Electric Hydrogen, one of the new Prime Unicorn Index components for Q4 2023, is a pioneering hydrogen startup that has rapidly emerged as a key player in the green hydrogen industry. Founded in 2020, Electric Hydrogen is dedicated to manufacturing high-efficiency green hydrogen systems to economically decarbonize industrial sectors such as ammonia and steel. The company’s mission revolves around making green hydrogen cost-competitive by leveraging electrolyzers, devices that split water with renewable electricity, to produce hydrogen as a no-emissions replacement for fossil fuels. Electric Hydrogen’s innovative approach to the design and scale of electrolyzers has resulted in the development of a “stack” of electrolysis “cells” that produces hydrogen at a transformational low cost compared to existing technology. This breakthrough in electrolyzer technology enables Electric Hydrogen to offer a 100MW complete plant product, significantly larger than units from competitors, built and commissioned in about three months. Electric Hydrogen’s commitment to driving efficiency and cost-effectiveness in green hydrogen production underscores its pivotal role in advancing sustainable energy solutions and addressing the global climate challenge.
Electric Hydrogen has raised a total of $601.86 million over three rounds. The company most recently raised $380 million through a Series C round priced at $5.74 per preferred share, valuing the company at $1.05 billion. Investors include BP Ventures, Energy Impact Partners, Equinor Ventures, Fifth Wall Ventures, Microsoft Climate Innovation Fund, Temasek, and United Airlines, among others. Electric Hydrogen’s success in attracting major investors underscores the industry’s confidence in EH2’s innovative approach to green hydrogen production. With a strong emphasis on making it economical for industries to decarbonize at speed and scale, EH2 is poised to play a significant role in the transition towards sustainable and environmentally friendly energy solutions.
See how Electric Hydrogen has performed against the Prime Unicorn Index below.