New Delhi: Ohmium International, a green hydrogen company, announced the successful completion of a USD 250 million Series C growth equity financing round on Thursday. TPG Rise Climate, the climate investing arm of TPG’s impact investing platform TPG Rise, led the round, with Hanover Technology Investment Management and existing investors Fenice Investment Group and Energy Transition Ventures are also participating.
Ohmium deploy this fund to expand s annual manufacturing capacity to 2 GW and projects for the company’s growing global customer pipeline in key regions, that include the Europe, U.S., India, and the Middle East. In addition, the investment will provide significant capital to scale Ohmium’s business and accelerate its research and development programs to reduce the cost of green hydrogen production.
According to the founding investor and Chairman of Ohmium and Managing Partner of Fenice Investment Group, Ahmad Chatila, “Green hydrogen is critical to the rapid decarbonization of hard-to-abate sectors.” Ed Beckley, Partner and senior member of the TPG Rise Climate investing team, stated that “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.”
As part of the transaction, Beckley and Mariana Popa, a Principal at TPG Rise Climate, will join Ohmium’s Board of Directors. Barclays and BofA Securities served as placement agents, while Skadden, Arps, Slate, Meagher & Flom LLP and Spice Route Legal acted as legal counsel to Ohmium. TPG was advised by Kirkland & Ellis LLP.
This financing round marks a significant milestone for Ohmium, which is dedicated to producing green hydrogen to help mitigate climate change. Green hydrogen is a clean energy source produced by using renewable energy sources to power the process of splitting water into hydrogen and oxygen. It has the potential to replace fossil fuels in various industries, including transportation, power generation, and manufacturing, and to significantly reduce carbon emissions.
Ohmium’s cutting-edge PEM electrolyzer systems are designed to efficiently produce green hydrogen on a large scale, making it more cost-effective and accessible to various industries. The company’s expansion plans and focus on research and development will further enhance its ability to meet the growing demand.