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Electric Hydrogen inks major supply deal with AES

Illustration of hydrogen molecules surrounded by dollar elements and abstract shapes

Illustration: Gabriella Turrisi/Axios

Green hydrogen unicorn Electric Hydrogen and AES have an agreement in principle for the startup to supply up to 1 GW of hydrogen-producing electrolyzers to the utility, Axios has learned.

What's happening: AES has reserved up to 10 of Electric Hydrogen's 100 MW electrolyzers, which break apart the hydrogen and oxygen molecules in water to produce hydrogen.

What's next: Electric Hydrogen would build the electrolyzers at its new 1.2 GW factory in Devens, Mass., which the company expects to come online as soon as this month.

  • The AES reservation matches a similar 1 GW agreement last fall with Bill Gates-backed mining company Fortescue Metals. It brings Electric Hydrogen's total potential pipeline to more than 6 GW.

Of note: Electric Hydrogen is the first green hydrogen startup to hit unicorn status with a post-money valuation of over $1 billion.

  • The Natick, Mass.-based company has raised more than $600 million, including a $380 million Series C last fall from BP, United Airlines, Microsoft, Fortescue Metals and others.
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