Ohmium International, a company that enables industries to deploy green hydrogen for a sustainable future, closed its $250 million Series C growth equity funding led by TPG Rise Climate. The round also witnessed participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group.
Ohmium will use the additional funds for project deployment in major markets such as the United States, Europe, India, and the Middle East and boost its manufacturing capacity to 2 GW annually.
The investment will also give Ohmium a sizeable amount of funding to scale its operations, including increasing its cutting-edge research and development initiatives to lower the cost of producing green hydrogen.
“Green hydrogen is critical to the rapid decarbonization of hard-to-abate sectors,” said Ahmad Chatila, Chairman and founding investor of Ohmium and Managing Partner of Fenice Investment Group.
Customers may reach their goals for sustainable energy in industrial, transportation, and energy projects with the support of the company’s range of electrochemical products. With operations across the globe and manufacturing in India, the startup has its headquarters in the United States.
“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),” added Ahmad Chatila.
Ohmium enables an ideal energy source for hard-to-abate light and heavy industries
Founded in 2019 by Arne Ballantine, Kirsten Burpee Ohmium manufactures standardized interlocking modular Proton Exchange Membrane (PEM) electrolyzers that produce pressurized high-purity hydrogen.
An indefinite number of options for deployment sizes are possible while lowering installation and maintenance costs by stacking individual electrolyzers. Individual, small-footprint electrolyzers can be quickly scaled from megawatts to gigawatts, and the standardized design allows for significant installation and maintenance cost reduction.
“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.
To construct 400 MW of green hydrogen projects, Ohmium worked with independent renewable energy provider Amp Energy India in October 2022. Ohmium’s special interlocking modular PEM electrolyzers will be used by Amp Energy India. The deployments, targeted at mid-sized commercial and industrial projects of 25 MW or less, are scheduled to be installed during the following three years.
Earlier in 2022, Ohmium announced a partnership with Spirare Energy, an on-site energy generation equipment manufacturer, to produce green hydrogen at NTPC’s NETRA (NTPC Energy Technology Research Alliance) Green Campus in India.
“Ohmium is experiencing tremendous success in 2023. We are on track to deliver our PEM electrolyzer systems to customers worldwide operating across multiple sectors,” said Arne Ballantine, CEO of Ohmium.