MOU focuses on technical collaboration and work towards a 2022 supply agreement to deploy hundreds of megawatts of electrolyzers
San Francisco, CA – October 8, 2021 – Intersect Power, a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets, today announced a memorandum of understanding (MOU) with Electric Hydrogen, an electrolyzer manufacturer led by a team of energy transition veterans from First Solar and Tesla, to advance green hydrogen production infrastructure. The MOU provides a framework for the companies to collaborate on the application of Electric Hydrogen’s proprietary proton exchange membrane (PEM) electrolysis system in Intersect’s renewable powered hydrogen projects, and to work towards a definitive supply agreement by the first half of 2022.
“Intersect Power was founded around a couple of core questions, one of which was, what happens when clean energy is so cheap that it doesn’t make sense to put it all on the grid? This question has led us to our current view that clean electricity is the nexus of deep decarbonization,” said Sheldon Kimber, CEO of Intersect Power. “High capacity factor, low-cost renewable power will enable the trillion dollar, zero carbon industries of tomorrow and green hydrogen will be one of those. We expect to deploy hundreds of megawatts of PEM electrolyzers by the middle of this decade as we help to lead the energy transition by thinking beyond the grid.”
The technical collaboration between the two companies will focus on directly pairing and tightly integrating renewable power with Electric Hydrogen’s advanced electrolysis system to enable higher efficiencies and lower capital costs. “Electric Hydrogen was founded to bring infrastructure scale renewable hydrogen production equipment to market,” said Raffi Garabedian, CEO of Electric Hydrogen. “Our proprietary technology platform spans from catalyst to the systems architecture to achieve the lowest overall cost of green hydrogen production from renewable power. We’re thrilled to be working with Intersect Power to help support their innovative and ambitious vision.”
About Intersect Power
Founded in 2016, Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has a portfolio of 2.4 GWDC of late-stage solar and storage projects that will be in operation by 2023, and an emerging pipeline of 5 GWDC of early-stage clean energy assets, including green hydrogen, with $1.3 B in financial transactions closed. The company has also developed and sold more than 1.7 GW-DC of contracted solar projects across California and Texas.
About Electric Hydrogen
Founded by ground-breaking renewable energy technologists from First Solar and Tesla, Electric Hydrogen (EH2) is taking learnings from scaling solar, energy storage and battery electric vehicles (BEVs) and putting them to work at the frontier of cleantech – decarbonizing the industrial sectors with green hydrogen powered by 100% renewable energy. Electric Hydrogen is backed by Breakthrough Energy Ventures, Capricorn’s Technology Impact Fund, Energy Impact Partners, and Prelude Ventures.