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