Electric Hydrogen raises $380 million in latest funding round

(Reuters) – Hydrogen start-up Electric Hydrogen (EH2) said on Tuesday it has raised $380 million in an oversubscribed Series C financing round.

The funding was led by Fortescue, Fifth Wall and Energy Impact Partners and included new investors BP Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund among others.

The company did not immediately respond to request for details on the valuation at which the amount was raised. EH2 has raised over $600 million since its founding in 2020.

Green hydrogen is touted as the clean-energy alternative to existing fossil fuels and major corporates are investing millions in an attempt to decarbonizing their operations, fleets and factories.

“We’re here to replace natural gas and coal with renewable green hydrogen. To address the global climate challenge, we need new technologies that help critical industries reduce their emissions,” said Raffi Garabedian, CEO and Co-founder of EH2.

The hydrogen start-up has seen some major heavyweights including Amazon, Honeywell investing in the company.

Electric Hydrogen develops electrolyzer technologies for critical industries to enable clean hydrogen to replace fossil fuels.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru)