# Electric Hydrogen Co. Startup profile on Capital Atlas: https://capitalatlas.ai/startups/electric-hydrogen - Industry: Industrial Machinery - Headquarters: Natick, US - Website: www.eh2.com/ - Total disclosed funding: $544M - Latest round: Series C (Apr 6, 2023) - Investors on record: 22 ## About Based in the US, Electric Hydrogen Co. specializes in the development and deployment of advanced hydrogen electrolyzer technology, focusing on clean hydrogen production as a sustainable energy solution.Electric Hydrogen Co. was founded in 2020 and is headquartered in Natick, US. The company is focused on producing clean hydrogen through its technology and has completed 6 deals to date. Its most recent funding round was a VENTURE DEBT round in May 2024, raising USD 100.000 mn, contributing to a total amount raised of USD 380.650 mn. The founders, David Eaglesham and Derek Warnick, have a history of entrepreneurship in the energy sector.Electric Hydrogen specializes in advanced electrolyzer technology, primarily through its flagship product, the HYPRPlant. This solution enables the production of clean hydrogen at a significantly lower cost compared to traditional methods, by utilizing the world's most powerful advanced Proton Exchange Membrane (PEM) stack for electrolysis. The company’s electrolyzers are designed for industrial-scale applications, addressing the urgent need for clean hydrogen in various sectors including refining, chemicals, and metals. Their technology allows for the conversion of water into hydrogen using renewable energy, effectively replacing fossil-based hydrogen in processes like crude oil refining and the production of sustainable transport fuels. The primary markets for their products include North America and Europe, where there is a growing demand for clean energy solutions.Electric Hydrogen generates revenue primarily through partnerships and contracts with industrial clients seeking to implement their hydrogen production technology. Transactions typically involve the sale of electrolyzer systems and related subsystems which are sold as a complete solution. Clients may include energy producers, chemical manufacturers, and companies in the shipping industry looking to utilize sustainable hydrogen and e-fuels in their operations. The revenue model is structured around direct sales to businesses, potentially accompanied by ongoing support and maintenance services, ensuring that clients can optimize their hydrogen production capabilities. The company’s pricing structure is designed to be competitive, reflecting the advanced technology and integrated solutions offered, though specific pricing details for their products and services are not publicly disclosed.In May 2024, Electric Hydrogen Co. raised USD 100.000 mn in VENTURE DEBT led by new investor HSBC Group, with participation from other new investors J.P. Morgan, Stifel Financial Corp., and Hercules Capital. The company plans to utilize this funding to assist with the development and installation of its cutting-edge 100 MW electrolyzer plants, which will enable the most affordable production of green hydrogen. Additionally, Electric Hydrogen is targeting expansion into further markets in Europe and North America by the end of 2024. ## Funding rounds - Series C, Apr 6, 2023, $381M — Capricorn Partners, New Legacy, Oman Investment Authority, Prelude Ventures, Temasek Holdings, Rio Tinto Group, BP Ventures, S2G Ventures, Energy Impact Partners, Breakthrough Energy Ventures, Mitsubishi Heavy Industries, Fifth Wall Ventures, Amazon, United Airlines Ventures, Microsoft Climate Innovation Fund, Kajima Ventures, Fortescue Future Industries, Fatima Holdings USA, Equinor Ventures - Series B, Mar 10, 2022, $139M — Capricorn Partners, Prelude Ventures, Rio Tinto Group, S2G Ventures, Energy Impact Partners, Breakthrough Energy Ventures, Mitsubishi Heavy Industries, Fifth Wall Ventures, Honeywell Ventures, Cosan Group, Amazon, Equinor Ventures - Series A, Mar 29, 2021, $24M — Capricorn Investment Group, Prelude Ventures, Breakthrough Energy Ventures ## Investors - Capricorn Investment Group (https://capitalatlas.ai/funds/capricorn-investment-group) — Series A - Prelude Ventures — Series A, Series B, Series C - Breakthrough Energy Ventures (https://capitalatlas.ai/funds/breakthrough-energy-ventures) — Series A, Series B, Series C - Capricorn Partners (https://capitalatlas.ai/funds/capricorn-partners) — Series B, Series C - Rio Tinto Group — Series B, Series C - S2G Ventures (https://capitalatlas.ai/funds/s2g-ventures) — Series B, Series C - Energy Impact Partners (https://capitalatlas.ai/funds/energy-impact-partners) — Series B, Series C - Mitsubishi Heavy Industries — Series B, Series C - Fifth Wall Ventures (https://capitalatlas.ai/funds/fifth-wall-ventures) — Series B, Series C - Honeywell Ventures (https://capitalatlas.ai/funds/honeywell-ventures) — Series B - Cosan Group — Series B - Amazon (https://capitalatlas.ai/funds/amazon) — Series B, Series C - Equinor Ventures — Series B, Series C - New Legacy (https://capitalatlas.ai/funds/new-legacy) — Series C - Oman Investment Authority — Series C - Temasek Holdings — Series C - BP Ventures (https://capitalatlas.ai/funds/bp-ventures) — Series C - United Airlines Ventures (https://capitalatlas.ai/funds/united-airlines-ventures) — Series C - Microsoft Climate Innovation Fund (https://capitalatlas.ai/funds/microsoft-climate-innovation-fund) — Series C - Kajima Ventures — Series C - Fortescue Future Industries — Series C - Fatima Holdings USA — Series C