Electric Hydrogen Hits Milestone Three Years After Founder's Start

In 2023, only three years after its founding by Raffi Garabedian, Electric Hydrogen reached a significant milestone, earning recognition as the world's first "green hydrogen unicorn." This achievement followed the Houston-based company's successful $750 million funding round, with notable investors including HSBC, J.P. Morgan, and Breakthrough Energy Ventures. Electric Hydrogen specializes in manufacturing electrolyzers, essential machinery for producing clean hydrogen used in heavy industries such as steelmaking. The recent funding will support the development of its HYPRPlant, a pre-fabricated modular system designed to reduce total installed project costs by up to 60%. These modules are manufactured at the company's Massachusetts facility and then shipped to clients for on-site assembly. Over the past two years, Electric Hydrogen has also secured supply contracts with Uniper, a German renewable energy company, and Infinium, an electrofuels producer. The company's rapid growth and substantial financial backing highlight the significant commercial momentum within the cleantech sector, offering a compelling case study for scaleup leaders.