Ohmium, an electrolyzer manufacturer based in the US, has announced a new round of funding worth $250 million to expand its manufacturing capacity for green hydrogen. The investment is led by TPG's Rise Climate fund, which has been actively seeking clean-energy investments since raising $7.3 billion last year.
The funding is expected to help Ohmium increase its annual production capacity, launch new projects across the US, Europe, India, and the Middle East, and expand its research and development programs.
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Green hydrogen is produced by splitting water through electrolysis, a process that requires energy. If the electricity used in the process comes from renewable sources, the resulting fuel is called green hydrogen and has zero emissions.
The green hydrogen industry has been attracting huge investments in recent years, with the US and the European Union offering incentives worth billions of dollars for green hydrogen projects.
Ohmium has already raised $45 million in a Series B funding round last year, and the new investment from TPG's Rise Climate fund is a strong indication of the growing interest in green hydrogen as a key component of the transition to clean energy. The funding will allow Ohmium to increase its contribution to this vital industry and help accelerate the world's shift to a more sustainable future.
