Evaluating only Electric Hydrogen’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
David Perry and Raffi Garabedian found Electric Hydrogen to build industrial-scale green H2 electrolyzers.
FUNDING
Raises $198M Series B from Breakthrough Energy, Amazon, and Fifth Wall; announces Ohio gigafactory plans.
PRODUCT LAUNCH
Demonstrates world's largest single-stack 100MW PEM electrolyzer; green H2 still costs $5-7/kg vs $1-2 grey.
SHUTDOWN
Announces shutdown after failing to close Series C; 400 employees laid off; assets to be sold.
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Documented cause
Electric Hydrogen raised $380M from Breakthrough Energy Ventures, Amazon Climate Pledge Fund, and Fifth Wall to build gigawatt-scale PEM electrolyzers for green hydrogen production. Despite a world-record 100MW electrolyzer stack announcement in 2023, the company announced a shutdown in November 2024 citing inability to close its next funding round as institutional investors retreated from green hydrogen amid IRA uncertainty and persistent cost gaps versus grey hydrogen.