Photo | Courtesy of Electric Hydrogen
Raffi Garabedian, co-founder and CEO of Electric Hydrogen
6 hours ago
Devens hydrogen unicorn acquires NY firm, secures $400M for project financing
Photo | Courtesy of Electric Hydrogen
Electric Hydrogen's Devens facility
Devens-based Electric Hydrogen has acquired a New York firm also working to grow the concept of green hydrogen, in a deal meant to open up new lines of capital to boost projects.
EH acquired Ambient Fuels, a green hydrogen project developer, in a deal finalized in May, according to a Monday press release from EH. Ambient Fuels’ experience and portfolio will allow EH to further expand its efforts to drive down the cost of green hydrogen used to decarbonize industrial processes.
As part of the deal, EH has entered a strategic relationship with Generate Capital, a San Francisco-based investment firm which has provided financial support to Ambient Fuels. This deal will see up to $400 million in hydrogen project financing made available for customers interested in utilizing Electric Hydrogen’s large-scale electrolyzer plants. This capital will begin to be available in 2026.
“We believe this new integration will both enable the industry to scale faster and give Electric Hydrogen even more ways to serve our diverse array of customers – from those who want to do it all themselves, from power procurement all the way to the finished clean-fuel – to those who prefer a partner to finance and develop the hydrogen plant so they can remain focused on their business outcomes,” Raffi Garabedian, CEO and co-founder of Electric Hydrogen, said in the press release.
Electric Hydrogen has been successful in bringing in investments, becoming the first unicorn in the green hydrogen industry in 2023 when it received a valuation of more than $1 billion, according to TechCrunch. The company’s electrolyzers are powerful machines that split water into hydrogen and oxygen, delivering green hydrogen which can be used to power everything from industrial processes to rockets.
The company has more than 300 employees across Massachusetts, California, and Texas.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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