Honeywell announced that Honeywell Ventures, its venture arm that invests in early-stage, high-growth companies that have emerging and disruptive technologies, has contributed to Electric Hydrogen's Series B round financing. Honeywell joins a select group of investors and banks to bring the total funding for the round to $198 MM.

Electric Hydrogen (EH₂) is developing a new generation of electrolyzer technologies to split water into H₂ and oxygen, which when powered by renewable energy like wind and solar, creates green H₂. The funding will support the scale-up of EH₂'s high throughput electrolyzer and manufacturing technology and deployment of pilot projects at large scale for industrial and infrastructure applications.

Honeywell's investment and increased collaboration with Electric Hydrogen allows Honeywell to better understand and support the needs of the electrolyzer industry.

Honeywell's recently announced catalyst coated membrane (CCM) technology demonstrates higher electrolyzer efficiency and higher electric current density in lab testing. It could further optimize and enhance the performance of the electrolyzer stack for green H₂ production. Leveraging this type of collaboration can help improve the speed and reduce the cost of deploying and operating sustainable green H₂ production facilities.

This investment furthers Honeywell's commitment to provide ready-now solutions that meet the needs and scale of industry now and in the future. Honeywell has been providing innovative hydrogen processing solutions for more than 50 years, including purification systems, membranes, controls, cyber security, automation and remote monitoring services.

"Honeywell has decades-long industrial experience within the hydrogen industry," said Patrick Hogan, Managing Director, Honeywell Ventures. "Our investment in Electric Hydrogen will accelerate collaboration between key players in the green hydrogen value chain and provide a ready-now solution to speed the transition to a hydrogen-based economy."

"Honeywell's deep industry relationships allow Electric Hydrogen to speed up development and scaled deployment of cost-effective systems to decarbonize the massive industrial sectors that we all depend on," said Raffi Garabedian, chief executive officer of Electric Hydrogen. "Our high performance electrolyzers will produce green hydrogen at the scale and cost needed to transition high-emitting global industries that utilize hydrogen as a chemical input, or require fuels to operate."