2 Min(s) Read
By CNBCTV18.com Apr 26, 2023 6:44:43 PM IST (Updated)
As per the press release by the company, the funding will be used to support the company's expansion to 2 GW in annual manufacturing capacity and the deployment of projects for the company’s growing global customer pipeline.
Ohmium, a leading green hydrogen company, on Wednesday, announced the closing of a $250 million Series C growth equity financing.
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As per the press release by the company, the funding will be used to support the company's expansion to 2 GW in annual manufacturing capacity and the deployment of projects for the company’s growing global customer pipeline.
The $250 million 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.
The round was led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, and also witnessed participation from Hanover Technology Investment Management, Energy Transition Ventures and Fenice Investment Group.
“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,” said Arne Ballantine, CEO of Ohmium.
Both Beckley and Mariana Popa, a Principal at TPG Rise Climate, will join Ohmium’s Board of Directors as part of the transaction.
Headquartered in the United States with manufacturing in India and operations worldwide, Ohmium designs and manufactures advanced proton exchange membrane (PEM) electrolyzer systems. PEM electrolyzers that produce pressurised high-purity hydrogen, making it an ideal energy source for hard-to-abate light and heavy industries.
“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.
First Published: Apr 26, 2023 6:43 PM IST
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