PEM electrolyzer company Ohmium International closed a $45-million Series B financing round. Existing investor Fenice Investment Group led the round, with participation from current major investors and new investor Energy Transition Ventures.

The funds will support Ohmium’s rapid growth plan to quadruple hydrogen manufacturing capacity from 500 MW annually to approximately two GW annually by the end of 2022.

Ohmium’s unique interlocking modular PEM electrolyzers provide a safer, modular, flexible, easy-to-install-and-maintain alternative to customized electrolyzers. The company has research and development facilities in the United States and India; manufacturing operations are in India.

The world is rapidly transitioning away from fossil fuels and towards clean energy, and recent events have only accelerated that move. We can no longer tie our economies to unreliable fossil fuels. Green hydrogen will play a critical role in our clean energy future. This funding allows us to expand our manufacturing capacity toward the approximately two GW per year target by the end of this year. Our sales have been growing very rapidly, and increasing the manufacturing capacity is critical to meeting the current and the near-term future demand in the rapidly expanding market.

—Arne Ballantine, CEO of Ohmium International

Ohmium manufactures standardized interlocking modular Proton Exchange Membrane (PEM) electrolyzers able to produce pressurized high-purity hydrogen. Individual electrolyzers can be stacked to reduce installation and maintenance costs while enabling unlimited configurations of deployment sizes. Ohmium’s proprietary electrolyzer stack technology can sustain a differential pressure across the membrane without compromise, which enhances cost-effective operations.

In February, Ohmium entered a three-year sponsorship with India’s CSIR-CECRI for the development of new materials for next-generation electrolyzer technologies.