- Companies
- Electric Hydrogen
Electric Hydrogen Valuation, Funding & Investors
Electric Hydrogen is valued at $1B as of October 2023.
Last Electric Hydrogen valuation
$1B
Series C · Oct 2023
Last Electric Hydrogen funding round
$380M
Series C · Oct 2023
Cumulative funding Electric Hydrogen raised
$602M
across 3 funding rounds
Key investors in Electric Hydrogen
Fifth Wall
Energy Impact Partners
Breakthrough Energy Ventures
Prelude Ventures
Capricorn Investment Group
Fortescue
About Electric Hydrogen
Electric Hydrogen is a Natick-headquartered producer of electrolyzers for green hydrogen generation. The company develops single-stack systems delivering 20 tons per day at under $2 per kilogram, targeting ammonia, steel, and refining sectors. Electric Hydrogen raised $380 million in 2023, with pilots at Chevron facilities and partnerships for gigawatt-scale deployments.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (Oct 2023)
Electric Hydrogen Valuation
Electric Hydrogen is currently valued at $1B, based on its Series C in October 2023.
The $380M round was led by Energy Impact Partners, Fifth Wall and Fortescue.
Electric Hydrogen's valuation has grown 2.0x from $506M at its Series B in June 2022 to $1B in October 2023, across 2 priced rounds.
Electric Hydrogen valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2023 | Series C | $1B |
| Jun 2022 | Series B | $506M |
Electric Hydrogen Funding History
Electric Hydrogen has raised a total of $602M across 3 funding rounds.
Electric Hydrogen's first fundraising round was a $24M Series A in June 2021. The most recent completed round was a $380M Series C in October 2023.
Electric Hydrogen funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2023 | Series C | Energy Impact Partners (lead); Fifth Wall (lead); Fortescue (lead) | $380M | $1B | Electric Hydrogen (EH2) develops advanced electrolyzer technology to produce low-cost green hydrogen from renewable electricity and water, targeting decarbonization of heavy industries like mining, steel, and chemicals. The company's 100MW electrolyzer systems include power conversion, gas processing, water treatment, and thermal management, with each system capable of producing nearly 50 tons of green hydrogen per day. Founded in 2020 and headquartered in Natick, Massachusetts, with offices in California, EH2 had nearly 300 employees at the time of the funding announcement. On October 3, 2023, EH2 announced an oversubscribed $380 million Series C funding round, bringing total funding to over $600 million. The round was led by Fortescue, Fifth Wall, and Energy Impact Partners, matching the queried investors, with participation from new investors including bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures, and Fatima Holdings USA. Existing investors such as Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, Rio Tinto, Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures also participated. Fortescue additionally signed a procurement agreement with EH2. Proceeds from the round were earmarked to accelerate manufacturing and deployment to meet customer demand. EH2 was installing equipment in its 1.2GW factory in Devens, Massachusetts, set to begin commercial electrolyzer production in early 2024, with initial deliveries including a customer-sited plant in Texas for New Fortress Energy. The company reported over 5GW of electrolysis systems reserved by customers, indicating strong traction. EH2 positioned its technology to achieve cost parity with fossil fuel-based hydrogen, addressing the high cost barrier for green hydrogen scaling. The funding reflects robust investor interest in green hydrogen amid global decarbonization efforts, with EH2 as a leader in high-efficiency, scalable electrolyzers. |
| Jun 2022 | Series B | Fifth Wall (lead) | $198M | $506M | Electric Hydrogen (EH2) is a Massachusetts-based manufacturer of electrolyzer systems that produce green hydrogen from renewable electricity and water. The company's core product is a modular 100-megawatt electrolyzer system capable of producing nearly 50 tons of green hydrogen per day at low cost, targeting decarbonization of industrial processes including fertilizer production, steelmaking, and base chemical production. On June 22, 2022, the company completed two tranches of Series B funding totaling $139.33 million (Series B-1: $126.84M and Series B-2: $12.49M) at a post-money valuation of $505.87 million. The Series B round was led by Fifth Wall Climate Tech and included participation from established climate and venture investors including Breakthrough Energy Ventures, Capricorn Partners, Climate Pledge Fund, Cosan, Energy Impact Partners, Equinor Ventures, Honeywell Ventures, Mitsubishi, Prelude Ventures, Rio Tinto, S2G Ventures, and Silicon Valley Bank. The capital was directed toward expanding manufacturing capabilities and accelerating product development. Electric Hydrogen went on to raise a $380 million Series C round in October 2023 at a $1 billion valuation, becoming the first green hydrogen unicorn, demonstrating significant investor confidence in the electrolyzer technology and market opportunity. |
| Jun 2021 | Series A | Breakthrough Energy Ventures (lead); Prelude Ventures; Energy Impact Partners; Capricorn Investment Group | $24M | - | Electric Hydrogen (EH2) is a Massachusetts-based hydrogen technology company founded in 2020 that manufactures advanced electrolyzer systems for green hydrogen production. The company developed PEM stack-based electrolysis technology capable of producing 100 MW systems that can generate approximately 50 tons of green hydrogen per day, with a focus on achieving cost parity with fossil fuel hydrogen production. In June 2021, Electric Hydrogen closed a $24 million Series A funding round led by Breakthrough Energy Ventures, with participation from Prelude Ventures and Capricorn Partners. The capital was intended to develop initial electrolyzer technology and scale early operations. The company subsequently completed a Series B in June 2022 with $198 million raised, and a Series C in October 2023 with $380 million, ultimately achieving unicorn status with a $1 billion valuation. |
Who has invested in Electric Hydrogen?
6 investors have backed Electric Hydrogen across its funding rounds, including Fifth Wall, Energy Impact Partners, Breakthrough Energy Ventures, Prelude Ventures, Capricorn Investment Group and Fortescue.
Lead investors include Energy Impact Partners, Fifth Wall, Fortescue and Breakthrough Energy Ventures.
Electric Hydrogen Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2022 | ||
| 2 | Lead | Jun 2021 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
This data is available for Pro users. Sign up to see all 6 Electric Hydrogen investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Electric Hydrogen
Electric Hydrogen has acquired 1 company to date.
Last acquisition by Electric Hydrogen was on September 8th 2025. Electric Hydrogen acquired Ambient Fuels for undisclosed valuation.
Latest Acquisitions by Electric Hydrogen
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 8 Sep 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Electric Hydrogen acquisitions and their M&A valuation multiples. Start Free Trial | |
Electric Hydrogen Competitors
Electric Hydrogen competitors include listed companies like Canadian Solar and Shoals, and private ones like Palmetto, Turntide Technologies, Twelve and 8 Rivers.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $833M | - | ||
| Publicly listed | $5.6B | $546M | $798M | 1.5x | ||
| Publicly listed | $475M | $72M | $1.3B | 2.6x |
Electric Hydrogen Public Comps
Electric Hydrogen is still privately-owned, but its public comps include Al-Babtain Power & Telecom, Henan Yicheng New Energy, SP New Energy, Power Solutions International, Forum Energy Technologies, ITM Power, Ceres Power Holdings, Nano Nuclear Energy, Babcock & Wilcox and Changgao Electric Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $762M | $162M | 1.5x | 1.4x | 7.0x | 6.0x | |||
| $527M | ($30M) | 3.0x | - | (53.0x) | - | |||
| $25M | ($46M) | 103.1x | - | (55.4x) | - | |||
| $722M | $115M | 1.5x | 1.6x | 9.7x | 10.5x | |||
| $791M | $69M | 1.4x | 1.3x | 16.6x | 10.3x | |||
| $35M | ($63M) | 19.7x | 11.3x | (10.9x) | (20.2x) | |||
| $44M | ($51M) | 22.2x | 14.2x | (18.9x) | (78.6x) | |||
| - | ($39M) | - | 205.2x | (8.5x) | (6.7x) | |||
This data is available for Pro users. Sign up to see all Electric Hydrogen competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Electric Hydrogen
| When was Electric Hydrogen founded? | Electric Hydrogen was founded in 2020. |
| Where is Electric Hydrogen headquartered? | Electric Hydrogen is headquartered in Boston, MA, United States. |
| Is Electric Hydrogen publicly listed? | No, Electric Hydrogen is a private, VC-backed company. |
| What is Electric Hydrogen's valuation? | Electric Hydrogen was last valued at $1B in its Series C in October 2023. |
| How much funding has Electric Hydrogen raised? | Electric Hydrogen has raised $602M across 3 funding rounds. |
| What was Electric Hydrogen's last funding round? | Electric Hydrogen's last funding round was a $380M Series C in October 2023, led by Energy Impact Partners, Fifth Wall and Fortescue. |
| Who are Electric Hydrogen's investors? | Electric Hydrogen's investors include Fifth Wall, Energy Impact Partners, Breakthrough Energy Ventures, Prelude Ventures, Fortescue and Capricorn Investment Group. |
| Which companies are comparable to Electric Hydrogen? | Companies comparable to Electric Hydrogen include Palmetto, Turntide Technologies, Twelve, 8 Rivers, Canadian Solar and Shoals. |
| How many companies has Electric Hydrogen acquired? | Electric Hydrogen has acquired 1 company, including Ambient Fuels. |
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