The promise of green hydrogen is great — and lucrative.
Green hydrogen firm Ohmium International raised a fresh $250 million in a Series C led by TPG Rise Climate. The new round also included participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group.
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Ohmium designs and manufactures proton exchange membrane (PEM) electrolyzer systems — which are needed in the production of hydrogen. The device is used to split water through electrolysis to create hydrogen. Ohmium’s electrolyzer is powered by renewable energy and produces “green hydrogen” with greenhouse emissions.
“Ohmium is experiencing tremendous success in 2023,” said CEO Arne Ballantine in a release. “This capital raise is a validation of Ohmium’s strategy and technology leadership and provides our organization with the kind of investment needed to deliver on our ambitious plans for international growth.”
The funding will be used to expand Ohmium’s manufacturing capabilities and deploy projects in the U.S., Europe, India and the Middle East. Both the U.S. and the European Union have approved incentives for green hydrogen projects.
Ohmium last raised a $45 million Series B in April 2022 led by the Fenice Investment Group.
The rise of TPG Rise Climate
TPG Rise Climate, the dedicated climate investing strategy of its global impact investing platform TPG Rise, is no stranger to leading large rounds.
Originally announced in 2021, the fund announced its $7.3 billion final closing in April 2022.
The fund has been at the head of several large fundraisings in the renewable energy category including:
- Fremont, California-based smart solar tracker startup Nextracker’s $500 million venture round in February 2022.
- Lincoln, Nebraska-based clean hydrogen and clean materials company Monolith’s $300 million raise in July of last year.
- Somerville, Massachusetts-based low-cost battery system developer Form Energy’s $450 Series E in October.
Illustration: Dom Guzman
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