Electric Hydrogen Co. (EH2), a manufacturer of advanced, industrial-scale hydrogen electrolyzer technology, and New Fortress Energy Inc., have entered into a definitive agreement for supply of EH2’s flagship 100 MW electrolyzer system to NFE’s green hydrogen project in Texas, according to a news release.
Expected to be one of the largest in North America, the facility will be enabled by EH2’s ground-breaking advanced electrolysis technology, capable of producing nearly 50 tons per day of green hydrogen. First hydrogen production is expected in the fourth quarter of 2024 with full commercial operation in 2025. The site and facility are scalable to 200 MWs in the future.
The company raised $198m in financing consisting of Series B equity and venture debt from top investors. Fifth Wall Climate Tech led the round, with participation by S2G Ventures, and lenders Silicon Valley Bank and Trinity Capital.
EH2 manufactures turnkey 100 MW electrolysis systems, including innovative electrolysis stacks with record-breaking efficiency, that can match the variability of renewable energy production with precision. The modular plant architecture significantly reduces on-site construction costs and complexity. The electrolyzer stacks are being manufactured at EH2’s 187,000-square-foot facility in Devens, Massachusetts, while balance-of-plant modules are being fabricated in Texas. Announced in May 2023, the high-rate production facility in Massachusetts is on schedule to produce up to 1.2 GW of electrolyzer stacks annually.
“We are excited to enter into this agreement with Electric Hydrogen, a pioneer in electrolysis technology that shares our vision of enabling clean, abundant, and low-cost hydrogen to accelerate the energy transition around the world,” said Wes Edens, chairman and CEO of New Fortress Energy. “We are focused on developing scalable solutions that have a real impact on decarbonizing hard-to-abate sectors of the global economy and given our background, believe we are uniquely positioned to be an early mover in the market.”
“We are thrilled to partner with Zero Parks, NFE’s hydrogen business, on this groundbreaking large-scale green hydrogen project. Together, we believe in our ability to accelerate green hydrogen towards fossil-parity, enabling industrial sectors to meaningfully reduce their emissions by the end of this decade. Our shared vision can only be realized by building green hydrogen plants at large scale and low cost, which is uniquely enabled by our technology and which this project will indisputably demonstrate,” said Raffi Garabedian, EH2’s CEO and co-founder.
