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Ohmium International raises $250M for green hydrogen

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By illuminem

· 2 min read

Driving the news: Ohmium International has raised $250 million in a Series C round led by TPG Rise Climate, with participation from Hanover Technology Investment Management and other existing investors.

  • Ohmium is a green hydrogen firm that designs and manufactures proton exchange membrane (PEM) electrolyzer systems used in the production of hydrogen.

Why it matters for the planet: Green hydrogen is considered by many as crucial for the rapid decarbonization of hard-to-abate sectors, and this funding round is a significant vote of confidence in hydrogen production's future. 

  • It will help Ohmium expand its manufacturing capabilities to 2GW per annum and deploy projects in the U.S., Europe, India, and the Middle East.

What’s next: The market will be watching how green hydrogen companies accelerate their plans for large-scale production facilities. 

  • The success of these facilities will be critical in demonstrating the viability of green hydrogen as a cost-effective and scalable alternative to fossil fuels.

One stat: The Series C round is five times larger than Ohmium's last fundraise of $45 million in a Series B round in April 2022 (source: Ohmium).

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