EH2 valued at US$1bil after latest funding round

EH2 has raised over US$600mil since it was founded in 2020. — Reuters

BENGALURU: Hydrogen technology startup Electric Hydrogen (EH2) was valued at US$1bil after a financing round, a source familiar with the matter says.

Earlier on Tuesday, the company said it had raised US$380mil in an oversubscribed series C financing round led by Fortescue, Fifth Wall and Energy Impact Partners.

The round also included investors BP Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund and the United Airlines’ Sustainable Flight Fund.

EH2 has raised over US$600mil since it was founded in 2020, with investments from major heavyweights including Amazon and Honeywell.

Green hydrogen is touted as the clean-energy alternative to existing fossil fuels, and top corporates across the world are investing millions in an attempt to decarbonise their operations, fleets and factories.

“We’re here to replace natural gas and coal with renewable green hydrogen. To address the global climate challenge, we need new technologies that help critical industries reduce their emissions,” EH2 CEO and co-founder Raffi Garabedian said. — Reuters