The global green hydrogen market is booming. 3M's investment in Ohmium positions them to be a leader in this clean energy revolution.
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| 3M and Ohmium join forces to develop efficient and cost-effective green hydrogen production technology. |
St. Paul, Minn., July 16, 2024:
In a move to bolster its climate tech portfolio, 3M announced a strategic investment in Ohmium International, a leading developer of electrolyzer systems for green hydrogen production. This investment aligns with 3M's commitment to developing sustainable solutions and reducing its own carbon footprint.
"3M is dedicated to fostering technologies for a sustainable future," said Mark Copman, senior vice president at 3M New Growth Ventures. "We believe collaboration with Ohmium in advanced materials can significantly enhance green hydrogen production efficiency and scalability."
This investment supports 3M's strategic focus on climate tech and leverages its material science expertise. It also aligns with the Department of Energy's "Hydrogen Energy Earthshot" initiative aiming to reduce green hydrogen production costs to $1 per kilogram.
Ohmium is renowned for its efficient Proton Exchange Membrane (PEM) electrolyzers, designed for optimal performance with renewable energy sources to produce green hydrogen. Green hydrogen is a critical fossil-free energy source for decarbonizing industries like steel and fertilizer production. Ohmium's technology positions them as a leader in cost-competitive, efficient, and high-volume green hydrogen production.
"Partnering with 3M is a privilege, and we look forward to collaborating on continued innovation in catalysts and other electrolyzer materials," said Arne Ballantine, Ohmium CEO. "This investment validates our technology and deployment track record."
The investment follows Ohmium's successful $250 million Series C funding round led by TPG Rise Climate. 3M joins nearly 30 other blue-chip corporations in the TPG Rise Climate Coalition, which fosters knowledge sharing, investment opportunities, and best practices in climate solutions.
Electrolysis, a core technology in green hydrogen production, is experiencing rapid market growth. The global electrolyzer market is projected to surge from $0.5 billion in 2023 to over $57 billion by 2030. 3M's investment positions them to leverage their material science expertise and contribute to the scaling of hydrogen as a clean energy source.