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Ohmium International Raises $250M to Scale Green Hydrogen Business

Ohmium International Raises $250M to Scale Green Hydrogen Business

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.

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Ohmium International

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.