Ohmium, a Fremont- and San Francisco, CA-based green hydrogen company, raised $250M in Series C funding.
The round was led by TPG Rise Climate, with participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group. Ed Beckley, Partner at TPG and senior member of the TPG Rise Climate investing team, and Mariana Popa, a Principal at TPG Rise Climate, will join Ohmium’s Board of Directors as part of the transaction.
The company intends to use the funds to consolidate its technological position and accelerate international growth. The funding will be used to support Ohmium’s expansion to 2 GW in annual manufacturing capacity and the deployment of projects for the company’s global customer pipeline in key regions including the U.S., Europe, India and the Middle East. The investment will also provide capital to scale Ohmium’s business, including accelerating its research and development programs to reduce the cost of green hydrogen production.
Led by CEO Arne Ballantine, Ohmium International provides a suite of electrochemical products for customers to achieve their sustainable energy goals in industrial, transportation, and energy projects. The company manufactures modular interlocking PEM electrolyzers that produce pressurized high-purity hydrogen, making it an ideal energy source for hard-to-abate light and heavy industries. Individual, compact electrolyzers can be stacked to reduce installation and maintenance costs and the standardized design enables rapid scaling from megawatts to gigawatts. Its patented PEM technology features dynamic ramping capabilities, making it suitable to pair with renewable electricity.
Ohmium is headquartered in the United States, with manufacturing in India and operations worldwide.
FinSMEs
26/04/2023