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Climate Tech

Green Hydrogen Has Its First Unicorn

October 23, 2023
x min read

There’s a lot of excitement around the future of green hydrogen. And venture capital wants in.

What’s happening:

  • Boston based startup Electric Hydrogen has raised $380M in a Series C financing at a valuation of $1B
  • Notable investors include Breakthrough Energy Ventures, Rio Tinto, BP Ventures, Microsoft’s Climate Innovation Fund, United Airlines Sustainable Flight Fund, Amazon’s Climate Pledge Fund, Prelude Ventures

Why it matters:

  • This is the first ever green hydrogen company to reach unicorn status
  • Electric Hydrogen has now raised approximately $600M in total venture funding since inception
  • Green hydrogen is one of the fastest growing areas of climate tech that has been attracting rampant venture capital

Going deeper:

  • Electric Hydrogen’s mission is to drive down the cost of electrolyzers to be able to meaningful address decarbonization for industrial purposes
  • Their technology is aiming to produce fossil fuel free hydrogen at scale for iron, mining, fertilizer and more

The intrigue:

  • Electric Hydrogen was co-founded by talent from First Solar and Breakthrough Energy Ventures

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