Green hydrogen startup Ohmium International closed a $250 million Series C growth equity financing. The round was led by TPG Rise through its climate-investing strategy -TPG Rise Climate – and included participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group.

Ohmium designs and manufactures proton exchange membrane (PEM) electrolyzer systems, which are needed in the production of hydrogen. The device is used to split water through electrolysis to create hydrogen. Ohmium’s system is powered by renewable energy and produces “green hydrogen” with greenhouse emissions.

“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),” said Ahmad Chatila, Chairman and founding investor of Ohmium and Managing Partner of Fenice Investment Group.

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 the company’s Board of Directors.

Ohmium last raised a $45 million Series B in April 2022 led by the Fenice Investment Group.

Last year, TPG had raised $7.3 billion for its Rise Climate fund, including a $500 million investment in smart solar tracker startup Nextracker in February 2022; a $300 million investment in clean hydrogen and clean materials company Monolith in July of last year; and a $450 million Series E raise for low-cost battery system developer Form Energy in October.