Clean energy specialist Ohmium International, has closed a $250 million fund raise.
The round was led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, and also included participation from Hanover Technology Investment Management and 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 US, Europe, India and the Middle East. The investment will also provide significant capital to scale Ohmium’s business, including accelerating its research and development programs to reduce 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 is uniquely positioned to be a leading provider of emissions-free hydrogen technology given its customer-focused, modular solution that enables businesses to achieve an extremely competitive levelised cost of hydrogen (LCOH). We are delighted to partner with experienced clean technology investors like TPG Rise Climate to make large scale green hydrogen production a reality today.”
Both Beckley and Mariana Popa, a principal at TPG Rise Climate, will join 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 organisation with the kind of investment needed to deliver on our ambitious plans for international growth.”