This latest funding round consisted of Series B equity and venture debt from top investors. Fifth Wall Climate Tech led the round, with participation by S2G Ventures, and lenders Silicon Valley Bank and Trinity Capital. Strategic investors included Amazon’s Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries, and Rio Tinto. Previous investors Breakthrough Energy Ventures, Capricorn Partners, Energy Impact Partners, and Prelude Ventures also participated.
Electric Hydrogen’s patented approach to electrolysis is specially designed for the high-volume, low-cost production required to support massive industrial operations.
“This round represents more than an investment in a company. It’s the biggest step yet toward meeting the urgent challenge of decarbonizing hard-to-decarbonize industries that are both essential to modern life and huge sources of GHG emissions,” said Peter Gajdoš, Partner at Fifth Wall and Co-Lead of the Climate Investment team. “We’ve been searching for the most promising answers to that challenge and found one in Electric Hydrogen. Their team, cross-disciplinary expertise and visionary technology place them at the forefront of the race to make deep cuts in industrial emissions with compelling economics.”
Led by co-founders Raffi Garabedian and Dave Eaglesham, former executives at First Solar, Dorian West, former engineering lead at Tesla, and Derek Warnick, former Company Builder at Breakthrough Energy Ventures, Electric Hydrogen’s team brings together expertise in multiple sectors, from engineering and finance to manufacturing.
“This funding round fuels the next phase of our evolution. We’ve demonstrated our enabling core technology, built an amazing team and now have the capital we need to get our technology out into the world and start curbing emissions,” said Raffi Garabedian, CEO of Electric Hydrogen. “Just as importantly, the participation of strategic partners at the forefront of the industries we are poised to decarbonize – energy, mining, logistics, and heavy manufacturing, to name a few – provides vital insight that will facilitate and accelerate our path to market.”