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    1. Energy Efficiency

    Honeywell Ventures invests in Hydrogen Electrolyzer startup

    July 12, 2022
    Electric Hydrogen has raised $198 million from a select group of investors and banks in the Series B funding round
    Image credit Honeywell hydrogen page
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    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."

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.