3M, an American conglomerate has announced an investment in Ohmium International, a developer of electrolyser systems for green hydrogen production.
The investment aligns with 3M’s strategic focus on climate technology and its vision to harness its material science expertise in support of the U.S. Department of Energy’s “Hydrogen Energy Earthshot” initiative, which aims to reduce the cost of green hydrogen production to $1 per kilogram.
Mark Copman, Senior Vice President, 3M New Growth Ventures, stated, “We see significant potential for collaboration in areas such as advanced materials, which can further enhance the efficiency and scalability of green hydrogen production.”
Electrolysis is a leading segment in the rapidly growing hydrogen generation market set to expand significantly with the increase in investments of green hydrogen production. The global market for electrolysers is projected to grow from $0.5 billion in 2023 to over $57 billion by 2030, with the overall hydrogen generation market expected to reach nearly $260 billion by 2028, marking a growth of more than 60%.
Ohmium is known for its efficient Proton Exchange Membrane (PEM) electrolysers, which optimise green hydrogen production using renewable energy, crucial for decarbonising sectors like steel manufacturing and fertilizer production. In April 2023, Ohmium raised $250 million in a Series C funding round led by TPG Rise Climate, with 3M among the nearly 30 other major corporations participating.
Arne Ballantine, CEO of Ohmium, expressed enthusiasm about the partnership, saying, ” 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 electrolyser materials.”