The investment arm of Honeywell is putting some green into a hydrogen technology startup.
Honeywell Ventures has invested in Electric Hydrogen’s Series B funding round. Electric Hydrogen has raised $198 million from a select group of investors and banks in the funding round.
Electric Hydrogen is developing electrolyzer technologies, which can split water into hydrogen and oxygen and then be used to create green hydrogen, if the electrolyzers are powered by carbon-free electricity generation. Green Hydrogen does not emit greenhouse gases and is expected to play an important role in the energy transition in coming decades with overall hydrogen demand expected to grow five to seven times over the next 30 years, according to the Hydrogen Council.
"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."
The proceeds from the funding will be used to scale up Electric Hydrogen’s electrolyzer and manufacturing technology and the deployment of pilot projects for industrial and infrastructure applications.
Honeywell’s catalyst coated membrane (CCM) technology reportedly has demonstrated improved electrolyzer efficiency and higher electric current density when tested. This technology can boost the performance of the electrolyzer stack for green hydrogen production.
"Honeywell's deep industry relationships allow Electric Hydrogen to speed up development and scaled deployment of cost-effective systems to decarbonize the massive industrial sectors that we all depend on," said Raffi Garabedian, chief executive officer of Electric Hydrogen. "Our high performance electrolyzers will produce green hydrogen at the scale and cost needed to transition high-emitting global industries that utilize hydrogen as a chemical input, or require fuels to operate."
