TPG’s global impact investing platform has led a $250m (€227m) fundraising conducted by green hydrogen company Ohmium International to help scale up the business.

Ohmium said its Series C growth equity financing round was backed by TPG Rise, through its climate-investing strategy, and also included capital contributions from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment.

Ohmium designs, manufactures and deploys an advanced proton exchange membrane (PEM) electrolyser systems, a process that uses electrical current to split water molecules into their constituent parts of hydrogen and oxygen.

Ohmium said the new funding is expected to be used to support firm’s expansion to 2GW in annual manufacturing capacity and the deployment of projects as well as providing capital to accelerate research and development programmes to reduce the cost of green hydrogen production.

Ahmad Chatila, chairman and founding investor of Ohmium and managing partner of Fenice Investment, said: “Ohmium is uniquely positioned to be a leading provider of emissions-free hydrogen technology given its customer-focused, modular solution that enables businesses to achieve an extremely competitive levelized cost of hydrogen.

“We are delighted to partner with experienced clean technology investors like TPG Rise Climate to make large-scale green hydrogen production a reality today.”

Ed Beckley, partner at TPG and senior member of the TPG Rise Climate investing team, said: “Ohmium’s cutting-edge PEM electrolyser systems are crucial to enabling the green hydrogen industry, satisfying a wide range of commercial applications and delivering superior value in terms of current density, scalability, ramp rate and safety.

“At a time when the market lacks sufficient reliable supply of electrolysers, we are pleased to lead the company’s latest funding round and partner with the team to scale its delivery capability.”

Beckley and Mariana Popa, a principal at TPG Rise Climate, will join Ohmium’s board of directors as part of the transaction.

Arne Ballantine, CEO of Ohmium, said: “This capital raise is a validation of Ohmium’s strategy and technology leadership and provides our organisation with the kind of investment needed to deliver on our ambitious plans for international growth.”

To read the latest edition of the latest IPE Real Assets magazine click here.