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Green hydrogen company Ohmium International on Wednesday announced a USD 250 million fund raise, which will be deployed to ramp up its electrolyser manufacturing activities in India, among other purposes.
The US-headquartered company that designs, manufactures, and deploys advanced proton exchange membrane (PEM) electrolyzer systems already has a sizeable presence in India, with its country headquarters in Bengaluru, and manufactures here.
It has raised the money in a round led by TPG Rise Climate, and also saw participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group, a company statement said.
"The company has substantial part of its capacity in India. A large part of the money raised will be used for scaling up the capacity in India, a banker involved in the deal said.
It looks at India as a manufacturing hub with a potential to deliver products at lower costs, the banker said, adding that the investment is also in sync with local policymakers' priorities to pitch the country as an alternative to China in the global supply chains.
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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, a partner at TPG.
Beckley and Mariana Popa, a principal at TPG Rise Climate, will join Ohmium's board, the statement said.
Bank of America and Barclays acted as advisors on the deal.
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