Honeywell Ventures on July 11 joined a select group of investors and banks, which includes Amazon, Equinor Ventures and Mitsubishi Heavy Industries, in contributing to decarbonization company Electric Hydrogen's Series B funding, according to a company press release.
With Honeywell's contribution, the funding for the round stands at $198 million. Boston-based Electric Hydrogen will use the funding to support the scale-up of its electrolyzer and manufacturing technology, as well as the deployment of large-scale pilot projects for industrial and infrastructure applications.
The investment allows Honeywell to better support the needs of the electrolyzer industry as the company seeks to help customers reach their ESG goals, as well as meet their own environmental sustainability goals of reaching carbon neutrality in its operations and facilities by 2035.
“This funding round fuels the next phase of our evolution. We’ve demonstrated our enabling core technology, built an amazing team and now have the capital we need to get our technology out into the world and start curbing emissions,” Electric Hydrogen CEO Raffi Garabedian commented in a separate press release on June 22.
“Just as importantly, the participation of strategic partners at the forefront of the industries we are poised to decarbonize – energy, mining, logistics and heavy manufacturing, to name a few – provides vital insight that will facilitate and accelerate our path to market,” he continued.
Electric Hydrogen's new generation of electolyzer technologies will split water into hydrogen and oxygen and from the separated elements create green hydrogen powered by renewable energy sources such as wind and solar.
In March of this year, Honeywell announced the deployment of its catalyst coated membrane (CCM) technology, which has the potential to further optimize and enhance the performance of the electrolyzer stack for green hydrogen production.
Honeywell has been providing hydrogen processing solutions, including purification systems, membranes, controls, cyber security, automation and remote monitoring, for its customers for over 50 years.
“Honeywell has decades-long industrial experience within the hydrogen industry,” Honeywell Ventures managing director Patrick Hogan said in the company release. “Our investment in Electric Hydrogen will accelerate collaboration between key players in the green hydrogen value chain and provide a ready-now solution to speed the transition to a hydrogen-based economy.”
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