In the United States (US), global industrial technologies, processes, and performance materials major Honeywell International Inc (Honeywell) has announced that Honeywell Ventures, its venture arm that invests in early-stage, high-growth companies that have emerging and disruptive technologies, has contributed to Electric Hydrogen’s Series B round financing.
Founded in 2020 and based in the Bay Area, California (CA) and Boston, Massachusetts (MA), startup Electric Hydrogen Company (EH2) is developing a new generation of Proton Exchange Membrane (PEM) electrolyzer technologies to split water into hydrogen and oxygen, which when powered by renewable energy like wind and solar, creates green hydrogen.
EH2 is led by a team of the world’s leading experts in scaling clean technologies from First Solar and Tesla and backed by top climate technology investors committed to deep decarbonization.
The funding will support the scale-up of EH2’s high throughput electrolyzer and manufacturing technology and the deployment of pilot projects at a large scale for industrial and infrastructure applications.
Honeywell joins a select group of investors and banks to bring the total funding for the round to US$198 million, and the investment and increased collaboration with Electric Hydrogen allow Honeywell to better understand and support the needs of the electrolyzer industry.
Leverage collaboration
Honeywell’s recently announced catalyst coated membrane (CCM) technology demonstrates higher electrolyzer efficiency and higher electric current density in lab testing.
It could further optimize and enhance the performance of the electrolyzer stack for green hydrogen production. Leveraging this type of collaboration can help improve the speed and reduce the cost of deploying and operating sustainable green hydrogen production facilities.
This investment furthers Honeywell’s commitment to providing ready-now solutions that meet the needs and scale of the industry now and in the future.
Honeywell has decades-long industrial experience within the hydrogen industry. Our investment in Electric Hydrogen will accelerate collaboration between key players in the green hydrogen value chain and provide a ready-now solution to speed the transition to a hydrogen-based economy, said Patrick Hogan, Managing Director, Honeywell Ventures.
Honeywell has been providing innovative hydrogen processing solutions for more than 50 years, including purification systems, membranes, controls, cyber security, automation, and remote monitoring services.
Honeywell’s deep industry relationships allow Electric Hydrogen to speed up development and scaled deployment of cost-effective systems to decarbonize the massive industrial sectors that we all depend on. Our high-performance electrolyzers will said Raffi Garabedian, CEO of Electric Hydrogen.
