Ohmium International raises $250M in Series C funding to scale green hydrogen business
- ByStartupStory | April 27, 2023
Ohmium International, a green hydrogen company, has raised $250 million in a Series C funding round led by TPG Rise Climate, with participation from Hanover Technology Investment Management, Energy Transition Ventures, and Fenice Investment Group. The funding will support Ohmium’s expansion plans to reach a manufacturing capacity of 2 gigawatts per year, and to deploy projects in the US, Europe, India, and West Asia. The investment will also enable Ohmium to scale its business and accelerate its research and development programs to reduce the cost of green hydrogen production.
Ahmad Chatila, Chairman and founding investor of Ohmium and Managing Partner of Fenice Investment Group, said, “Green hydrogen is critical to the rapid decarbonisation 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 levelised cost of hydrogen (LCOH).”
Ed Beckley, Partner at TPG and senior member of the TPG Rise Climate investing team, said, “Ohmium’s cutting-edge PEM electrolyser 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. At a time when the market lacks sufficient reliable supply of electrolysers, we are pleased to lead the company’s latest funding round and partner with the team to scale its delivery capability.”
Ohmium CEO Arne Ballantine said, “This capital raise is a validation of Ohmium’s strategy and technology leadership and provides our organisation with the kind of investment needed to deliver on our ambitious plans for international growth.”
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