Bill Gates-Supported Startup Secures Almost $800M, Aims to Produce World's Most Affordable Green Hydrogen

Image Credit: Electric Hydrogen

Just two weeks after unveiling its new 1.2GW factory in Massachusetts, US-based Electric Hydrogen has secured an additional $100 million in financing. This fresh influx of funds bolsters the company's rapidly expanding portfolio, including 2GW of conditional orders—plus one firm order—for its innovative 100MW electrolysis systems. These systems, comprising electrolyzers and complete plant infrastructure, are crafted to produce the most cost-effective green hydrogen globally.

Previously, Electric Hydrogen raised $198 million in Series B funding 2022 with support from high-profile investors like Bill Gates' Breakthrough Energy Ventures, Amazon, and Rio Tinto. It followed up with $380 million in Series C funding, attracting backers like Microsoft, BP, and Fortescue.

The latest funding round was spearheaded by HSBC and included contributions from JP Morgan, Stifel Bank, and Hercules Capital. Over the last two months, the company has received $64.6 million in tax credits and grants from the U.S. government, plus $50 million in equipment financing from Trinity Capital.

With total funding nearing $800 million, Electric Hydrogen is emerging as one of the most promising hydrogen-focused investments. The company officially opened its gigafactory in Devens, Massachusetts, on April 25, but it is not yet fully operational.

Significant partnerships include a framework procurement agreement with Fortescue, the Australian green hydrogen firm led by billionaire Andrew Forrest, for 1GW of electrolyzers signed last October. In March this year, Electric Hydrogen also penned a framework reservation agreement with US utility AES for another 1GW of electrolyzers.

The latest funding round "marks a step-change in Electric Hydrogen's access to capital and overall maturity as a business," said the start-up's chief financial officer, Derek Warnick.

"With credit backing from some of the world's largest and most well-known banks, we are well positioned to deliver gigawatts of electrolyzer plants in the coming years and enable our customers to meet their decarbonization goals."