There’s a lot of excitement around the future of green hydrogen. And venture capital wants in.
What’s happening:
- Boston based startup Electric Hydrogen has raised $380M in a Series C financing at a valuation of $1B
- Notable investors include Breakthrough Energy Ventures, Rio Tinto, BP Ventures, Microsoft’s Climate Innovation Fund, United Airlines Sustainable Flight Fund, Amazon’s Climate Pledge Fund, Prelude Ventures
Why it matters:
- This is the first ever green hydrogen company to reach unicorn status
- Electric Hydrogen has now raised approximately $600M in total venture funding since inception
- Green hydrogen is one of the fastest growing areas of climate tech that has been attracting rampant venture capital
Going deeper:
- Electric Hydrogen’s mission is to drive down the cost of electrolyzers to be able to meaningful address decarbonization for industrial purposes
- Their technology is aiming to produce fossil fuel free hydrogen at scale for iron, mining, fertilizer and more
The intrigue:
- Electric Hydrogen was co-founded by talent from First Solar and Breakthrough Energy Ventures
