A green hydrogen startup is marking a major milestone and rapidly scaling the deployment of the net zero fuel. Ohmium International is a company founded in 2019, designing, manufacturing, and deploying advanced proton exchange membrane (PEM) electrolyzer systems, used to produce green hydrogen.
It announced on April 26th, the close of a $250 million Series C equity investment round led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform – TPG Rise, with participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group.
The company plans to expand to 2 GW in annual manufacturing capacity and will use the funds to achieve that goal. It will also deploy projects from its growing global customer pipeline in regions like the U.S., Europe, India and the Middle East. The investment will accelerate its pioneering research and development programs to reduce the cost of green hydrogen production.
Ohmium’s Proton Exchange Membrane (PEM) Electrolyzers produce pressurized high-purity hydrogen. PEM electrolyzers have been used for more than 60 years in the industry for the safe, efficient, and reliable production of hydrogen. The company’s patented PEM technology features dynamic ramping capabilities, making it suitable to pair with renewable electricity.
The units are modular, scalable, and “human-sized” so they are easy to transport and quick to install. They can be stacked to scale from megawatts to gigawatts capacity.
“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). We are delighted to partner with experienced clean technology investors like TPG Rise Climate to make large-scale green hydrogen production a reality today,” explained Ahmad Chatila, Chairman and founding investor of Ohmium and Managing Partner of Fenice Investment Group.