ST.
PAUL, Minn., July 16,
2024 /PRNewswire/ -- In its continuing effort to
expand into emerging climate technologies, 3M (NYSE: MMM) has completed a strategic
investment in Ohmium International, a developer of electrolyzer
systems for green hydrogen production. The investment is part of
3M's commitment to advancing technologies that support the
transition to a low-carbon economy and may help the company explore
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."
The investment aligns with 3M's strategic growth platform in
climate tech and its vision to leverage 3M's deep technological
expertise in material science in support of the Department of
Energy's "Hydrogen Energy Earthshot" and the industry goal of
reducing the cost of green hydrogen production to $1 per kilogram.
Ohmium is known for the efficiency of its Proton Exchange
Membrane (PEM) electrolyzers, designed to optimize PEM's industry
leading performance in pairing with renewables to produce green
hydrogen. Green hydrogen is a fossil-free energy source critical
for decarbonizing hard to abate industrial sectors such as steel
manufacturing and fertilizer production. Ohmium's proprietary power
electronics, hyper-modular design and standardized manufacturing
approach have positioned the company as a leader in
cost-competitive, efficient and high-output 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."
In April 2023, Ohmium raised
$250 million in its Series C funding
round led by TPG Rise Climate, the dedicated climate investing
strategy of global alternative asset manager TPG. 3M is one of nearly 30 blue-chip corporations
that invested in the inaugural TPG Rise Climate fund and joined its
TPG Rise Climate Coalition. The Rise Climate Coalition is part of a
differentiated climate solutions ecosystem that convenes regularly
to accelerate knowledge exchange, drive new investment
opportunities, and share best practices.
Electrolysis is the leading segment of the rapidly expanding
hydrogen generation market, fueled by growing investments in fossil
free green hydrogen production. The global electrolyzers market is
estimated to grow from US$ 0.5
billion in 2023 to over US$ 57
billion by 2030, while the global hydrogen generation market
overall is expected to grow over 60% to almost US$ 260 billion by 2028. This rapid expansion
presents a unique opportunity for 3M
to leverage its expertise in material science to contribute to the
scaling of hydrogen as a clean energy source.
About 3M
3M (NYSE: MMM) believes science helps create a brighter world
for everyone. By unlocking the power of people, ideas and science
to reimagine what's possible, our global team uniquely addresses
the opportunities and challenges of our customers, communities, and
planet. Learn how we're working to improve lives and make what's
next at 3M.com/news.
About Ohmium
Ohmium designs, manufactures and deploys
modular, scalable proton exchange membrane (PEM) electrolyzers that
enable cost-competitive green hydrogen production. The company's
suite of electrochemical products helps customers achieve their
sustainable energy goals for industrial, transportation, and energy
projects. Headquartered in the United
States, with manufacturing facilities in India and operations worldwide, Ohmium has a
global green hydrogen project pipeline of more than 2 GW across
three continents. In 2023, Ohmium raised $250 Million in Series C financing, led by TPG
Rise Climate.
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