Honeywell has announced that Honeywell Ventures, its venture arm that invests in early-stage, high-growth companies that have emerging and disruptive technologies, has contributed to Electric Hydrogen’s Series B round financing.
The move puts Honeywell among a select group of investors and banks to bring the total funding for the round to $198 million.
New generation of electrolyser technologies
Electric Hydrogen (EH2) is developing a new generation of electrolyser technologies to split water into hydrogen and oxygen, which when powered by renewable energy like wind and solar, creates green hydrogen.
The funding will support the scale-up of EH2’s high throughput electrolyser and manufacturing technology and deployment of pilot projects at large scale for industrial and infrastructure applications.
Honeywell’s investment and increased collaboration with Electric Hydrogen allows Honeywell to better understand and support the needs of the electrolyser industry.
“Honeywell has decades-long industrial experience within the hydrogen industry,” said Patrick Hogan, Managing Director, Honeywell Ventures. “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.”
“Honeywell’s deep industry relationships allow Electric Hydrogen to speed up development and scaled deployment of cost-effective systems to decarbonise the massive industrial sectors that we all depend on,” said Raffi Garabedian, chief executive officer of Electric Hydrogen. “Our high performance electrolysers will produce green hydrogen at the scale and cost needed to transition high-emitting global industries that utilise hydrogen as a chemical input, or require fuels to operate.”