In an ongoing endeavour to develop ground-breaking climate innovations, 3M invests in Ohmium, a leader in green hydrogen technology.
3M has made a strategic investment in Ohmium International, a producer of electrolyzer systems for green hydrogen generation. This investment comes amid 3M’s ongoing attempt to diversify into developing climate technologies.
In addition to potentially assisting the business in further decarbonizing its own operations, the investment is a component of 3M’s dedication to developing technologies that facilitate the shift to a low-carbon economy.
The investment supports 3M‘s strategic growth platform in climate technology and its vision to support the Department of Energy’s “Hydrogen Energy Earthshot” and the industry goal of bringing down the cost of producing green hydrogen to $1 per kilogram by utilizing 3M’s deep technological expertise in material science.
Proton Exchange Membrane (PEM) electrolyzers from Ohmium are renowned for their efficiency. These electrolyzers are made to maximize PEM’s superior performance when combined with renewable energy sources to create green hydrogen.
An essential energy source for decarbonizing challenging industrial sectors like steel and fertilizer production is green hydrogen, which is free of fossil fuels. Because of its patented power electronics, hyper-modular architecture, and standardized manufacturing process, Ohmium has established itself as a pioneer in the manufacture of green hydrogen at a price that is competitive, effective, and high output.
Ohmium completed a $250 million Series C investment round in April 2023, with TPG Rise Climate—the global alternative asset manager TPG’s climate investing strategy—leading the way. Almost thirty well-known companies, including 3M, joined the TPG Rise Climate Coalition and made investments in the fund’s first installment. As a component of a unique ecosystem for climate solutions, the Rise Climate Coalition meets often to promote new investment possibilities, foster information sharing, and exchange best practices.
The Growing Need and Demand of Electrolysis
Fueled by increased investments in fossil free green hydrogen production, electrolysis is the main section of the fast developing hydrogen production market. While the worldwide market for hydrogen generation is predicted to rise by over 60% to almost US$ 260 billion by 2028, the market for electrolyzers is predicted to grow from US$ 0.5 billion in 2023 to over US$ 57 billion by 2030. With its quick growth, 3M has a rare chance to use its knowledge of material science to help scale up the use of hydrogen as a clean energy source.
Key Comments
“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.”
“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.”
