Green hydrogen firm Ohmium closes $250 million Series C fundraise

Ohmium International, a green hydrogen company said that it has closed a $250 million Series C growth equity financing. The US-based firm designs, manufactures and deploys advanced proton exchange membrane (PEM) electrolyzer systems. 

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 round was led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise. It also included participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group.

The investment will also provide significant capital to scale Ohmium’s business, including accelerating its pioneering research and development programs to reduce the cost of green hydrogen production.

“Green hydrogen is critical to the rapid decarbonization 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 levelized cost of hydrogen (LCOH).”

“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.”

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 organization with the kind of investment needed to deliver on our ambitious plans for international growth.”

 Barclays and BofA Securities served as placement agents and Skadden, Arps, Slate, Meagher & Flom LLP and Spice Route Legal served as legal counsel to Ohmium in relation to the transaction. Kirkland & Ellis LLP served as legal counsel to TPG.