Electrolyser maker Ohmium on Wednesday said it had raised $250 million in a fresh round of funding led by private equity firm TPG Inc’s Rise Climate fund, to expand its manufacturing capacity for green hydrogen.
The US startup had previously raised $45 million in its Series B funding round last year.
The capital comes at a time when the green hydrogen industry has been attracting huge investments.
Last year, TPG had raised $7.3 billion for its Rise Climate fund in a bid to expand its investments in the clean-energy space.
The United States and the European Union have also approved incentives worth billions of dollars for green hydrogen projects.
Hydrogen, which can be used as a fuel, is made by splitting water through electrolysis. If the electrolyzers, the devices used in the process, are powered by renewable energy, the product is called green hydrogen – a fuel free of greenhouse emissions.
Ohmium plans to use the capital to expand its annual manufacturing capacity, deploy projects in the U.S., Europe, India and the Middle East, and boost its research and development programs.
Reuters