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Electric Hydrogen, a leading manufacturer of advanced electrolyzers, has acquired hydrogen project developer Ambient Fuels and initiated a strategic partnership with sustainable infrastructure investor Generate Capital. This collaboration aims to create a comprehensive hydrogen project development and financing platform.
The acquisition and partnership come amid growing demand for clean hydrogen in the US and EU, driven by its crucial role in transitioning to a cleaner energy future. Hydrogen is particularly important for sectors with challenging emissions, such as metals manufacturing and heavy transport, where renewable energy solutions like wind or solar are less feasible.
Established in 2020, Massachusetts-based Electric Hydrogen specialises in manufacturing powerful electrolyzers that produce green hydrogen from renewable electricity and water. Their HYPRPlant, a productized hydrogen plant, uses proprietary high-power proton exchange membrane (PEM) electrolyzer technology to produce hydrogen with renewable energy, reducing project costs by up to 60%.
Ambient Fuels, founded in 2021 in New York, offers custom-engineered solutions for green hydrogen projects, supporting the decarbonization of heavy industry and transportation through services ranging from project development to financing and construction.
Following the acquisition, Jacob Susman, former CEO of Ambient Fuels and now leading project development at Electric Hydrogen, stated that the collaboration with Generate Capital positions the company to assist customers who prefer purchasing renewable hydrogen rather than operating their own plants. He emphasised this as a critical development for the renewable hydrogen and fuels industries, facilitated by Electric Hydrogen’s technology.
In 2023, Generate Capital committed up to $250 million to fund green hydrogen infrastructure at Ambient Fuels. Under the new strategic relationship, Generate Capital will provide up to $400 million in global hydrogen project finance solutions. Scott Gosselink, Managing Director at Generate Capital, expressed the company’s commitment to accelerating the transition to low-carbon molecules by offering leading project finance capabilities in collaboration with skilled developers and innovative technologies.
Electric Hydrogen believes the integration with Ambient Fuels and the financing collaboration with Generate Capital will significantly reduce the levelized cost of hydrogen as a service and enable large-scale clean hydrogen project development. Raffi Garabedian, CEO and Co-founder of Electric Hydrogen, highlighted the integration’s potential to scale the industry faster and offer diverse service options to customers, from comprehensive project management to partnership-based financing and development.
