- Electric Hydrogen has just become green hydrogen s first unicorn with a million Series C raise that brought its valuation up to billion.
- The startup is backed by heavy hitters like Microsoft s Climate Innovation Fund United Airlines BP and Fortescue Metals.
- The funds will be used to expand production capacity of its electrolyzers according to a spokesperson for the company.
- Electrolyzers are devices that use a process called electrolysis to split water H O into its constituent elements hydrogen H and oxygen O.
- They are expensive and consume tons of renewable energy to make a small amount of hydrogen.
Investors have historically been skeptical of green hydrogen. High production costs, expensive infrastructure builds, competition with batteries and minimal government support have made the green hyd [+3011 chars]