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| - MHI's investment will support Electric Hydrogen's efforts to develop and distribute fossil-free hydrogen for industrial and infrastructure applications - |
TOKYO, June 23, 2022 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) announced today that it has invested in Electric Hydrogen (EH2), a clean hydrogen startup headquartered in Natick, Massachusetts, to support its efforts in developing cost-competitive, fossil-free hydrogen. Through this investment, MHI aims to strengthen and diversify its hydrogen value chain, advance its energy transition business, and act on its commitment toward global carbon neutrality goals. The investment has been executed through Mitsubishi Heavy Industries America, Inc. (MHIA), which joins a consortium of investors including Breakthrough Energy Ventures, Equinor, Amazon, Honeywell, and Rio Tinto.
"No single company can provide needed technology to achieve global decarbonization, which is why we recognize the importance of investing in and enabling companies like Electric Hydrogen to develop new solutions," said Takajiro Ishikawa, President and CEO of MHIA.
EH2's patented approach to electrolysis - the process of producing hydrogen from electricity and water - is specially designed for the high-volume, low-cost production required to support massive industrial operations, which could significantly improve the levelized cost of hydrogen.
This investment will support the scale-up of EH2's high electrolyzer technology and its use in the manufacturing, and deployment of pilot projects to produce fossil-free hydrogen (also known as "green hydrogen") at large scale for industrial and infrastructure applications.
Industries not amenable to electrification, such as steel, fertilizer and intercontinental energy transport, account for more than a third of the world's total greenhouse gas emissions, according to EH2. Hydrogen, when produced in places with abundant and clean electricity, is a promising pathway for decarbonizing these industries.
MHI is working to build a hydrogen value chain through its proprietary technologies, plus investment and collaboration with companies such as EH2.
About Electric Hydrogen
Electric Hydrogen (EH2) is a deep decarbonization company pioneering new technology for low-cost, high-efficiency, fossil-free hydrogen systems. Focusing on industrial applications of hydrogen in steel, ammonia and freight transport, EH2's goal is to help eliminate more than 30% of global GHG emissions from hard-to-electrify industries. Their leadership team has revolutionized other clean energy sectors at Tesla and First Solar and they are backed by world-class climate tech investors like Breakthrough Energy Ventures, Prelude Ventures, Capricorn Investment Group, Energy Impact Partners, Fifth Wall Climate Tech and S2G Ventures. The company also benefits from partnerships with strategic investors that are leaders in their target sectors, including Amazon Decarbonization Fund, Cosan, Equinor, Honeywell, Mitsubishi Heavy Industries and Rio Tinto.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Topic: Press release summary
Source: Mitsubishi Heavy Industries, Ltd.
Sectors: Energy, Alternatives, Alternative Energy
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From the Asia Corporate News Network
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