US start-up Electric Hydrogen has raised another $100m of financing two weeks after officially opening its new 1.2GW factory in Massachusetts.
Electric Hydrogen has previously raised $198m in Series B Funding in 2022 — from investors such as Bill Gates’ Breakthrough Energy Ventures, Amazon and Rio Tinto — and a further $380m in Series C funding last year from companies including Microsoft, BP and Fortescue.
The new funding round was led by HSBC, with participation from JP Morgan, Stifel Bank and Hercules Capital.
In the past two months, the electrolyser maker has also received $64.6m in tax credits and grants from the US government, and a further $50m in equipment financing from Trinity Capital.
All these funds add up to almost $800m, making Electric Hydrogen one of the most sought-after H2 pure-plays for investors.
Electric Hydrogen cut the ribbon on its new gigafactory in Devens, Massachusetts, on 25 April, although it has yet to be ramped up to full capacity.
In October last year, Fortescue, the Australian green hydrogen player led by billionaire Andrew Forrest, signed a framework procurement agreement for 1GW of electrolysers from Electric Hydrogen.
And in March this year, the start-up signed a framework reservation agreement with US utility AES for another 1GW of electrolysers.
The latest funding round “marks a step-change in Electric Hydrogen’s access to capital and overall maturity as a business”, said the start-up’s chief financial officer, Derek Warnick.
“With credit backing from some of the world’s largest and most well-known banks, we are well positioned to deliver gigawatts of electrolyzer plants in the coming years and enable our customers to meet their decarbonization goals.”
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