Ohmium closes fundraising round led by TPG Rise Climate

Ohmium is raising $250 million in a Series C round led by TPG Rise Climate to support the expansion of its proton exchange membrane (PEM) electrolyzer production capacity and accelerate its research and development projects with the goal of reducing the cost of producing green hydrogen.

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Ohmium International, a company specializing in the design, manufacture and deployment of advanced proton exchange membrane (PEM) electrolyzer systems for the production of green hydrogen, today announced the closing of a $250 million Series C equity financing round to support its growth.

The round was led by TPG Rise Climate, the dedicated climate investment strategy of TPG’s global impact investing platform, TPG Rise, and also included participation from Hanover Technology Investment Management as well as existing investors Energy Transition Ventures and Fenice Investment Group.

The fundraising will allow Ohmium to expand on the market

The funds raised will allow Ohmium to expand its annual manufacturing capacity to 2 GW and deploy projects for its growing global customer base in key regions such as the United States, Europe, India and the Middle East. The investment will also provide significant capital to grow Ohmium’s business, including accelerating its innovative research and development programs to reduce the cost of producing green hydrogen.

“Green hydrogen is crucial for the rapid decarbonization of hard-to-decarbonize sectors,” said Ahmad Chatila, president and founding investor of Ohmium and managing partner of Fenice Investment Group. “Ohmium’s advanced PEM electrolyzer systems are critical to enabling the green hydrogen industry, meeting a wide range of commercial applications and offering superior value in terms of current density, scalability, ramp-up rate and safety,” said Ed Beckley, partner at TPG and senior member of the TPG Rise Climate investment team.

Fundraising confirms Ohmium’s success

“Ohmium is experiencing tremendous success in 2023. We are well on our way to providing our PEM cell systems to customers around the world operating in multiple industries,” said Arne Ballantine, Ohmium’s CEO. “This fundraising is a validation of Ohmium’s strategy and technology leadership and provides our organization with the type of investment needed to realize our ambitious international growth plans.”

Barclays and BofA Securities acted as placement agents and Skadden, Arps, Slate, Meagher & Flom LLP and Spice Route Legal acted as legal counsel to Ohmium in connection with the transaction. Kirkland & Ellis LLP acted as legal counsel to TPG.

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