Green hydrogen firm Ohmium closes $250 million Series C fundraise

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

The funding will be used to support Omium’s expansion to 2 GW in annual manufacturing capacity and project deployment for the company’s growing global customer pipeline in key regions including the US, Europe, India and the Middle East.

The round was led by TPG Rise Climate, a dedicated climate investment strategy affiliate of the TPG Rise Global Impact Investments platform. 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 expand Ohmium’s business, including accelerating groundbreaking research and development programs to reduce the cost of green hydrogen production.

“Green hydrogen is critical to rapidly decarbonising sectors that are hard to undo,” said Ahmed Chatila, Chairman and Founding Investor of Ohmium and Managing Partner of Fenice Investment Group. “Ohmium is uniquely positioned to be the leading provider of emission-free hydrogen technology due to its customer-focused modular solution that enables companies to achieve highly competitive cost of hydrogen (LCOH).”

said Ed Beckley, partner at TPG and a senior member of the TPG Rise Climate Investment team. “At a time when the market lacks an adequate, reliable supply of electrolysers, we are excited to lead the company’s latest funding round and partner with the team to expand its delivery capacity.”

Beckley and Mariana Popa, director of TPG Rise Climate, will join Ohmium’s board of directors as part of the deal.

“Ohmium is seeing tremendous success in 2023. We are on track to offer PEM electrolyzer systems to customers around the world operating across multiple verticals,” said Arne Ballantine, CEO of Ohmium. “This capital increase is an affirmation of Ohmium’s strategy and technology leadership and provides our organization with the type of investment needed to implement our ambitious plans for international growth.”

Barclays and Bova Securities acted as placement agents, and Schadden, Arbis, Slate, Major & Flume LLP and Spice Root Legal acted as legal advisor to Omium in connection with the transaction. Kirkland & Ellis LLP acted as legal advisor to TPG.