Electric Hydrogen receives $18.3M transferable DOE tax credit for its gigafactory in Massachusetts, bringing total Department of Energy support to $65M

Electric Hydrogen announces the award of a $18.3M transferable tax credit from the Department of Energy, Department of Treasury, and the Internal Revenue Service under the Qualifying Advanced Energy Project 48C initiative, funded by the Inflation Reduction Act, for electrolyzer manufacturing at its gigafactory in Devens, MA.

Electric Hydrogen was selected for this award for its advancements in manufacturing technology, ability to serve large-scale commercial projects in the near-term and commitment to building out U.S. manufacturing capacity. Electric Hydrogen's low-cost electrolyzer stacks sit at the center of the company's fully integrated 100MW Electrolyzer Plant, a solution designed to deliver the lowest cost green hydrogen on earth. Electric Hydrogen's proprietary electrolyzer stacks are core to how its 100MW Electrolyzer Plant transforms project economics and unlocks pathways to the DOE's Energy Earthshot production cost target for green hydrogen of $1/kg of H2 by 2031.

"We are honored and thrilled that the DOE has recognized the value of our scaled manufacturing approach," noted Jigish Trivedi, Electric Hydrogen's SVP of Manufacturing. "The DOE's continued investment will allow Electric Hydrogen to increase its rate of production on a timeline that can address the growing customer demand for green hydrogen."

The gigafactory will use innovative manufacturing technology coupled with proven practices from high-volume industries like solar and automotive to produce reliable, high-quality electrolyzers in large volumes to meet growing demand. Once fully ramped to its 1.2 GW per year capacity, the gigafactory's stacks will generate enough green hydrogen to eliminate up to 2.4 million metric tons of carbon dioxide emissions per year. This manufacturing capacity outpaces the cumulative global installed capacity of electrolysis today. The Devens gigafactory's first electrolyzer stacks will be shipped later this year to a customer-sited project in southeast Texas.

Electric Hydrogen is headquartered in Natick, Massachusetts and its gigafactory expands its investment and presence in the Massachusetts community.

"Massachusetts is truly the place to be for climate tech. We have incredible companies like Electric Hydrogen innovating every day, creating jobs, and moving us toward our clean energy future," said Governor Maura Healey. "We congratulate Electric Hydrogen and thank the Biden-Harris administration and our Congressional Delegation for making this exciting award possible. Massachusetts will continue to compete for the federal dollars that will make our state more affordable, competitive and equitable."

About Electric Hydrogen

Electric Hydrogen manufactures, delivers and commissions the world's most powerful electrolyzers for critical industries to produce the lowest cost green hydrogen. The company's complete 100MW plant includes all system components required to turn water and electricity into green hydrogen, including power conversion, gas processing, water treatment and thermal management. Electric Hydrogen's advanced PEM technology helps critical industries achieve their climate objectives by making green hydrogen an economic inevitability. Electric Hydrogen has a team of more than 300 people with operations in California and Massachusetts. The company was founded in 2020 and has raised more than $600M from financial and strategic investors.