Investors bet 380 mn USD on the sustainable production of green hydrogen

Hydrogen electrolyzer manufacturer Electric Hydrogen (EH2) recently announced that it completed a Series C funding round of 380 million USD, which will help the company accelerate the development, manufacturing and deployment of its hydrogen generating systems.

ESG Today writes that 2020-founded EH2 manufactures electrolyzers capable of generating hydrogen from green renewable electricity sources and water. EH2's 100 MW electrolyzer is capable of generating around 50 tons of green hydrogen daily at a low cost, a solution which can help heavy industries reduce their carbon footprint.

Company officials expect to be able to commercially produce the electrolyzer system early 2024, with customers already having reserved 5 GW worth-of capacity.

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EH2 CEO and co-founder Raffi Garabedian said that "today’s hydrogen comes from natural gas and coal and accounts for around 2.5% of global carbon emissions. There has not been a viable solution to this problem because renewable green hydrogen has been too expensive to produce at scale. The Electric Hydrogen team is changing that and the opportunities for decarbonization go far beyond today’s applications."

Fifth Wall, Energy Impact Partners and bp Ventures are some of the investors who participated in the 380 million USD investment round.

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Photo source: EH2

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