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Green hydrogen startup Ohmium raises $250M led by TPG Rise

Illustration of hydrogen molecules surrounded by dollar elements and abstract shapes

Illustration: Gabriella Turrisi/Axios

Electrolyzer manufacturer Ohmium International raised a $250 million Series C led by private equity giant TPG to expand manufacturing capacity for green hydrogen production.

Why it matters: It's big money from a big private equity firm, 5x larger than Ohmium's previous raise just one year ago, in a big vote of confidence from TPG on hydrogen production's future.

Details: TPG's investment came from its Rise Climate Fund.

  • New investor Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group also participated in the all-equity round.
  • TPG partner Ed Beckley and TPG Rise principal Mariana Popa are joining Ohmium’s board.

How it works: Ohmium, based in Incline Village, Nev., makes modular electrolyzer systems.

  • Electrolyzers separate the hydrogen and oxygen molecules in water to produce hydrogen.

Context: Investors and founders are optimistic about hydrogen's potential as an alternative fuel, but cautious about the pace of its development.

What's next: Ohmium plans to use the capital to expand its annual manufacturing capacity in India to 2 GW and to boost its R&D presence in San Francisco.

  • The company is developing eight projects in the U.S., Europe, Asia and the Middle East.

Of note: Ohmium raised $45 million in a Series B last April.

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