3M invests in PEM electrolyzer maker Ohmium, will leverage materials know-how to back '111'

US conglomerate 3M has completed a strategic investment in electrolyzer maker Ohmium International as part of efforts to expand into emerging climate technologies, the company announced, without disclosing the size of the transaction.

The companies are likely to collaborate in the areas of advanced materials and catalysts, according to statements from their executives and corporate disclosures.

In its press release, 3M noted that "the global electrolyzers market is estimated to grow from $0.5 billion in 2023 to over $57 billion by 2030, while the global hydrogen generation market overall is expected to grow over 60 percent to almost $260 billion by 2028".

"This rapid expansion presents a unique opportunity for 3M to leverage its expertise in material science to contribute to the scaling of hydrogen as a clean energy source," the maker of Post-It notes said.

Mark Copman, senior vice president, 3M New Growth Ventures, said of the deal: "We see significant potential for collaboration in areas such as advanced materials, which can further enhance the efficiency and scalability of green hydrogen production."

Arne Ballantine, CEO, Ohmium, commented: "We're very pleased to partner with an industry leader like 3M and look forward to collaborating with them on continued innovation in catalysts and other electrolyzer materials."

3M said it hopes to leverage its expertise in material science to support of the US Department of Energy's "Hydrogen Energy Earthshot", popularly known as '111', which aims to reduce the cost of producing green hydrogen to $1 for one kilogram within a decade.

Ohmium designs higher-efficiency Proton Exchange Membrane (PEM) electrolyzers, and the company's combination of "proprietary power electronics, hyper-modular design and standardized manufacturing approach" have positioned it as a leader in high-volume, cost-efficient green hydrogen production, the release from 3M said.

Around the world, companies --- and governments --- are developing green hydrogen capacity to help decarbonize hard-to-abate industries such as steel manufacturing and fertilizer production.