Ohmium International Secures $250 Million Funding to Accelerate Global Expansion
Ohmium International, a leading green hydrogen company specializing in advanced proton exchange membrane (PEM) electrolyzer systems, recently announced the close of a $250 million Series C growth equity financing. This funding round was led by TPG Rise Climate, a dedicated climate investing strategy of TPG’s global impact investing platform, and included Hanover Technology Investment Management, Energy Transition Ventures, and Fenice Investment Group.
Increasing Manufacturing Capacity and Deployment
Ohmium intends to utilize this funding to increase its annual manufacturing capacity to 2 GW and expand its global customer pipeline in key regions such as the United States, Europe, India, and the Middle East. The investment will also allow Ohmium to accelerate research and development programs to reduce the cost of green hydrogen production, providing significant capital to scale the company’s business.
Ahmad Chatila, Chairman and founding investor of Ohmium and Managing Partner of Fenice Investment Group, said, “Green hydrogen is critical to the rapid decarbonization of hard-to-abate sectors. 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). We are delighted to partner with experienced clean technology investors like TPG Rise Climate to make large scale green hydrogen production a reality today.”
The Importance of Ohmium’s Cutting-Edge PEM Electrolyzer Systems
Ed Beckley, Partner at TPG and senior member of the TPG Rise Climate investing team, expressed his thoughts on Ohmium’s cutting-edge PEM electrolyzer systems, stating, “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. At a time when the market lacks sufficient reliable supply of electrolyzers, we are pleased to lead the company’s latest funding round and partner with the team to scale its delivery capability.”
New Board Members
As part of the transaction, both Ed Beckley and Mariana Popa, a Principal at TPG Rise Climate, will join Ohmium’s Board of Directors.
Ohmium’s CEO, Arne Ballantine, expressed his enthusiasm about the funding round and said, “Ohmium is experiencing tremendous success in 2023. We are on track to deliver our PEM electrolyzer systems to customers worldwide operating across multiple sectors. This capital raise is a validation of Ohmium’s strategy and technology leadership and provides our organization with the kind of investment needed to deliver on our ambitious plans for international growth.”
Barclays and BofA Securities served as placement agents, while Skadden, Arps, Slate, Meagher & Flom LLP and Spice Route Legal served as legal counsel to Ohmium in relation to the transaction. Kirkland & Ellis LLP served as legal counsel to TPG.
Ohmium International’s $250 million funding round is a significant milestone that will enable the company to cement its technological leadership and accelerate its international growth. With this funding, Ohmium can increase its manufacturing capacity, deploy its PEM electrolyzer systems to customers worldwide, and conduct research and development to reduce the cost of green hydrogen production. This funding round is also a validation of Ohmium’s strategy and technology leadership and will allow the company to deliver on its ambitious plans for international expansion.