Ohmium Raises $250 Million to Expand Electrolyzer Capacity to 2 GW Annually
Funds will be utilized in R&D to cut the cost of green hydrogen production
Green hydrogen company Ohmium International announced the close of a $250 million Series C growth equity financing. The funding will be used to expand Ohmium’s annual electrolyzer manufacturing capacity to 2 GW.
The funds will also be directed to deploy projects for the company’s global customer pipeline in key regions, including the United States, Europe, India, and the Middle East.
The funding round was led by TPG Rise Climate, the dedicated climate investing strategy of Texas Pacific Group’s (TPG) global impact investing platform TPG Rise, and included participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group.
“Ohmium’s cutting-edge PEM electrolyzer systems are crucial to enabling the green hydrogen industry, satisfying a wide range of commercial applications and delivering superior value in terms of current density, scalability, ramp rate, and safety,” said Ed Beckley, Partner at TPG and senior member of the TPG Rise Climate investing team.
The company said the additional capital would enable Ohmium to scale its business and accelerate the research and development programs to reduce the cost of green hydrogen production.
Chairman and founding investor of Ohmium Ahmad Chatila said, “Green hydrogen is critical to the rapid decarbonization of hard-to-abate sectors. Ohmium is uniquely positioned to be a leading provider of emissions-free hydrogen technology given its customer-focused, modular solution that enables businesses to achieve an extremely competitive levelized cost of hydrogen (LCOH).”
Ohmium’s CEO, Arne Ballantine, said, “This capital raise is a validation of Ohmium’s strategy and technology leadership and provides our organization with the kind of investment needed to deliver on our ambitious plans for international growth. We are experiencing tremendous success in 2023. We are on track to deliver our proton exchange membrane (PEM) electrolyzer systems to customers worldwide operating across multiple sectors.”
Last October, Ohmium collaborated with independent renewable power producer Amp Energy India to deploy 400 MW of green hydrogen projects. The deployments, aimed at mid-sized commercial and industrial projects of 25 MW or below, are planned to be installed over the next three years. Amp Energy India will utilize Ohmium’s unique interlocking modular PEM electrolyzers.
Earlier last year, Ohmium announced a collaboration with Spirare Energy, a provider of on-site energy generation systems, to generate green hydrogen at NTPC’s NETRA (NTPC Energy Technology Research Alliance) Green Campus in India.