi Garabedian said this is key to boosting efficiency and cutting costs.

The plants, which the company has not yet deployed in the field, will each require 100 megawatts of electricity and will be able to produce as much as 48 tons of hydrogen per day, depending on the source of electricity. Customers that want more output can order another plant.

“We’re able to condense all the infrastructure into a much smaller footprint, and that reduces the cost,” Garabedian said in an interview.

Fifth Wall Climate Technology Fund led the funding round, which also included S2G Ventures, Silicon Valley Bank and Trinity Capital. Industrial heavyweights Honeywell International Inc. and Mitsubishi Heavy Industries Ltd. also participated, along with mining giant Rio Tinto Plc and the venture arm of Norwegian oil company Equinor. Used in either turbines or fuel cells, hydrogen can generate power without producing carbon dioxide, and it’s seen as a potential method to help decarbonize industries such as shipping, cement and steelmaking.

Garabedian formerly served as chief technology officer at First Solar Inc., and he compares the current “mad scramble” to deploy hydrogen technology to the early days of the solar industry, when many projects relied on subsidies. Eventually, he said, those subsidies will vanish, leaving only the technologies that are cost-competitive.

“That withdrawal leaves a lot of carnage in its wake, and I think the same thing’s going to happen here,” he said.

The post Hydrogen Startup Raises $198 Million for Plants to Produce Green Fuel appeared first on Electric Hydrogen.

Azeem Azhar speaks with Raffi Garabedian, co-founder and CEO of Electric Hydrogen, to explore the market opportunity and roadmap to wide adoption of “green hydrogen.”

They also discuss:

• What the hydrogen industry can learn from scaling renewables like solar and wind.
• Why hydrogen will be most effective in helping to decarbonize heavy industries.
• The potential of using hydrogen to store and transport huge amounts of renewable energy between continents.

@azeem
@exponentialview
@garabedian

Further resources:

• Venture Capital and Deep Decarbonisation with Shayle Kann (Exponential View Podcast 2022)
• Could Europe replace Russian gas with green hydrogen? Let’s look at the numbers (Recharge 2022)
• The Future of Hydrogen (International Energy Agency 2020)

The post Hydrogen’s Role in Decarbonization appeared first on Electric Hydrogen.