Electric Hydrogen Signs Largest Electrolyzer Factory Lease in Devens, Massachusetts
Electric Hydrogen, a Natick-based cleantech company, secures a 187K SF lease to open the world's largest electrolyzer factory in Devens, MA, with the support of major companies and the hiring of additional employees.
Electric Hydrogen (EH2), a Natick-based cleantech company specializing in green hydrogen, has signed a 187K SF lease to open the largest electrolyzer factory in the world in Devens, Massachusetts. The company raised $198M from major companies, including Amazon and Honeywell, and plans to hire 70 new full-time employees on top of the 15 existing employees that will move to the site.
The lease agreement was negotiated by Kevin Hanna, Curtis Cole, and Matt Davis of Colliers, representing Electric Hydrogen, and Brian McKenzie and Alex Plaistead of CBRE, representing the landlord, King Street Properties.
The new facility will be located at 33 Jackson Road in Devens, Massachusetts, and will occupy a total of 187,000 square feet. The asking rent for the space is approximately $15 per square foot.
Devens, Massachusetts, a former military base turned mixed-use development, has become an attractive location for companies in the cleantech and industrial sectors. The area offers a skilled workforce, access to major transportation routes, and a supportive business environment.
Electric Hydrogen’s decision to establish the world’s largest electrolyzer factory in Devens is a significant milestone for the company and the region. Electrolyzers are a critical component in the production of green hydrogen, a clean and renewable energy source. With the increasing demand for sustainable energy solutions, EH2’s new factory will play a crucial role in meeting the growing market needs.
The $198M funding raised by Electric Hydrogen demonstrates the confidence major companies have in the company’s technology and business model. Amazon and Honeywell, among others, have recognized the potential of green hydrogen and its ability to decarbonize various industries. By supporting EH2’s expansion, these companies are investing in the future of sustainable energy.
In addition to the financial backing, Electric Hydrogen’s decision to hire 70 new full-time employees further highlights the positive impact the new factory will have on the local economy. The cleantech sector is known for creating high-quality jobs that contribute to economic growth and environmental sustainability.
The lease negotiation process was facilitated by the tenant’s representatives, Kevin Hanna, Curtis Cole, and Matt Davis of Colliers. Their expertise in the industrial real estate market and understanding of Electric Hydrogen’s requirements ensured a favorable outcome for the company. On the landlord’s side, Brian McKenzie and Alex Plaistead of CBRE effectively represented King Street Properties, securing a long-term tenant for their industrial asset.
Overall, the signing of the lease for Electric Hydrogen’s new electrolyzer factory in Devens, Massachusetts, marks a significant milestone for the company and the cleantech industry. With the support of major companies, the creation of new jobs, and the establishment of a state-of-the-art facility, Electric Hydrogen is well-positioned to lead the way in green hydrogen production and contribute to a more sustainable future.