Green Hydrogen firm Ohmium closes $45 million Series B financing

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.

New Delhi:Green HydrogencompanyOhmium Internationalannounced it has closed $45 million Series B financing today in a round led by existing investorFenice Investment Groupwith participation from current major investors and new investorEnergy 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.

Craig Lawrence, Partner at Energy Transition Ventures said the market demand for low carbon hydrogen is growing rapidly and in a world whererenewablepower 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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