To aid in the development of affordable, fossil-free hydrogen, Mitsubishi Heavy Industries (MHI) has invested in Natick, Massachusetts-based clean hydrogen startup Electric Hydrogen (EH2). The investment’s terms were not made public.
MHI intends to strengthen and diversify its assets in the hydrogen value chain with this transaction. Through Mitsubishi Heavy Industries America, Inc. (MHIA), which joins a group of investors that also includes Breakthrough Energy Ventures, Equinor, Amazon, Honeywell, and Rio Tinto, the investment has been carried out.
Takajiro Ishikawa, president and CEO of MHIA, stated that “No one firm can supply essential technology to accomplish global decarbonization, which is why we acknowledge the need of investing in and supporting companies like Electric Hydrogen to create innovative solutions.”
According to the company, the patented electrolysis method used by EH2 is specifically created for the high-volume, low-cost production needed to support large industrial operations and could significantly lower the Levelized cost of hydrogen. Electrolysis is the process by which hydrogen is produced from electricity and water.
With the help of this financing, EH2 will be able to manufacture and use its advanced electrolyzer technology on a larger scale, as well as implement pilot projects to create fossil-free hydrogen, often known as “green hydrogen,” for use in infrastructural and industrial applications.
According to EH2, more than a third of all greenhouse gas emissions come from sectors that cannot be electrified, including the steel, fertilizer, and intercontinental energy-transportation industries. When generated in locations with plenty of clean power, hydrogen is a possible route toward decarbonizing these businesses.
A decarbonization business called Electric Hydrogen (EH2) creates inexpensive, highly effective, and fossil-free hydrogen systems. The industrial uses of hydrogen in steel, ammonia, and freight transportation are the main topics. Amazon Decarbonization Fund, Cosan, Equinor, Honeywell, Mitsubishi Heavy Industries, and Rio Tinto are a few other key investors.