Funding round
Electric Hydrogen Series A
Electric Hydrogen, which works in clean hydrogen production solutions in Harvard, raised $24M in a Series A round announced on 23 Jun 2021, led by Breakthrough Energy. 3 firms took part. It is Electric Hydrogen's first venture round on record.
$24M
Amount raised
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
Electric Hydrogen did not disclose a valuation in this round. It is Electric Hydrogen's first venture round on record, 1 year after it was founded in 2020. It is 4.0% of the $602M Electric Hydrogen has raised in the venture rounds on record. Electric Hydrogen raised again 12 months later: a Series B round of $198M in Jun 2022. Its next priced round, a Series C in Oct 2023, valued it at $1.00B.
Electric Hydrogen's funding rounds
Electric Hydrogen has 3 venture rounds on record and 4 other deals. This one is highlighted.
- Series A this round 23 Jun 2021, led by Breakthrough Energy $24M
- Series B 22 Jun 2022, led by Fifth Wall Climate Technology Fund $198M
- Series C 3 Oct 2023, led by Fortescue, Fifth Wall and Energy Impact Partners $380M$1.00B post-money
- Debt not a venture round 5 Mar 2024, led by Trinity Capital $50M
- Grant not a venture round 14 Mar 2024, led by U.S. Department of Energy $46M
- Grant not a venture round 4 Apr 2024, led by U.S. Department of Energy $18M
- Debt not a venture round 9 May 2024 $50M
Investors
Who put money in
Breakthrough Energy led the round with 2 other firms.
Lead investor
- Breakthrough Energy backs 113 venture-backed companies new investor
Also in the round
- backs 62 venture-backed companies new investor
- Capricorn's Technology Impact Fund new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
26 Series A rounds in Industrial Machinery & Supplies within a year either side disclosed an amount; the median was $14M, and this round was 1.7 times the median. The closest in time, other companies' Series A rounds in Industrial Machinery & Supplies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Industrial Machinery & Supplies | 8 Jun 2021 | $31M | not disclosed | Koch Disruptive Technologies |
| Industrial Machinery & Supplies | 15 Jun 2021 | $20M | not disclosed | Monoful Inc |
| Industrial Machinery & Supplies | 15 Jun 2021 | $17M | not disclosed | Canaan |
| Industrial Machinery & Supplies | 15 Jul 2021 | $15M | not disclosed | Construct Capital |
| Industrial Machinery & Supplies | 1 Apr 2021 | $25M | not disclosed | Casdin Capital |
| Unitree Robotics Industrial Machinery & Supplies | 2 Aug 2021 | undisclosed | not disclosed | Shunwei Capital |
| Industrial Machinery & Supplies | 14 Sep 2021 | $26M | not disclosed | Tiger Global |
| Industrial Machinery & Supplies | 2 Sep 2021 | $12M | not disclosed | SineWave Ventures |
Sources
Where this comes from
Reported by 2 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Electric Hydrogen raise in its Series A round?
Electric Hydrogen raised $24M in its Series A round, announced in Jun 2021.
Who led Electric Hydrogen's Series A round?
Breakthrough Energy led it, with Prelude Ventures and Capricorn's Technology Impact Fund.
What was Electric Hydrogen's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Industrial Machinery & Supplies?
26 Series A rounds in Industrial Machinery & Supplies within a year either side disclosed an amount; the median was $14M, and this round was 1.7 times the median.
Did Electric Hydrogen raise again after this round?
Yes: a Series B round in Jun 2022 of $198M.