Ohmium International raises $250M for green hydrogen
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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