Ohmium International a leading green hydrogen company manufacturing advanced proton exchange membrane (PEM) electrolyser systems, announced the close of a $250 million Series C growth equity financing. The round was led by TPG Rise Climate, TPG Rise, and also included participation from Hanover Technology Investment Management, existing investors Energy Transition Ventures and Fenice Investment Group.
The funding will be used to support Ohmium's expansion to 2 GW in annual manufacturing capacity and the deployment of projects for the company's growing global customer pipeline in key regions including the U.S., Europe, India and the Middle East. The investment will provide an impetus to accelerate pioneering research and development programs aimed at reducing the cost of green hydrogen production.
"Green hydrogen is critical to the rapid decarbonisation of hard-to-abate sectors," said Ahmad Chatila, Chairman and founding investor of Ohmium and Managing Partner of Fenice Investment Group. "Ohmium aims to provide an emission-free hydrogen technology given its customer-focused, modular solution that enables businesses to achieve an extremely competitive levelised cost of hydrogen (LCOH)."
The cutting-edge PEM electrolyser systems enable the green hydrogen industry and satisfy a range of commercial applications as it delivers superior value in terms of current density, scalability, ramp rate, and safety. Moreover, this will help meet the demands of the market, which currently lacks a reliable supply of electrolysers.
Both Beckley and Mariana Popa, a Principal at TPG Rise Climate, will be joining 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 electrolyzer systems to customers worldwide operating across multiple sectors," said Arne Ballantine, CEO of Ohmium. "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."