Funding round
Electric Hydrogen Series C
Electric Hydrogen, which works in clean hydrogen production solutions in Harvard, raised $380M in a Series C round announced on 3 Oct 2023, led by Fortescue, Fifth Wall and Energy Impact Partners, at a $1.00B post-money valuation. 19 firms took part. It is Electric Hydrogen's third venture round on record; the one before was a Series B in Jun 2022.
$380M
Amount raised
$1.00B
Post-money valuation
19
Investors
3 leads
38%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Electric Hydrogen at $1.00B after the new money. The $380M bought investors about 38% of the company. It came 16 months after Electric Hydrogen's Series B. It is 63% of the $602M Electric Hydrogen has raised in the venture rounds on record. No later venture round is on record for Electric Hydrogen.
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 22 Jun 2022, led by Fifth Wall Climate Technology Fund $198M
- Series C this round 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
Fortescue, Fifth Wall and Energy Impact Partners led the round with 16 other firms.
Lead investors
- Fortescue new investor
- Fifth Wall backs 103 venture-backed companies new investor
- Energy Impact Partners backs 99 venture-backed companies new investor
Also in the round
- bp Ventures new investor
- Oman Investment Authority new investor
- Temasek backs 195 venture-backed companies new investor
- Microsoft’s Climate Innovation Fund new investor
- the United Airlines Sustainable Flight Fund new investor
- backs 6 venture-backed companies new investor
- Kajima Ventures new investor
- Fatima Holdings USA new investor
- Amazon’s Climate Pledge Fund new investor
- Equinor Ventures new investor
- Mitsubishi Heavy Industries new investor
- Rio Tinto new investor
- Breakthrough Energy backs 113 venture-backed companies new investor
- Capricorn Partners new investor
- backs 62 venture-backed companies new investor
- backs 85 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to scaling operations.
- Scaling operations
Comparable rounds
How it compares
12 Series C rounds in Industrial Machinery & Supplies within a year either side disclosed an amount; the median was $55M, and this round was 6.9 times the median. The closest in time, other companies' Series C rounds in Industrial Machinery & Supplies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Industrial Machinery & Supplies | 1 Jan 2024 | $60M | $286M | LG Electronics |
| Industrial Machinery & Supplies | 10 Jan 2024 | $6.9M | not disclosed | not named |
| Industrial Machinery & Supplies | 20 Jun 2023 | $12M | not disclosed | not named |
| Industrial Machinery & Supplies | 9 May 2023 | $99M | not disclosed | Congruent Ventures and Wellington Management |
| Industrial Machinery & Supplies | 26 Apr 2023 | $250M | not disclosed | TPG |
| Industrial Machinery & Supplies | 7 Mar 2023 | $50M | not disclosed | Scale Venture Partners |
| Industrial Machinery & Supplies | 1 Mar 2023 | $26M | not disclosed | Xiaomi Ventures |
| Industrial Machinery & Supplies | 20 Jun 2024 | $100M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Electric Hydrogen raise in its Series C round?
Electric Hydrogen raised $380M in its Series C round, announced in Oct 2023.
Who led Electric Hydrogen's Series C round?
Fortescue, Fifth Wall and Energy Impact Partners led it, with bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund and the United Airlines Sustainable Flight Fund and 11 more.
What was Electric Hydrogen's valuation at the Series C round?
$1.00B post-money.
How does it compare with other Series C rounds in Industrial Machinery & Supplies?
12 Series C rounds in Industrial Machinery & Supplies within a year either side disclosed an amount; the median was $55M, and this round was 6.9 times the median.