Electric Hydrogen, a startup aiming to slash the cost of green hydrogen by offering pre-designed manufacturing facilities, raised $198 million in a series B funding round, as investors bet on a future powered by the climate-friendly fuel.
Based outside Boston, designs plants that will extract hydrogen from water using renewable energy, a process that releases no carbon into the atmosphere. While other companies, including Bloom Energy Corp. and Cummins Inc., sell machines that handle this task, known as electrolyzers, Electric Hydrogen will provide the entire plant. Chief Executive Officer Raffi Garabedian said this is key to boosting efficiency and cutting costs.
The plants, which the company has not yet deployed in the field, will each require 100 megawatts of electricity and will be able to produce as much as 48 tons of hydrogen per day, depending on the source of…
Electric Hydrogen startup raises $198m for plants to produce green fuel
