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wbjournal.com | April 7, 2025 | Worcester Business Journal 19 M A N U F A C T U R I N G F O C U S With opening of Devens plant, Electric Hydrogen in prime position to kick off green revolution BY ERIC CASEY WBJ Managing Editor T he cost to produce green hydrogen could decrease $1-per-kilogram by 2030, a key target set by regulators in order to use this cleaner energy source in the fight to reduce use of fossil fuels, according to research led by Gunther Glenk, a climate fellow at Harvard Business School. is promis- ing source of clean energy can be used for rocket fuel, various industrial pro- cesses, and fuel cells used for electricity generation and powering vehicles. If green hydrogen does indeed take the world by storm and help turn the tide against climate change, De- vens-based Electric Hydrogen likely will be among the leaders of that charge. "Unlike traditionally small and inefficient hydrogen systems, we build large-scale electrolyzer plants optimized for industrial use, which allows us to dramatically reduce costs through tech- nological innovation, system design, and standardized manufacturing," Raffi Garabedian, CEO and co-founder of Electric Hydrogen, wrote in a statement to WBJ. "By focusing on cost from the start, we're able to dramatically reduce project costs by up to 60% compared to market alternatives." While its driving costs down, Electric Hydrogen has been raking in invest- ments, becoming the first unicorn in the green hydrogen industry in 2023 when it received a valuation of more than $1 billion, according to TechCrunch. e company already has more than 300 employees spread out across facilities in Devens, Natick, California, and Texas. Having raised more than $700 million in funding for its endeavors from both public and private sources, according to the firm's website, the com- pany is laser-focused on producing the lowest-cost electrolysis process possible. is will be key in decarbonizing indus- trial processes in time to avoid the worst impacts of climate change. "Our investors see the opportunity for clean hydrogen to transform energy and industry, and they recognize that Electric Hydrogen has the team and technology to deliver on its lowest-cost mission," Garabedian wrote. Electrolyzers are powerful machines that split water into hydrogen and oxygen. When powered with renewable energy sources at manufacturing sites, they allow for production of hydrogen gas without causing emissions, fueling vital industrial processes like ammonia production and steelmaking, to name just a few. EH's Devens-based plant, opened in December, produces 100-megawatt electrolyzing plants, which can be shipped around the world to manufac- turing facilities. e opening of the facility drew both Gov. Maura Healey and Congress- woman Lori Trahan (D-MA), showing leaders at both the state and federal levels understand the important role the company will play not only in devel- oping green technology, but the local economy. Drawn to Devens by the skilled local workforce and what Garabedian described as the gracious local commu- nity, he hopes Electric Hydrogen can be the start of the next chapter in the long book of Massachusetts business success stories. "We're honored to be recognized as a leader in green manufacturing. Massa- chusetts has a long history of industrial innovation, and we're proud to contrib- ute to that legacy by building our clean hydrogen technology here in Devens," Garabedian wrote. GREEN MANUFACTURING AWARD Electric Hydrogen Location: Devens Industry Subsector: Renewable energy equipment manufacturing Founded: 2020 Employees: 201-500 Top executives: David Eaglesham, chief technology officer and founder; Raffi Garabedian, CEO and co-founder; Derek Warnick, CFO and co-founder Primary product: Electric Hydrogen designs, manufactures, and commissions the world's most powerful electrolyzers, enabling the production of the lowest-cost clean hydrogen. W PHOTOS | COURTESY OF ELECTRIC HYDROGEN Devens-based Electric Hydrogen and CEO Raffi Garabedian (left) are looking to drive down the cost of production for green hydrogen, hoping to reduce the use of fossil fuels in the process.