The Ledger
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Garabedian: Financing hard tech does not get easier until building 4-5 units
“It's super hard to finance something that big As a first of a kind. In fact, it's hard to finance as a second or a third of a kind too. It doesn't get easier until you've probably built four or five of them.”
Garabedian: Global electrolytic hydrogen has entered disillusionment mode
“It's not a seller's market in electrolytic hydrogen anymore. At least not for the time being. We've definitely come out of hype mode, and we're in hydrogen disillusionment mode right now, I think, globally.”
Garabedian: Electric Hydrogen cuts electrolyzer equipment costs by 50 percent
“Our technology and our product
Reduces that cost by 50% and gets us into the ballpark where green hydrogen becomes economically viable with moderate subsidy and support, and once we get to scale, it'll get even better from there.”
Garabedian: Decarbonization requires multiple terawatts of new electrolysis capacity
“The sectors were looking to decarbonize with kind of green molecules, so-called green molecules. If you measure them in terms of electrolysis or generating capacity, we're talking multiple terawatts of needed new energy supply, new power supply to cross into t…”
Garabedian: Hydrogen is a molecule, not a solution to energy problems
“I also don't really care much for hydrogen. It's a molecule. It's an element. It's lovely. I don't see it in and of itself as a solution to any of the problems we have in energy.”
Garabedian: Electric Hydrogen funded hardware demos almost entirely with VC
“This is almost all venture financing. So we raised quite a bit of money from the venture community thankfully at a time when again there was a lot of interest in green hydrogen which gave us the ability to self-finance and move very, very quickly.”
Pfund: Electric Hydrogen has not proven itself yet
“Well, I would argue that Electric Hydrogen has not proven itself.”
Air Products backs strict hydrogen rules while Plug Power opposes them
“Companies were really interested in producing large volumes of clean hydrogen, like air products, and manufacturers of electrolyzers like electric hydrogen have come out in favor of very stringent standards on, on hydrogen production. Whereas others, like Plug…”
Garabedian: Cleantech makers should use standard off-the-shelf equipment
“The approach we've always taken is avoid customization of equipment wherever possible. Use standard off-the-shelf equipment. You know, it can always be configured, so you'd consider that more tooling, but use available equipment that's well-proven, well-demons…”
Garabedian: Electric Hydrogen rejected outsourcing due to proprietary cell technology
“The cell technology is bespoke. It's, you know, invented by us. It can only be made by us. We did not see, and we're not interested in an outsourcing approach to build cells and stacks, and so even to get to the 10 megawatt facility, we needed a manufacturing …”
Garabedian: Scaling the hydrogen market is harder than scaling clean-tech manufacturing
“But really it's the scaling of the market that's been the hardest, and that in hindsight I think we could have taken a different approach to.”
Electric Hydrogen operates a 10-megawatt electrolyzer pilot in San Jose
“It's a 10 megawatt scale electrolyzer. It's operating today, and Have utilized that to prove out the stack technology, but also, more importantly, the, or just as importantly, the integration of the stack technology into the so-called balance of plant, which i…”
Garabedian: Electric Hydrogen underestimated the difficulty of scaling advanced manufacturing
“Even with all our kind of enterprise experience in advanced manufacturing and standing up new manufacturing facilities, I would say we still underestimated the problem and failed to anticipate some critical issues that in hindsight we should have anticipated.”
Garabedian: Electric Hydrogen underestimated deep-tech customer acquisition challenges
“I think we underestimated the challenges of deploying and customer acquisition, as you say at the scale that we operate at. And in hindsight, I think we should have also been far more scrutinous. Is that a word? We should apply a lot more scrutiny to our custo…”
Garabedian: Electric Hydrogen secured capacity reservations with Intersect and AES
“I'll name a few that are public. Intersect Power, AES are a couple that we have agreements with. Basically, they say, look we'll put some cash down to reserve your manufacturing capacity over the next few years so that we have access to your technology in our …”
Garabedian: 100MW electrolyzer project development takes 3 to 5 years
“For a thing at the scale we're making at a hundred megawatt electrolyzer plant the sales cycles are very, very long because they're tied to project development Life cycles and project development at this scale can take anywhere from three to five years.”