Electric Hydrogen (EH2), a startup focused on hydrogen technology, has achieved a significant milestone by becoming the first green hydrogen company to reach a valuation of up to $1 billion, earning the title of a “unicorn.” Founded in 2020 and based in Massachusetts, EH2 made this announcement on October 3rd, following the successful completion of an oversubscribed $380 million Series C funding round.
With this latest funding round, EH2 has now raised a total of approximately $600 million. The fresh capital infusion will be used to expedite EH2’s manufacturing and deployment efforts, meeting the strong demand from customers for its power-dense electrolyzer systems designed to produce green hydrogen.
EH2 specializes in manufacturing 100 MW electrolysis systems, featuring innovative electrolysis stacks known for their record-breaking efficiency. The modular plant design significantly reduces construction costs and complexity on-site. Each 100-megawatt electrolyzer system can produce nearly 50 tons of green hydrogen per day, achieving a remarkable level of cost-efficiency.
The company’s technology has attracted substantial investor interest due to its success in producing low-cost green hydrogen. Dave Eaglesham, Chief Technology Officer of EH2, emphasized their commitment to revolutionizing electrolyzer technology, making it more efficient and cost-effective. He noted, “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.”
EH2 has already reserved over 5 gigawatts (GW) of its electrolysis systems for customers and expects sustained high demand. The company is currently setting up manufacturing equipment in its 1.2GW factory in Devens, Massachusetts, with plans to commence production of commercial electrolyzer systems in early 2024.
Derek Warnick, Chief Financial Officer of EH2, expressed gratitude for the continued support of existing investors and excitement about collaborating with new strategic and financial investors to further accelerate EH2’s growth and contribute to transformative technology that can have a global impact.
- Press release