Green hydrogen company Ohmium International has raised $250 million in Series C funding round led by TPG Rise Climate along with the participation of Hanover Technology Investment Management, Energy Transition Ventures and Fenice Investment Group.
The funding will be used to support Ohmium’s expansion to 2 gigawatts (GW) in annual manufacturing capacity and the deployment of projects for the company’s growing global customer pipeline in key regions including the US, Europe, India and the West Asia. . 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.
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“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), ” said Ahmad Chatila, Chairman and founding investor of Ohmium and Managing Partner of Fenice Investment Group.
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.”
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Both Beckley and Mariana Popa, a Principal at TPG Rise Climate, will join Ohmium’s Board of Directors as part of the transaction.
“Ohmium is experiencing tremendous success in 2023. We are on track to deliver our PEM electrolyser systems to customers worldwide operating across multiple sectors. 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,” said Arne Ballantine, CEO of Ohmium.