PHOENIX, March 5,
2024 /PRNewswire/ -- Trinity Capital
Inc. (NASDAQ: TRIN) ("Trinity"), a leading provider of
diversified financial solutions to growth-stage companies, today
announced the commitment of $50
million in equipment financing to Electric Hydrogen, a
manufacturer of electrolyzer systems that produce green hydrogen
for critical industries.
Electric Hydrogen's electrolyzer systems are complete chemical
plants that produce green hydrogen from renewable electricity and
water, allowing for the decarbonization of industrial processes
such as fertilizer production, steelmaking, base chemical
production, and more. Electric Hydrogen's 100 megawatt electrolyzer
plant produces nearly 50 tons of green hydrogen each day at an
ultra-low cost.
"Electric Hydrogen's game-changing electrolyzer plant has the
potential to reduce the cost of green hydrogen while accelerating
decarbonization in critical industries," said Ryan Little, Senior Managing Director, Equipment
Financing at Trinity Capital. "We are proud to support a leading
American electrolyzer manufacturer as it scales rapidly to meet
growing industrial demand for low-cost green hydrogen."
In 2023, Electric Hydrogen completed a Series C equity raise of
$380 million, bringing the total
capital raised by the company to more than $600 million. The new equipment finance facility
from Trinity is a key piece of the financing behind Electric
Hydrogen's gigafactory in Devens,
MA which begins production in Q2.
"Electric Hydrogen manufactures the world's most powerful
electrolyzers to produce low-cost green hydrogen at industrial
scale," said Derek Warnick, CFO of
Electric Hydrogen. "Trinity Capital's equipment financing enables
us to quickly scale our manufacturing capacity at our state-of
the-art Devens giga-factory to
meet growing customer demand for zero-carbon green hydrogen."
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business
development company, is a leading provider of diversified financial
solutions to growth-stage companies with institutional equity
investors. Trinity Capital's investment objective is to generate
current income and, to a lesser extent, capital appreciation
through investments, including term loans and equipment financings
and equity-related investments. Trinity Capital believes it is one
of only a select group of specialty lenders that has the depth of
knowledge, experience and track record in lending to growth stage
companies. For more information, please visit the Company's website
at www.trinitycap.com.
About Electric Hydrogen
Electric Hydrogen
manufactures, delivers and commissions the world's most powerful
electrolyzers for critical industries to produce the lowest cost
green hydrogen. The company's complete 100MW plant includes all
system components required to turn water and electricity into green
hydrogen, including power conversion, gas processing, water
treatment and thermal management. Electric Hydrogen's advanced PEM
technology helps critical industries achieve their climate
objectives by making green hydrogen an economic inevitability.
Electric Hydrogen has a team of more than 300 people with
operations in California and
Massachusetts. The company was
founded in 2020 and has raised more than $600M from financial and strategic investors.
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SOURCE Trinity Capital Inc.