Amazon-Backed Clean Energy Startup To Open Major Factory In Mass.
A Natick-based clean tech company has signed a 187K SF lease to open a new factory at King Street Properties' campus in Devens, the second major clean energy company to come to the area.
Electric Hydrogen, a company specializing in green hydrogen, signed a deal for what it calls the largest electrolyzer factory in the world at 33 Jackson Road.
The lease comes after the company last year raised $198M from major companies including Amazon, Honeywell, Mitsubishi Heavy Industries and Rio Tinto. In 2021, it closed a $24M Series A round led by Bill Gates-founded Breakthrough Energy Ventures.
“Electric Hydrogen, with its focus on clean energy, is providing additional momentum to the impressive manufacturing node for medicine making and clean energy production that is rising in Devens. We are thrilled to welcome them," King Street Properties principal Stephen Lynch said in a press release.
The clean tech company, also known as EH2, plans to hire 70 new full-time employees on top of the 15 existing employees that will move to the site. The company plans to move into the factory in the first quarter of 2024 with a fit-out scheduled for the summer, the Boston Business Journal reported.
EH2's facility is in King Street's 45-acre Pathway Devens, the firm's biomanufacturing campus. The first clean tech lease that was signed at the property was Commonwealth Fusion Systems, which made plans to move into a 165K SF manufacturing facility and a 150K SF research facility in 2021.
EH2 has grown rapidly in the last couple of years. In 2021, the company tripled its lease and moved into its current headquarters, 3 Strathmore Road in Natick, the Worcester Business Journal reported. EH2 has another office located in San Carlos, California.
The company is planning to build more U.S. factories over the next few years, the BBJ reported.
Colliers' Kevin Hanna, Curtis Cole and Matt Davis represented Electric Hydrogen in the deal, and CBRE's Brian McKenzie and Alex Plaistead represented King Street Properties.
