3M, a major industrial company, recently made a strategic investment in Ohmium International, a specialist in electrolysis systems for the production of green hydrogen. This commitment is part of 3M’s strategy to support emerging energy technologies and explore solutions to decarbonize its own operations.
Mark Copman, Senior Vice President of 3M New Growth Ventures, said the investment demonstrates 3M’s commitment to fostering innovative technologies. The planned collaboration could improve the efficiency and scalability of green hydrogen production thanks to advanced materials developed by 3M.
A Promising Partnership
Ohmium is renowned for its Proton Exchange Membrane (PEM) electrolyzers, which optimize the production of green hydrogen when coupled with renewable energy sources. This technology is essential for decarbonizing industrial sectors such as steel and fertilizer production. Ohmium has also developed proprietary power electronics and a standardized modular design, positioning the company as a leader in efficient, competitive green hydrogen production.
Arne Ballantine, Ohmium’s CEO, expressed his enthusiasm at the prospect of working with 3M, stressing that this investment confirms the strength of Ohmium’s technology and deployment capabilities. In April 2023, Ohmium raised $250 million in its Series C financing round, led by TPG Rise Climate.
Expanding market
The market for electrolyzers, the main segment in hydrogen generation, is experiencing strong growth thanks to increasing investment in green hydrogen production. The global electrolyser market is expected to grow from 0.5 billion USD in 2023 to over 57 billion USD by 2030. At the same time, the global market for hydrogen generation is set to grow by over 60%, reaching nearly 260 billion USD by 2028.
This rapid expansion offers 3M a unique opportunity to leverage its expertise in materials science to help increase the production of hydrogen as an energy source.
