Wed. Nov 30th, 2022

Green H2 firm Ohmium closes $45 M Series B financing

Highlights :

  • The funds will support Ohmium’s rapid growth plan to quadruple hydrogen manufacturing capacity from 500 MW annually to approximately two GW annually by the end of 2022, said the company.
  • The company has research and development facilities in the United States and India, with manufacturing operations in India.

US green hydrogen company Ohmium International recently announced it has closed $45 million Series B financing in a round led by existing investor Fenice Investment Group with participation from current major investors and new investor Energy Transition Ventures.

The funds will support Ohmium’s rapid growth plan to quadruple hydrogen manufacturing capacity from 500 MW annually to approximately two GW annually by the end of 2022. The company has research and development facilities in the United States and India, with manufacturing operations in India.

“The world has been waiting for cost-effective green hydrogen to usher in the hydrogen economy. Ohmium now has the resources and the manufacturing capacity to make it a reality today for customers worldwide,” said Ahmad Chatila, Managing Partner of Fenice Investment Group and Chairman of Ohmium International.

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Craig Lawrence, Partner at Energy Transition Ventures said the market demand for low carbon hydrogen is growing rapidly and in a world where renewable power costs are cheaper than even the fuel for fossil power, green hydrogen is poised to transform energy and industrial markets.

“This funding allows us to expand our manufacturing capacity toward the approximately two GW per year target by the end of this year. Our sales have been growing very rapidly, and increasing the manufacturing capacity is critical to meeting the current and the near-term future demand in the rapidly expanding market,” said Arne Ballantine, CEO of Ohmium International.

Ohmium manufactures standardized interlocking modular Proton Exchange Membrane (PEM) electrolyzers able to produce pressurized high-purity hydrogen. Individual electrolyzers can be stacked to reduce installation and maintenance costs.

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In November last year, Ohmium International, through its Bengaluru-based Indian subsidiary enArka India Private Limited, shipped its first unit of electrolyzer from India to the United States as a first step towards establishing India as a global hub for the generation of green hydrogen.Tags: Ahmad ChatilaArne BallantineEnergy Transition VenturesFenice Investment GroupOhmium InternationalSeries B financing

SOURCE https://www.saurenergy.com/solar-energy-news/green-hydrogen-firm-ohmium-closes-45-m-series-b-financing

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