Ohmium International announced the close of $45 million Series B Financing. The one leading the round was Fenice Investment Group. However, there were other participants, such as new investor Energy Transition Ventures.
Ohmium’s plan is to quadruple hydrogen manufacturing capacity from 500 MW annually to GW annually at the end of 2022. To achieve the goal, the company will use the funds. That way, they can support its rapid growth plan.
The pad of Ohmium forward to the future
This green hydrogen company designs, manufactures and deploys PEM Electrolyzers. As a result they have a unique interlocking modular PEM electrolyzers. It provides whit several advantages in customized electrolyzers; It is a safer, modular, flexible, and easy to install and maintain the process, for instance.
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 Ohmium International. “Ohmium now has the resources and the manufacturing capacity to make it a reality today for customers worldwide.”
The company also manufactures standardized interlocking modular Proton Exchange Membrane (PEM). This way, electrolyzers can produce pressurized high-purity hydrogen. This process is vital during the transition because hydrogen is essential in several heavy and light industries; some examples are the steelmaking industry, fertilizer production, refineries, and more.
Nowadays, hydrogen is meanly made from fossil fuels, which is why it is considered a heavy carbon polluter. On the other hand, we have cost-effective green hydrogen that it’s emissions-free. It is made from water electrolysis using renewable energy sources.
In other words, green hydrogen has become very important in the pad of the world’s Net-Zero emission target.
You might want to read “Shell and Hydro join for green hydrogen production in Europe”
“We’re thrilled to be expanding at this critical time. The world is rapidly transitioning away from fossil fuels and towards clean energy. Also, recent events have only accelerated that move. Therefore we can no longer tie our economies to unreliable fossil fuels. Green hydrogen will play a critical role in our clean energy future. This funding allows us to expand our manufacturing capacity toward the approximately two GW per year target by the end of this year. Our sales have been growing very rapidly, and increasing the manufacturing capacity is critical to meeting the current and the near-term future demand in the rapidly expanding market,” said Arne Ballantine, CEO of Ohmium International.
