HONEYWELL VENTURES TO MAKE INVESTMENT IN ELECTRIC HYDROGEN

• Electric Hydrogen developing new generation of electrolyzer technology to enable green hydrogen production, cost effectively and at scale
• Further demonstrates Honeywell's focus on technology investments to support sustainability across a wide range of industries

CHARLOTTE, N.C., July 11, 2022 /PRNewswire/ -- Honeywell (Nasdaq: HON) today announced that Honeywell Ventures, its venture arm that invests in early-stage, high-growth companies that have emerging and disruptive technologies, has contributed to Electric Hydrogen's Series B round financing. Honeywell joins a select group of investors and banks to bring the total funding for the round to $198M.

Electric Hydrogen (EH2) is developing a new generation of electrolyzer technologies to split water into hydrogen and oxygen, which when powered by renewable energy like wind and solar, creates  green hydrogen. The funding will support the scale-up of EH2's high throughput electrolyzer and manufacturing technology and deployment of pilot projects at large scale for industrial and infrastructure applications.

Honeywell's investment and increased collaboration with Electric Hydrogen allows Honeywell to better understand and support the needs of the electrolyzer industry.

Honeywell's recently announced catalyst coated membrane (CCM) technology demonstrates higher electrolyzer efficiency and higher electric current density in lab testing. It could further optimize and enhance the performance of the electrolyzer stack for green hydrogen production. Leveraging this type of collaboration can help improve the speed and reduce the cost of deploying and operating sustainable green hydrogen production facilities.

This investment furthers Honeywell's commitment to provide ready-now solutions that meet the needs and scale of industry now and in the future. Honeywell has been providing innovative hydrogen processing solutions for more than 50 years, including purification systems, membranes, controls, cyber security, automation, and remote monitoring services.

"Honeywell has decades-long industrial experience within the hydrogen industry," said Patrick Hogan, Managing Director, Honeywell Ventures. "Our investment in Electric Hydrogen will accelerate collaboration between key players in the green hydrogen value chain and provide a ready-now solution to speed the transition to a hydrogen-based economy."

"Honeywell's deep industry relationships allow Electric Hydrogen to speed up development and scaled deployment of cost-effective systems to decarbonize the massive industrial sectors that we all depend on," said Raffi Garabedian, chief executive officer of Electric Hydrogen. "Our high performance electrolyzers will produce green hydrogen at the scale and cost needed to transition high-emitting global industries that utilize hydrogen as a chemical input, or require fuels to operate."

Electric Hydrogen is forging  cost-effective and transformative assistance to a zero-carbon world for heavy industry. The Company is building the new generation of electrolyzer technologies to enable clean, abundant, and low-cost hydrogen for hard-to-decarbonize industrial sectors. EH2 is led by a team of the world's leading experts in scaling clean technologies from First Solar and Tesla and backed by top climate technology investors committed to deep decarbonization. The Company was founded in 2020 and is based in the Bay Area, CA and Boston, MA.

Honeywell committed to achieving carbon neutrality in its operations and facilities by 2035. This commitment builds on the company's track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About 60 percent of Honeywell's new product introduction research and development investment is directed toward products that improve environmental and social outcomes for customers.

Electric Hydrogen (EH2) is a deep decarbonization company pioneering new technology for low-cost, high-efficiency, fossil-free hydrogen systems. Focusing on industrial applications of hydrogen in steel, ammonia and freight transport, EH2's goal is to help eliminate more than 30% of global GHG emissions from hard-to-electrify industries. Their leadership team has revolutionized other clean energy sectors at Tesla and First Solar and they are backed by world-class climate tech investors like Breakthrough Energy Ventures, Prelude Ventures, Capricorn Investment Group, Energy Impact Partners, Fifth Wall Climate Tech and S2G Ventures. The company also has partnerships with strategic investors that are leaders in their target sectors, including Amazon Decarbonization Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries and Rio Tinto.    

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

SOURCE Honeywell