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.
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.
“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.