Twiggy Forrest’s Fortescue has confirmed its involvement as one of the lead investors in the US start-up Electric Hydrogen’s (EH2) Series C funding round. This funding round has catapulted EH2 into the exclusive club of unicorn startups in the green hydrogen industry, which is poised to revolutionise the energy sector. EH2’s Series C round saw substantial backing from prominent companies like BP, United Airlines, and Microsoft, eventually pushing its valuation past the coveted $1 billion mark.
What sets EH2 apart is its revolutionary approach to hydrogen production. EH2’s complete 100MW electrolyser systems are designed to produce green hydrogen efficiently and at an unprecedented scale. These systems leverage renewable electricity and water to generate green hydrogen, and each unit has the capability to produce nearly 50 tons of green hydrogen per day at a remarkably low cost. This cost-efficiency is a crucial factor in making green hydrogen a commercially viable and scalable solution for various industries, from transportation to heavy manufacturing.
Fortescue’s strategic investment in EH2 aligns with its ambitious clean energy goals. The company is committed to reducing its carbon footprint and has been actively pursuing green hydrogen projects both in the United States and globally. As part of this commitment, Fortescue recently signed a framework procurement agreement with EH2. Under this agreement, EH2 will supply Fortescue with 1 gigawatt of its advanced electrolyser systems, which will be integrated into Fortescue’s green hydrogen initiatives. This collaboration represents a significant step forward in Fortescue’s journey towards sustainable energy solutions.
The broader implications of this partnership extend beyond Fortescue’s immediate goals. EH2’s cutting-edge technology has the potential to revolutionise the green hydrogen market by providing a cost-effective and scalable solution. With backing from major players like Fortescue, BP, United Airlines, and Microsoft, EH2 is well-positioned to drive innovation and accelerate the adoption of green hydrogen on a global scale.
In the wake of these developments, Fortescue’s stock price reflects the growing optimism surrounding the company’s clean energy ventures. Fortescue shares are currently trading 0.34% higher at $20.80, underlining investor confidence in its strategic moves in the green hydrogen space.