In its continuing effort to expand into emerging climate technologies, 3M has completed a strategic investment in Ohmium International, a developer of electrolyzer systems for green hydrogen production. (Earlier post.) 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.

Ohmium is known for the efficiency of its Proton Exchange Membrane (PEM) electrolyzers, designed to optimize PEM performance in pairing with renewables to produce green hydrogen. Ohmium solutions features proprietary power electronics, hyper-modular design and a standardized manufacturing approach resulting in cost-competitive, efficient and high-output green hydrogen production.

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.

The global electrolyzers market is estimated to grow from US$0.5 billion in 2023 to more than 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 an opportunity for 3M to leverage its expertise in material science to contribute to the scaling of hydrogen as a clean energy source.

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.