U.S. electrolyzer manufacturer Electric Hydrogen has announced $100 million in corporate credit financing to back the manufacturing and deployment of its 100 MW electrolyzer plants.
The funding was led by HSBC, with participation from J.P. Morgan, Stifel Bank and Hercules Capital.
Derek Warnick, Chief Financial Officer of Electric Hydrogen, commented: “This facility marks a step-change in Electric Hydrogen’s access to capital and overall maturity as a business. With credit backing from some of the world’s largest and most well-known banks, we are well positioned to deliver gigawatts of electrolyzer plants in the coming years and enable our customers to meet their decarbonization goals.”
Matt Perlow, Director of HSBC Innovation Banking, stated: “Our focus on financing innovative companies like Electric Hydrogen aligns with our mission of providing best-in-class banking services for our clients at every stage of their growth cycle. Clean technology and sustainability remain top priorities at HSBC, and we are thrilled to support Electric Hydrogen’s deployment of large-scale electrolyzer plants in its mission to decarbonize critical industries.”
Eric Cohen, Head of Green Economy Banking at J.P. Morgan Commercial Banking, said that at J.P. Morgan, they are focused on serving companies that are helping decarbonize industries and building the green economy, while Greg Peterson, Managing Director of Hercules Capital, expressed excitement to partner with Electric Hydrogen to help accelerate the company’s manufacturing rollout and support deployment of their 100 MW electrolyzer plants.
To note, according to Electric Hydrogen, its electrolyzer plants, designed and manufactured in the U.S., feature the capability to follow variable renewable energy resources allowing customers to optimize energy use and maximize project returns.
The company recently announced $65 million in total U.S. Department of Energy support and $50 million in equipment financing from Trinity Capital to scale its U.S. manufacturing at its Devens gigafactory. Furthermore, the company entered a framework supply agreement with the AES Corporation for up to 1 GW of large-scale electrolyzer plants to produce low-cost green hydrogen from renewable energy.