Electric Hydrogen Company Research Report
Company Overview
Company Name:
Electric Hydrogen
Mission:
To manufacture and commission the world’s most powerful electrolyzers for critical industries to produce the lowest cost green hydrogen on earth.
Founded:
December 2020
Founders:
- David Eaglesham (CTO and Founder)
- Raffi Garabedian (CEO and Co-Founder)
- Derek Warnick (CFO and Co-Founder)
Key People:
- Raffi Garabedian, CEO and Co-Founder
- David Eaglesham, CTO and Founder
- Derek Warnick, CFO and Co-Founder
- Renata Naoumov, Chief People Officer
- Beth Deane, Chief Legal Officer
- Jigish Trivedi, SVP of Operations
- Jason Mortimer, SVP of Global Sales
- Alex Panchula, VP of Product Management
- Mujinga Mwamufiya, VP of Strategic Projects
- Josh Stewart, VP of Customer Engineering and Deployment
Headquarters:
Natick, Massachusetts, United States
Number of Employees:
Over 300
Revenue:
No information is available
Notable For:
Creating the world’s most powerful electrolyzers designed to produce low-cost green hydrogen and address industrial decarbonization.
Products
Products Offered:
- 100MW Electrolyzer Plants
High-Level Description:
EH2’s flagship 100MW electrolyzer plant is a turn-key, industrial-sized solution designed to produce green hydrogen from water and renewable electricity. It features advanced Proton Exchange Membrane (PEM) technology.
Key Features:
- Powerful Electrolyzer Stacks: Advanced PEM technology produces more hydrogen from fewer stacks, reducing system cost and complexity.
- Efficient: Dynamic operating range to follow renewable energy sources, improving conversion efficiency.
- Complete Solution: Standardized full-plant design includes all key components to lower cost and improve reliability.
- Inclusive of power conversion, gas separation, stack power systems, thermal management, water treatment, shipping, field assembly, commissioning, and warranty.
- Capable of producing nearly 50 tons of green hydrogen per day at an ultra-low cost.
Recent Developments
Financing:
- October 2, 2023: Electric Hydrogen raised $380M in Series C financing, reaching a valuation of over $1 billion.
- May 9, 2024: Secured a $100M credit facility from HSBC, J.P. Morgan, Stifel Bank, and Hercules Capital.
- March 5, 2024: Announced $50M in equipment financing from Trinity Capital.
Factory and Manufacturing:
- April 26, 2024: Opened a new gigafactory in Devens, Massachusetts, one of the largest electrolyzer factories globally.
- May 4, 2023: Announced the location of its first factory in Devens, Massachusetts, with a 1.2GW annual manufacturing capacity. Production to commence in Q1 2024.
Government and Institutional Support:
- April 4, 2024: Received an $18.3M transferable DOE tax credit under the Qualifying Advanced Energy Project 48C initiative, totaling $65M of Department of Energy support.
- March 14, 2024: Awarded a $46.3M grant by the Department of Energy under the Bipartisan Infrastructure Law’s Clean Electrolysis Program.
Business Agreements and Partnerships:
- March 19, 2024: Entered a framework supply agreement with The AES Corporation for up to 1GW of large-scale electrolyzer plants.
- September 12, 2023: Entered a definitive agreement with New Fortress Energy Inc. to supply a 100MW electrolyzer system for one of North America’s largest green hydrogen facilities in Texas.
Additional Highlights:
- May 4, 2023: Announced the establishment of a new gigafactory to produce next-generation electrolyzer equipment.
Expansion:
- Research and Development (R&D) Facility: Natick, MA.
- Operating Plants:
- 1MW in San Carlos, CA.
- 10MW in San Jose, CA.
- Manufacturing Gigafactory: Devens, MA.
Sustainability and Governance:
- The company champions sustainable, ethical, and responsible practices with policies on anti-bribery, anti-corruption, and anti-money laundering.
- Commitment to breaking down barriers in clean energy transition through innovative technologies and strategic manufacturing.
Future Plans:
- Continues to expand manufacturing capabilities and aims to reduce the cost of green hydrogen to achieve cost parity with fossil fuels by 2030.
Contact:
- Media Contact: media@eh2.com
This report compiles the essential details and recent activities of Electric Hydrogen, focusing on their progress toward becoming a leading provider of low-cost green hydrogen production solutions.
