Fortescue has today announced it has taken the lead investor role in Electric Hydrogen’s (EH2) US$380 million Series C funding round.
In addition to this major investment, Fortescue and EH2 have separately signed a framework procurement agreement to supply 1 gigawatt of EH2’s electrolyser systems to Fortescue’s green hydrogen projects in the US and globally.
EH2’s complete 100MW electrolyser systems produce green hydrogen from renewable electricity and water at large scale. Each EH2 electrolyser system can make nearly 50 tons of green hydrogen per day at transformational low cost.
Fortescue Energy CEO, Mark Hutchinson, said:
“Fortescue is committed and focused on supporting the rapid scaling of green technology to help heavy industry decarbonize and producing green hydrogen at scale is integral to that. Right now there are not enough electrolysers in the world to support the amount of green hydrogen we are set to produce. That is why we are partnering with other world leaders in this space to secure our green energy supply chain, and we’re excited to invest and secure capacity with Electric Hydrogen to help us achieve our goals.”
“Electric Hydrogen, just like Fortescue, is working at the speed and scale necessary to help deliver green hydrogen projects around the world and stop the need for fossil fuels. We are looking forward to working together.”
EH2 Chief Executive Officer and Co-founder, Raffi Garabedian, said, “Electric Hydrogen and Fortescue share an ambition to achieve large scale, low-cost production of green hydrogen globally as soon as possible. We want to make fossil-free hydrogen an economic inevitability for fertilizer producers, steelmakers, chemical companies and other critical industries that have no other option to decarbonize.”
“Our team is excited to begin building and commissioning our leading electrolyzer technology at Fortescue project sites to deliver on that commitment”.
Fortescue’s investment in EH2 was completed in June 2023.