Electric Hydrogen has secured $198m financing, comprising Series B equity and venture debt, to support the production of green hydrogen at a competitive cost.

Led by Fifth Wall Climate Tech, the financing round saw participation from S2G Ventures, along with lenders Silicon Valley Bank and Trinity Capital.

Existing investors Breakthrough Energy Ventures, Capricorn Partners, Energy Impact Partners, and Prelude Ventures also participated in the funding round.

In addition, the strategic investors include Amazon’s Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries, and Rio Tinto.

The company intends to use the funding to scale up its high throughput electrolyser technology and support the deployment of green hydrogen manufacturing plants.

Electric Hydrogen CEO Raffi Garabedian said: “We’ve demonstrated our enabling core technology, built an amazing team and now have the capital we need to get our technology out into the world and start curbing emissions.

“Just as importantly, the participation of strategic partners at the forefront of the industries we are poised to decarbonize–energy, mining, logistics, and heavy manufacturing, to name a few–provides vital insight that will facilitate and accelerate our path to market.”

Green hydrogen is said to help decarbonise industries such as steel, fertiliser and intercontinental energy transport, which account for more than a third of global emissions.

Electric Hydrogen’s patented approach to electrolysis involves a process of producing hydrogen using water and electricity generated from renewable sources.

It has specially designed the process for the high-volume, low-cost production of green hydrogen to support large-scale industrial operations, said the company.

Equinor Ventures head Gareth Burns said: “The energy transition represents an opportunity for Equinor Ventures to leverage its leading position within carbon management and hydrogen, and to develop and grow new value chains and markets.

“We are pleased to announce the investment in Electric Hydrogen as they scale up green hydrogen production to GW-scale.”

Electric Hydrogen is a deep decarbonisation company specialised in advanced technology for low-cost, high-efficiency, fossil-free hydrogen systems.

Its team comprises expertise from multiple sectors, from engineering and finance to manufacturing, including former executives from First Solar, and engineers from Tesla.