Electric Hydrogen Closes $24M Series A to Enable Deep Decarbonization
Breakthrough Energy Ventures, Prelude Ventures, and Capricorn’s Technology Impact Fund support industrial-scale green hydrogen production
Electric Hydrogen today announced a $24M Series A financing led by Breakthrough Energy Ventures and joined by Prelude Ventures and Capricorn’s Technology Impact Fund. The funding will support continued product development as the company expands its operations in the Greater Boston and San Francisco Bay Areas.
Founded by a team of energy transition veterans from First Solar and Tesla, Electric Hydrogen is developing large-scale solutions to help ease the world’s dependence on fossil fuels. Using low-cost renewable electricity, the company will produce clean hydrogen gas, an ideal medium for the decarbonization of many polluting industrial sectors.
“With their strong track record of success in scaling new clean energy technologies, Electric Hydrogen has what it takes to make good on the promise of hydrogen as a clean and economical building block for decarbonizing industry,” said Carmichael Roberts, Breakthrough Energy Ventures. “We’re proud to have supported Electric Hydrogen in this vital mission from its inception, and now through its Series A financing.”
Hydrogen from renewable electricity is widely seen as a very promising and immediate path to tackling the “hard to decarb” sectors of industry like fertilizers, chemicals, steel, and even bulk energy storage and transport. Because of its unique ability to address these and other emerging applications, the global market for clean hydrogen is expected to grow dramatically and could rival the market for natural gas if it can be produced at a compelling price.
“In infrastructure and industry, cost drives decisions,” said Derek Warnick, CFO. “That’s why we are laser-focused on delivering green hydrogen at a cost that’s competitive with fossil fuels. When doing the right thing is actually the lowest cost option, the market will shift very quickly.”
By completely re-imagining the design and manufacture of hydrogen electrolysis systems matched to renewable power sources, Electric Hydrogen’s mission is to generate truly green hydrogen for a post-carbon world. “Electrification will play a huge role in reducing carbon emissions, but over a third of emissions come from industrial sectors that are hard to directly electrify,” said EVP of Engineering Dorian West. “Low-cost fossil-free hydrogen provides a compelling pathway to decarbonize these dirty industries, which operate at massive scales.”
As Electric Hydrogen expands its operations in the Greater Boston and San Francisco Bay Areas, the company is hiring to expand its team and accelerate its efforts. “Our founding team has dedicated decades to the transformation of the grid and transportation sectors, and now we’re bringing that experience to the emerging needs of the industrial sectors,” said CTO David Eaglesham. “We’re building an amazing team and looking for passionate and creative technical, business and operations rockstars to join us in our mission to leave the world cleaner than we found it, without sacrificing the prosperity of future generations.”
“We see an exciting opportunity to reinvent electrolysis to make green hydrogen at fossil-parity prices within this decade,” said CEO Raffi Garabedian. “The keys will be to directly harness very low-cost intermittent renewable energy through radically cost-effective large-scale equipment. We’re honored to be backed by visionary climate-tech investors, and together with the engineers and scientists on our team, we’re hard at work to enable a clean and abundant future.”
