Electric Hydrogen Powers Up With $198M Raise

Illustration of polar bear on a shrinking iceberg. [Dom Guzman]

Clean energy and decarbonization are buzzwords everywhere right now, as energy prices start to rise and folks take note of climate change.

The venture capital world seems no different, as Boston-based Electric Hydrogen closed a $198 million Series B—a mix of equity and venture debt—led by Fifth Wall Climate Tech.

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The round also featured investments from S2G Ventures, lenders Silicon Valley Bank and Trinity Capital and strategic investors Amazon’s Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries and Rio Tinto.

Previous investors Breakthrough Energy Ventures, Capricorn Partners, Energy Impact Partners and Prelude Ventures also participated.

Electric Hydrogen has created its own patented approach to electrolysis—the process of producing hydrogen from electricity and water—designed for industrial applications like steel, fertilizer and intercontinental energy transport. Those industrial industries account for more than a third of global GHG emissions, according to the company.

The company just announced its $24 million Series A last June.

Growing interest

The round is just the latest large raise in the cleantech and clean energy sectors, which have seen increased investor interest for some time now. After those industries saw about $2.1 billion invested into VC-backed companies in 2020, last year saw a record $10.1 billion, according to Crunchbase data.

Already this year, VCs have poured about $5.3 billion into startups in both cleantech and clean energy sectors.

More money could be on the way. On Wednesday, London-based Kiko Ventures launched with a new $450 million fund to invest in “the next generation of climate tech visionaries and create new possibilities for a regenerative future.”

Kiko is an evergreen fund created by investment firm IP Group. It will invest in seed and Series A/B rounds, as well as look for opportunities in the public markets, according to a release.

Illustration: Dom Guzman


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