In an investment round led by existing investor Fenice Investment Group, green hydrogen electrolyzer provider Ohmium International has secured a $45 million Series B funding round. Existing investors were joined by new investor Energy Transition Ventures.
The funds are expected to increase Ohmium’s manufacturing capabilities four-fold from 500MW annually to 2GW by the end of the year. The company said its interlocking, modular proton exchange membrane (PEM) electrolyzers feature a safer, standardized, flexible, and easy to install and maintain alternative to customized electrolyzers.
When charged by renewable energy sources, hydrogen is a prospective zero-carbon solution for a wide variety of applications, including iron and steelmaking, ground transport, long-duration dispatchable power, fertilizers, and more.
Ohmium’s Lotus Mark 1 Electrolyzer can produce 6kg per hour at 400 psi. The company said its purity is greater than 99.99%, with a less than 5 parts per million of oxygen present in the final product. It requires 480VAC / 415VAC, 60Hz / 50Hz of power, and is rated to operate between -13 degrees F to 122 degrees F. Each cabinet measures 6′ x 4′ x 6′. It is designed to Designed to UL 2264A standards.
“In a world where renewable power costs are cheaper than even the fuel for fossil power, green hydrogen is poised to transform energy and industrial markets,” said Craig Lawrence, partner, Energy Transition Ventures.
The modular design means individual electrolyzers can be stacked, which Ohmium said will reduce installation and maintenance costs, while maintaining design flexibility. The company’s stack technology can sustain a differential pressure across the membrane without compromise, a feature that enhances cost-efficacy of operations.
“The world has been waiting for cost-effective green hydrogen to usher in the hydrogen economy,” said Ahmad Chatila, of Fenice Investment Group and Chairman of Ohmium International. “Ohmium now has the resources and the manufacturing capacity to make it a reality today for customers worldwide.”
Most hydrogen today is produced with fossil fuels, but the decreased cost of electrolyzers has opened the door for a decarbonized hydrogen economy.
Ohmium is headquartered in Fremont, California, with manufacturing operations in India. Recently, India unveiled its green hydrogen policy as a step toward meeting the objectives of the National Hydrogen Mission launched by the prime minister last year.
The National Hydrogen Mission aims to make India a green hydrogen hub, enabling the nation to meet its climate targets while reducing its fossil fuel import bills. It targets the production of 5 million tons of green hydrogen by 2030 and the related development of renewable energy capacity.
In the US, the Department of Energy (DOE) targets reduced green hydrogen costs in pursuit of climate goals. The launched in 2021, Hydrogen Shot program has a “1-1-1″ goal, targeting costs of $1 per 1 kilogram in 1 decade. Currently, renewable energy-fueled hydrogen costs about $5 per kilogram, so this target represents a cost reduction of 80% in one decade.
DOE investment in green hydrogen is on the rise. In 2021, it supported $285 million in funding, and in 2022, the President’s Fiscal Year 2022 Budget Request included the application for $400 million in funds for green hydrogen development.
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