Electric Hydrogen has secured $100m in corporate credit financing to support manufacturing and deployment of their 100 MW electrolyzer plants, which enable the lowest cost production of green hydrogen, the company said in a news release.
The funding was led by HSBC, with participation from J.P. Morgan, Stifel Bank, and Hercules Capital.
Electric Hydrogen, headquartered in Natick, MA, is leading critical industries such as steel, fertilizer, shipping and aviation towards decarbonization with its powerful, U.S.-manufactured electrolyzers, designed to deliver the lowest cost green hydrogen on earth.
“For more than 150 years, HSBC has been supporting businesses as they scale and transform industries worldwide,” said Matt Perlow, Director, HSBC Innovation Banking. “Our focus on financing innovative companies like Electric Hydrogen aligns with our mission of providing best-in-class banking services for our clients at every stage of their growth cycle. Clean technology and sustainability remain top priorities at HSBC, and we are thrilled to support Electric Hydrogen’s deployment of large-scale electrolyzer plants in its mission to decarbonize critical industries.”
“This facility marks a step-change in Electric Hydrogen’s access to capital and overall maturity as a business. With credit backing from some of the world’s largest and most well-known banks, we are well positioned to deliver gigawatts of electrolyzer plants in the coming years and enable our customers to meet their decarbonization goals,” states Derek Warnick, the company’s Chief Financial Officer.
Electric Hydrogen recently announced $65m in total Department of Energy support and $50m in equipment financing from Trinity Capital to scale its U.S. manufacturing at its Devens, MA gigafactory, one of the largest electrolyzer factories in the country. The gigafactory’s first electrolyzer stacks will be shipped later this year to a customer-sited project in southeast Texas. Electric Hydrogen also announced a 1 GW framework supply agreement with The AES Corporation last quarter.
“At J.P. Morgan, we are focused on serving companies who are helping decarbonize industries and building the green economy. We are pleased to support Electric Hydrogen in their next phase of growth, as they bring their 100MW electrolyzer plants to customers worldwide,” says Eric Cohen, Head of Green Economy Banking at J.P. Morgan Commercial Banking.
“Given the growing demand for cost-competitive, zero-carbon green hydrogen, we are excited to partner with Electric Hydrogen’s industry-leading team to help accelerate its manufacturing rollout and support deployment of their 100 MW electrolyzer plants,” remarks Greg Peterson, Managing Director of Hercules Capital.
