Funding round
Electric Hydrogen Series B
Electric Hydrogen, which works in clean hydrogen production solutions in Harvard, raised $198M in a Series B round announced on 22 Jun 2022, led by Fifth Wall Climate Technology Fund. 15 firms took part. It is Electric Hydrogen's second venture round on record; the one before was a Series A in Jun 2021.
$198M
Amount raised
Not disclosed
Post-money valuation
15
Investors
1 lead
Valuation
What this round says about the price
Electric Hydrogen did not disclose a valuation in this round. It came 12 months after Electric Hydrogen's Series A. It is 33% of the $602M Electric Hydrogen has raised in the venture rounds on record. Electric Hydrogen raised again 16 months later: a Series C round of $380M in Oct 2023, at $1.00B post-money.
Electric Hydrogen's funding rounds
Electric Hydrogen has 3 venture rounds on record and 4 other deals. This one is highlighted.
- Series A 23 Jun 2021, led by Breakthrough Energy $24M
- Series B this round 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
Fifth Wall Climate Technology Fund led the round with 14 other firms.
Lead investor
- Fifth Wall Climate Technology Fund new investor
Also in the round
- backs 85 venture-backed companies new investor
- Silicon Valley Bank new investor
- backs 24 venture-backed companies new investor
- Honeywell Ventures new investor
- Mitsubishi Heavy Industries new investor
- Rio Tinto new investor
- Equinor Ventures new investor
- Climate Pledge Fund new investor
- new investor
- Breakthrough Energy backs 113 venture-backed companies new investor
- backs 25 venture-backed companies new investor
- Energy Impact Partners backs 99 venture-backed companies new investor
- backs 62 venture-backed companies new investor
- Honeywell International Inc.
Use of proceeds
What the money is for
According to the announcement, the money goes to product development and scaling operations.
- Product development
- Scaling operations
Comparable rounds
How it compares
21 Series B rounds in Industrial Machinery & Supplies within a year either side disclosed an amount; the median was $38M, and this round was 5.2 times the median. The closest in time, other companies' Series B rounds in Industrial Machinery & Supplies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Industrial Machinery & Supplies | 15 Jun 2022 | $40M | not disclosed | Capital Today |
| Industrial Machinery & Supplies | 10 May 2022 | $45M | $250M | Scale Venture Partners |
| Agility Robotics Industrial Machinery & Supplies | 22 Apr 2022 | $150M | not disclosed | DCVC and Playground |
| Industrial Machinery & Supplies | 14 Apr 2022 | $45M | not disclosed | Fenice Investment Group |
| Unitree Robotics Industrial Machinery & Supplies | 1 Apr 2022 | undisclosed | not disclosed | Matrix Partners China and Dunhong Capital |
| Industrial Machinery & Supplies | 15 Mar 2022 | $81M | $504M | IMM Investment |
| Industrial Machinery & Supplies | 1 Mar 2022 | $50M | not disclosed | Source Code Capital |
| Industrial Machinery & Supplies | 15 Feb 2022 | $132M | $270M | Reliance Industries |
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 B round?
Electric Hydrogen raised $198M in its Series B round, announced in Jun 2022.
Who led Electric Hydrogen's Series B round?
Fifth Wall Climate Technology Fund led it, with S2G Investments, Silicon Valley Bank, Trinity Capital, Honeywell Ventures and Mitsubishi Heavy Industries and 9 more.
What was Electric Hydrogen's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Industrial Machinery & Supplies?
21 Series B rounds in Industrial Machinery & Supplies within a year either side disclosed an amount; the median was $38M, and this round was 5.2 times the median.
Did Electric Hydrogen raise again after this round?
Yes: a Series C round in Oct 2023 of $380M at $1.00B post-money.