Electric Hydrogen Acquires Ambient Fuels; Establishes Global Project Financing Capability with Generate Capital
Transaction expands Electric Hydrogen’s co-development and financing solutions for customers
DEVENS, Mass., Sept. 08, 2025 (GLOBE NEWSWIRE) -- Electric Hydrogen, a U.S. manufacturer of advanced electrolyzers, today announced it has acquired Ambient Fuels, a leading hydrogen project developer. Rising demand for clean hydrogen in both the U.S. and E.U. is accelerating the already fast-growing market for U.S. technology. Adding Ambient Fuels’ deep development expertise and portfolio of U.S. project sites will expand Electric Hydrogen’s ability to partner with customers on co-development of hydrogen projects and provide dedicated capital resources where appropriate.
As part of the transaction, Electric Hydrogen also entered into a strategic relationship with Generate Capital, a leading infrastructure investment platform and former investor in Ambient Fuels, to offer up to $400 million in hydrogen project finance solutions around the globe. This complementary relationship combines Electric Hydrogen’s industry leading electrolyzer technology with project financing to create attractive offerings for customers seeking the lowest levelized cost of hydrogen (LCOH). The combination of project development expertise and financing also enables Electric Hydrogen to originate, buy and sell large-scale clean hydrogen projects.
“Generate Capital is determined to accelerate the transition to low-carbon molecules by offering leading project finance capabilities in close collaboration with skilled developers and innovative technologies,” said Scott Gosselink, Managing Director at Generate Capital. “Working with Electric Hydrogen, we can help solve current finance and bankability challenges and reduce LCOH, enabling more hydrogen projects to reach Final Investment Decision.”
“Clean hydrogen is poised for significant growth in the years ahead, supported in part by the RED-III compliance framework in the E.U. and the 45V hydrogen production tax credit in the U.S.,” said Raffi Garabedian, CEO and Co-founder of Electric Hydrogen. “We believe this new integration will both enable the industry to scale faster and give Electric Hydrogen even more ways to serve our diverse array of customers – from those who want to do it all themselves, from power procurement all the way to the finished clean-fuel – to those who prefer a partner to finance and develop the hydrogen plant so they can remain focused on their business outcomes. We’re excited to add this new capability with Ambient Fuels and Generate Capital.”
“We’re thrilled to join the Electric Hydrogen team,” said Jacob Susman, former CEO of Ambient Fuels now leading project development at Electric Hydrogen. “With this unique project finance capability from Generate Capital, our team is well positioned to support Electric Hydrogen customers who prefer to buy renewable hydrogen as a process input rather than building and operating their own renewable hydrogen plants. We believe this is a key ‘unlock’ for the nascent renewable hydrogen and renewable fuels industries that will help customers get to scale faster, enabled by Electric Hydrogen’s leading technology.”
Electric Hydrogen’s productized hydrogen plant, the HYPRPlant, leverages the company’s proprietary high-power proton exchange membrane (PEM) electrolyzer technology to deliver ultra-low-cost hydrogen made with renewable energy. Built in the USA and shipped as modular skids, the system reduces total installed project costs by as much as 60% and significantly shortens deployment timelines. The combination of Electric Hydrogen with Ambient Fuels, supported by a financing collaboration with Generate Capital, enables the company to substantially reduce the levelized cost of hydrogen as a service, passing along value to customers.
The transaction closed in May 2025, and the company is targeting the deployment of project capital beginning in 2026.
About Electric Hydrogen
Electric Hydrogen manufactures, delivers and commissions the world’s most powerful electrolyzers to make clean hydrogen projects economically viable today. The company’s complete HYPRPlant includes all system components required to turn water and electricity into the lowest cost clean hydrogen. Electric Hydrogen has a team of more than 300 people in the United States and Europe. The company was founded in 2020 and is headquartered in Devens, Massachusetts. To learn more about how critical industries leverage Electric Hydrogen’s advanced PEM technology, visit https://eh2.com/.
About Generate Capital
Generate is a specialized, multi-strategy investment platform that builds, owns, and operates critical infrastructure. As a one-stop shop, the firm finances and delivers affordable, resilient solutions that provide essential resources to customers and communities, while supporting the nation’s growing demand for power. Since 2014, Generate has invested in and operated assets across six key sectors: power, mobility, waste, green digital, water and agriculture, and industrial decarbonization. With more than $14 billion raised since inception, the firm’s portfolio includes over 2,000 assets and more than 50 partnerships with leading technology providers and developers. For more information, please visit www.generatecapital.com.
Contact
V2 Communications for Electric Hydrogen
electrichydrogen@v2comms.com
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/49ba961b-7c40-4005-ba59-7d0e74719b3c
Electric Hydrogen
Devens, Massachusetts
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