Electric Hydrogen Becomes First Green Hydrogen Unicorn With $1 Bn Valuation After a $380M Series C Round

Massachusetts, USA, October 2, 2023 - Electric Hydrogen (EH2), a Massachusetts-based green hydrogen technology company, has reached a significant milestone by becoming the first unicorn in the green hydrogen industry, boasting a valuation of $1 billion. This achievement underscores EH2's pioneering approach to green hydrogen production and its potential to reshape the global clean energy landscape.

EH2's journey to unicorn status has been fueled by robust investor support and a commitment to innovative solutions. The company recently completed an impressive $380 million Series C funding round, bringing its total funding to approximately $600 million. Notable backers include Microsoft's Climate Innovation Fund, United Airlines, BP, Fortescue Metals, and other influential players who recognize EH2's transformative potential.

At the heart of EH2's success lies a dedication to advancing green hydrogen technology. The company's engineers have designed and manufactured critical electrolyzer components in-house, achieving both enhanced performance and significant cost reduction. EH2's leadership team, including CEO Raffi Garabedian and co-founder Dave Eaglesham, former chief technology officers at First Solar, brings invaluable expertise to the table.

One of EH2's key differentiators is its business model, which focuses on providing cost-effective electrolyzers to hydrogen producers, mirroring the approach used by the solar panel industry. EH2 is swiftly expanding its manufacturing capabilities, with plans to launch a state-of-the-art electrolyzer factory in Massachusetts in 2024. By 2030, EH2 aims to enable customers in renewable energy-rich states, such as Texas, to produce hydrogen for approximately $1.50 per kilogram, positioning green hydrogen as a competitive alternative to natural gas-based production.

Green hydrogen, produced through renewable sources, is increasingly seen as a solution for applications where batteries may not be suitable, such as large vehicles, industrial facilities, and long-distance energy transport. EH2's selection to equip New Fortress Energy's green hydrogen plant in Texas further solidifies its position as a leader in the industry.

With expectations of hydrogen production commencing in Q4 2024 and full commercial operation in 2025, EH2's innovative solutions are poised to play a pivotal role in driving the transition to cleaner and more sustainable energy sources. As the world continues to seek solutions to combat climate change, EH2's success highlights the significant role that green hydrogen can play in achieving a greener and more sustainable future.