The Silicon Valley company Ohmium announced Wednesday it has raised $250 million to increase production of machines that can make clean hydrogen and displace fossil fuels.
An engineer works in the research and development area at the Ohmium manufacturing facility in Chikkaballapur, outside Bengaluru, India, Tuesday, April 25, 2023. The company announced Wednesday, April 26, it has raised $250 million to expand production of machines that can make clean hydrogen and displace fossil fuels. Ohmium's role is to make electrolyzers, the devices that take water and split it into hydrogen and oxygen.
Just four or five years ago, a company working on clean hydrogen from water would not have been able to raise several hundred million dollars, said Daryl Wilson, executive director of the Hydrogen Council. But now there’s rapid growth and demand for it, and a broader recognition that it’s key to addressing climate change, he said.
CEO Arne Ballantine said the company will use the $250 million to scale up its plant in Chikkaballapur, outside Bengaluru, India, continue research at the Fremont, California headquarters to reduce the cost of production, and add to its 400-person workforce. The International Energy Agency said in September that global hydrogen demand reached 94 million tons in 2021. Nearly 200 million tons will be needed by 2030 to get on track for net zero emissions by 2050, it said. There are about two dozen major electrolyzer manufacturers.
Most hydrogen today is made from natural gas, which means greenhouse gases are released to get it out of the ground, and then more can leak as it travels through pipelines. Then to crack the hydrogen from natural gas, companies burn more fossil fuel to make steam, releasing more planet-warming greenhouse gases, unless carbon capture technology is used. This common method does not require an electrolyzer and the hydrogen then goes on to be used mainly in the refining and chemical sectors.
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