Honeywell Ventures to Invest in Electric Hydrogen
Honeywell International Inc.
Honeywell Ventures, the company's venture arm that invests in early-stage, high-growth companies with new and revolutionary technologies, stated that it contributed to Electric Hydrogen's Series B financing. Honeywell joins a small group of investors and banks to boost the round's total investment to $198 million.
Electric Hydrogen (EH2) is creating a new generation of electrolyzer technologies to split water into hydrogen and oxygen, which produces green hydrogen when fueled by renewable energy sources such as wind and solar.
The financing will go toward scaling up EH2's high throughput electrolyzer and manufacturing technology and the large-scale deployment of pilot projects for industrial and infrastructural applications.
Honeywell's investment and expanded partnership with Electric Hydrogen enables Honeywell to understand and support the electrolyzer industry's demands.
In laboratory testing, Honeywell's recently disclosed catalyst coated membrane (CCM) technology demonstrated improved electrolyzer efficiency and increased electric current density.
It has the potential to optimise and improve the performance of the electrolyzer stack for green hydrogen production. This form of partnership can help accelerate the deployment and operation of sustainable green hydrogen production facilities.
This investment demonstrates Honeywell's commitment to delivering ready-to-use solutions that match the needs and scale of the industry now and in the future.
For more than 50 years, Honeywell has provided revolutionary hydrogen processing solutions such as purification systems, membranes, controls, cyber security, automation, and remote monitoring services.
Patrick Hogan, Managing Director, Honeywell Ventures, said:
"Honeywell has decades-long industrial experience within the hydrogen industry. 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."
Raffi Garabedian, chief executive officer of Electric Hydrogen, said:
"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. Our high-performance electrolyzers 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."
For heavy industry, electric hydrogen is providing cost-effective and transformational aid to a zero-carbon planet. The company is developing a new generation of electrolyzer technologies to allow clean, plentiful, and low-cost hydrogen for difficult-to-decarbonise industrial sectors.
EH2 is led by a team of experts in scaling clean technologies from First Solar and Tesla and is supported by top climate technology investors committed to deep decarbonisation. The company was created in 2020 and is headquartered in the Bay Area of California and Boston, Massachusetts.
Honeywell has pledged to become carbon neutral in its operations and facilities by 2035. This commitment builds on the company's track record of significantly reducing the greenhouse gas intensity of its operations and facilities, as well as its decades-long history of innovation to assist its customers in meeting their environmental and social objectives. Approximately 60% of Honeywell's new product introduction research and development investment is focused on solutions that improve customers' environmental and social results.
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