Ohmium Pockets $250 Mn for Electrolyzer Capacity Expansion

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Ohmium International, a firm that delves into Green Hydrogen, has revealed the closing of a $250 million Series C growth equity financing. The funding will be employed towards the expansion of the firm’s annual electrolyzer manufacturing capacity to 2 GW. They will also be used for project deployment in its markets in the United States, Europe, India, and the Middle East.

The funding round was led by TPG Rise Climate, and also saw participation from Hanover Technology Investment Management as well as current 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.

As per Ohmium, the additional capital would allow Ohmium to scale business and augment R&D.

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 year, Ohmium had joined hands with IPP Amp Energy India for the deployment of 400 MW of green hydrogen projects. It has also forged a partnership with Spirare Energy.

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