Ohmium raises $250 million in Series C funding round; looks to scale manufacturing capacity to 2 GW annually
Green Hydrogen company, Ohmium International (Ohmium) on Wednesday announced that it has closed a $250 million Series C funding round led by TPG Rise Climate.
Along with TPG Rise Climate, the round also included the participation of Hanover Technology Investment Management and Ohmium's existing investors, Energy Transition Ventures and Fenice Investment Group.
"Ohmium's cutting-edge PEM electrolyzer systems are crucial to enabling the green hydrogen industry, satisfying a wide range of commercial applications and delivering superior value in terms of current density, scalability, ramp rate, and safety," said Ed Beckley, Partner at TPG and senior member of the TPG Rise Climate investing team.
"At a time when the market lacks sufficient reliable supply of electrolyzers, we are pleased to lead the company's latest funding round and partner with the team to scale its delivery capability."
The green hydrogen startup that designs, manufactures, and deploys modular proton exchange membrane (PEM) electrolyzers will use the latest round of financing to support its expansion to 2 GW in annual manufacturing capacity and for the deployment of projects for its growing global customers' pipeline in Europe, the U.S., Middle East, and India. The investment will further provide the much-needed capital to scale Ohmium's business including its R&D programs focused on lowering the cost of production associated with the production of green hydrogen.
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"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."
As part of the latest transaction, Ed Beckley, Partner at TPG and senior member of the TPG Rise Climate investing team and Mariana Popa, a Principal at TPG Rise Climate will join as Board of Directors at Ohmium International.