Rust Belt Industrials
Equipment Manufacturing / Electrolyzers

Electric Hydrogen

Natick, MAStartupeh2.com
Total Funding
$700M+
Founded
2020
Employees
300+

Electric Hydrogen (EH2) is a Natick, Massachusetts-based manufacturer of industrial-scale green hydrogen electrolyzer systems, founded in 2020 by veterans of the solar industry with a singular mission: making green hydrogen cost-competitive with fossil-fuel-derived hydrogen. The company's flagship product, **HYPRPlant**, is built around the world's most powerful advanced PEM (Proton Exchange Membrane) electrolyzer stack and delivers a fully integrated, pre-engineered solution capable of producing up to 50 tons of green hydrogen per day from water and renewable electricity. By standardizing and packaging all required subsystems - power conversion, gas processing, water treatment, and thermal management - into a single, factory-assembled unit, EH2 can enable up to 60% lower total installed costs compared to conventional approaches, making large-scale green hydrogen economically viable today.

At the heart of EH2's strategy is a US-based gigafactory in Devens, Massachusetts, with 1.2 GW of annual manufacturing capacity. The company draws on proven manufacturing techniques from the automotive, semiconductor, and solar industries to scale production rapidly and reliably. EH2 also operates a pioneer plant in San Jose, CA, a fabrication facility in West Texas, and has global commercial teams across Europe, Australia, and Latin America. The team of over 300 people brings deep expertise from companies like First Solar, SunPower, Calpine, and Pattern Energy - giving EH2 a distinctive edge in translating clean energy hardware into commercially deployable systems. The company has secured over 5 GW of customer reservations and has deployed or is delivering systems for projects in Texas and beyond.

Electric Hydrogen is a critical node in the US energy supply chain because industrial hydrogen - used in refining, ammonia/fertilizer production, steelmaking, and eFuels like sustainable aviation fuel (SAF) - currently accounts for roughly 2.5% of global CO₂ emissions and is almost entirely fossil-derived. EH2's domestically manufactured electrolyzers offer a direct path to decarbonizing these hard-to-abate sectors. With over $700M raised, DOE backing totaling $65M, and strategic customer-investors including Fortescue, Amazon, bp Ventures, and United Airlines, EH2 is positioned as the premier US-based electrolyzer manufacturer capable of delivering giga-scale green hydrogen infrastructure on a commercially viable timeline.

Funding

Founded in 2020. Series C of $380M closed October 2023, led by Fortescue, Fifth Wall, and Energy Impact Partners - oversubscribed with 15+ investors. Prior rounds included a $198M raise (2022) and earlier seed/Series A/B financing. Additional non-dilutive support includes a $46.3M DOE grant (March 2024) and an $18.3M DOE transferable tax credit (April 2024), totaling $65M in DOE support. In May 2024, secured a $100M credit facility from HSBC, J.P. Morgan, Stifel Bank, and Hercules Capital, plus a $50M equipment financing from Trinity Capital. Total funding exceeds $700M as reported on company website.

Investors

  • Breakthrough Energy Ventures
  • Fortescue (lead, Series C)
  • Fifth Wall (lead, Series C)
  • Energy Impact Partners (lead, Series C)
  • Amazon Climate Pledge Fund
  • bp Ventures
  • Equinor Ventures
  • Mitsubishi Heavy Industries
  • Rio Tinto
  • Temasek
  • Microsoft Climate Innovation Fund
  • United Airlines Sustainable Flight Fund
  • Oman Investment Authority
  • Capricorn Partners
  • Prelude Ventures
  • S2G Ventures
  • Kajima Ventures
  • Fatima Holdings USA
  • New Legacy
  • HSBC (credit facility)
  • J.P. Morgan (credit facility)
  • Hercules Capital (credit facility)
  • Trinity Capital (equipment financing)
  • U.S. Department of Energy (grants)

Key People

  • Raffi Garabedian, CEO & Co-Founder
  • David Eaglesham, CTO & Founder
  • Derek Warnick, CFO & Co-Founder
  • Beth Deane, Chief Legal Officer
  • Jason Mortimer, SVP Commercial
  • Renata Naoumov, Chief People Officer
  • Chris Shugart, VP Development

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