Electric Hydrogen, a U.S. manufacturer of advanced electrolyzers, has acquired Ambient Fuels, a H₂ project developer. Rising demand for clean H₂ 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 H₂ projects and provide dedicated capital resources where appropriate.

As part of the transaction, Electric Hydrogen also entered into a strategic relationship with Generate Capital, an infrastructure investment platform and former investor in Ambient Fuels, to offer up to $400 MM in H₂ 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 H₂ (LCOH). The combination of project development expertise and financing also enables Electric Hydrogen to originate, buy and sell large-scale clean H₂ 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 H₂ projects to reach Final Investment Decision.”

“Clean H₂ 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 H₂ 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 H₂ 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 H₂ as a process input rather than building and operating their own renewable H₂ plants. We believe this is a key ‘unlock’ for the nascent renewable H₂ and renewable fuels industries that will help customers get to scale faster, enabled by Electric Hydrogen’s leading technology.”

Electric Hydrogen’s productized H₂ plant, the HYPRPlant, leverages the company’s proprietary high-power proton exchange membrane (PEM) electrolyzer technology to deliver ultra-low-cost H₂ made with renewable energy. Built in the U.S. 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 H₂ 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.