Green hydrogen player Ohmium raises $250 mn from TPG; to ramp up capacity

Green hydrogen company Ohmium International on Wednesday announced a USD 250 million fund raise, which will be deployed to ramp up its electrolyser manufacturing activities in India, among other purposes.

The US-headquartered company that designs, manufactures, and deploys advanced proton exchange membrane (PEM) electrolyzer systems already has a sizeable presence in India, with its country headquarters in Bengaluru, and manufactures here.

It has raised the money in a round led by TPG Rise Climate, and also saw participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group, a company statement said.

"The company has substantial part of its capacity in India. A large part of the money raised will be used for scaling up the capacity in India, a banker involved in the deal said.

It looks at India as a manufacturing hub with a potential to deliver products at lower costs, the banker said, adding that the investm