The acquisition brings Ambient Fuels’ development expertise and U.S. project portfolio into Electric Hydrogen, strengthening its ability to co-develop hydrogen projects with customers.
Separately, as part of the transaction, Electric Hydrogen entered into a strategic relationship with Generate Capital to provide up to $400 million in project finance solutions for hydrogen projects worldwide. This collaboration combines Electric Hydrogen’s electrolyzer technology with project financing to create offerings aimed at achieving the lowest levelized cost of hydrogen (LCOH). It also positions Electric Hydrogen to originate, buy, and sell large-scale clean hydrogen projects.
“Generate Capital is determined to accelerate the transition to low-carbon molecules by offering leading project finance capabilities in close collaboration with skilled developers and innovative technologies,” said Scott Gosselink, Managing Director at Generate Capital. “Working with Electric Hydrogen, we can help solve current finance and bankability challenges and reduce LCOH, enabling more hydrogen projects to reach Final Investment Decision.”
“Clean hydrogen is poised for significant growth in the years ahead, supported in part by the RED-III compliance framework in the E.U. and the 45V hydrogen production tax credit in the U.S.,” said Raffi Garabedian, CEO and Co-founder of Electric Hydrogen. “We believe this new integration will both enable the industry to scale faster and give Electric Hydrogen even more ways to serve our diverse array of customers – from those who want to do it all themselves, from power procurement all the way to the finished clean-fuel – to those who prefer a partner to finance and develop the hydrogen plant so they can remain focused on their business outcomes. We’re excited to add this new capability with Ambient Fuels and Generate Capital.”
Jacob Susman, former CEO of Ambient Fuels and now leading project development at Electric Hydrogen, added: “We’re thrilled to join the Electric Hydrogen team. With this unique project finance capability from Generate Capital, our team is well positioned to support Electric Hydrogen customers who prefer to buy renewable hydrogen as a process input rather than building and operating their own renewable hydrogen plants. We believe this is a key ‘unlock’ for the nascent renewable hydrogen and renewable fuels industries that will help customers get to scale faster, enabled by Electric Hydrogen’s leading technology.”
The transaction closed in May 2025, with project capital deployment targeted to begin in 2026.
