Green hydrogen startup Ohmium raises $250 MM in latest funding round
(Reuters) - Electrolyzer maker Ohmium on Wednesday said it had raised $250 MM in a fresh round of funding led by private equity firm TPG Inc's Rise Climate fund, to expand its manufacturing capacity for green hydrogen.
The U.S. startup had previously raised $45 MM in its Series B funding round last year.
The capital comes at a time when the green hydrogen industry has been attracting huge investments.
Last year, TPG had raised $7.3 B for its Rise Climate fund in a bid to expand its investments in the clean-energy space.
The United States and the European Union have also approved incentives worth billions of dollars for green hydrogen projects.
Hydrogen, which can be used as a fuel, is made by splitting water through electrolysis. If the electrolyzers, the devices used in the process, are powered by renewable energy, the product is called green hydrogen - a fuel free of greenhouse emissions.
Ohmium plans to use the capital to expand its annual manufacturing capacity, deploy projects in the U.S., Europe, India and the Middle East, and boost its research and development programs.
Related News
Related News
- Credit Agricole says it will not fund two major LNG projects
- Aramco awards $7.7-B contracts to add 1.5 Bscfd of raw gas to Fadhili Gas Plant
- Japan's JERA suspends output at 4 gas-fired power plants to secure LNG stocks
- LNG Canada expansion to be decided by 2025
- TotalEnergies: Papua LNG project requires 'more work' to reach final investment decision
Comments