Electric Hydrogen secures $100M credit facility from HSBC, J.P. Morgan, Stifel Bank and Hercules Capital to decarbonize critical industries at scale
Summary
The funding was led by HSBC, with participation from J.P. Morgan, Stifel Bank, and Hercules Capital.Electric Hydrogen, headquartered in Natick, MA, is leading critical industries such as steel, fertilizer, shipping and aviation towards decarbonization with its powerful, U.S.-manufactured electrolyzers, designed to deliver the lowest cost green hydrogen on earth. "Our focus on financing innovative companies like Electric Hydrogen aligns with our mission of providing best-in-class banking services for our clients at every stage of their growth cycle. Clean technology and sustainability remain top priorities at HSBC, and we are thrilled to support Electric Hydrogens deployment of large-scale electrolyzer plants in its mission to decarbonize critical industries. With credit backing from some of the worlds largest and most well-known banks, we are well positioned to deliver gigawatts of electrolyzer plants in the coming years and enable our customers to meet their decarbonization goals," states Derek Warnick, the companys Chief Financial Officer.Electric Hydrogen recently announced $65M in total Department of Energy support and $50M in equipment financing from Trinity Capital to scale its U.S. manufacturing at its Devens, MA gigafactory, one of the largest electrolyzer factories in the country. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. For more information, visit: HSBC in the USA.Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries.