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Environmental Business Review | Tuesday, July 30, 2024
FREMONT, CA: In its ongoing drive to expand into developing climate technologies, 3M has strategically invested in Ohmium International, which develops electrolyzer systems for green hydrogen production. The investment is part of 3M's commitment to developing technologies that promote the transition to a low-carbon economy, and it may assist the business in further decarbonizing its own operations.
"Our investment in Ohmium demonstrates 3M's dedication to fostering innovative technologies that can lead to a more sustainable future," said Mark Copman, senior vice president, 3M New Growth Ventures. "We see significant potential for collaboration in areas such as advanced materials, which can further enhance the efficiency and scalability of green hydrogen production."
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The investment is consistent with 3M's strategic growth platform in climate technology and its vision of leveraging 3M's deep technological expertise in material science to support the Department of Energy's "Hydrogen Energy Earthshot" and the industry goal of lowering the cost of green hydrogen production to $1 per kilogram.
Ohmium is well-known for the efficiency of its Proton Exchange Membrane (PEM) electrolyzers, which are engineered to maximize PEM's industry-leading performance when combined with renewables to produce green hydrogen. Green hydrogen is a fossil-free energy source crucial for decarbonizing difficult-to-reduce industrial sectors, including steel-making and fertilizer production. Ohmium's unique power electronics, hyper-modular design, and standardized manufacturing process have established the company as a market leader in cost-effective, efficient, and high-output green hydrogen generation.
"We're very pleased to partner with an industry leader like 3M and look forward to collaborating with them on continued innovation in catalysts and other electrolyzer materials," said Arne Ballantine, Ohmium CEO. "Their investment in Ohmium is another testament to the strength of our technology and our track record in deployment."
In April 2023, Ohmium raised $250 million in a Series C funding round headed by TPG Rise Climate, TPG's committed climate investment strategy. 3M is one of approximately 30 major firms that participated in the first TPG Rise Climate fund and joined the TPG Rise Climate Coalition. The Rise Climate Coalition is part of a unique climate solutions ecosystem that meets regularly to accelerate information sharing, create new investment opportunities, and share best practices.
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