Electric Hydrogen (EH2), a startup based in Natick, Massachusetts, said it received $198 million from a slate of investors, including Mitsubishi Heavy Industries.
The investment is intended to support the scale-up of EH2’s electrolyzers and their use in the manufacturing and deployment of pilot projects to produce large quantities of green hydrogen for industrial and infrastructure applications.
Industries not amenable to electrification, such as steel and fertilizer, account for more than a third of the world’s total greenhouse gas emissions, according to EH2.
Hydrogen, when produced in places with abundant and clean electricity, is seen as a promising pathway for decarbonizing these industries. EH2’s goal is to help eliminate more than 30% of global greenhouse gas emissions from hard-to-electrify sectors.
MHI joined other EH2 investors, including Breakthrough Energy Ventures, Equinor, Amazon, Honeywell, and Rio Tinto.
MHI said it is working to build a hydrogen value chain through its technologies, plus investment and collaboration with companies such as EH2.
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