Green Hydrogen company Ohmium announced on Wednesday it has obtained $250 million fund to increase clean hydrogen machines production and replace fossils, and will be used to expand its plant in India, its CEO Arne Ballantine said.
Additionally, it will be used to expand workforce in California and resume research on the means of cost reduction. The lead investor in hydrogen production fund is TPG Rise climate fund.
Ohmium will work on making electrolyzers, the devices used to split water into hydrogen and oxygen. The firm stated that an electrolyzer can produce up to 50 tons of hydrogen annually.
In case it derives power from renewable energy sources, an electrolyzer can produce fully clean hydrogen. Currently, less than one percent of globally produced hydrogen depends on this clean method.
According to the International Energy Agency (IEA), demand for hydrogen is expected to increase in the future. Around 200 million tons will be needed by 2030 to fulfill the 2050 goal net zero emissions.
Hydrogen is now mostly produced depending on natural gas. Many countries, however, are currently attempting to cut carbon emissions resulting from hydrogen manufacturing.
Production of clean energy is encouraged by many governments, such as the United States, through tax credits and production incentives.
