Ohmium International, an Indian producer of green hydrogen, announced a $250 million successful fund campaign. The money will be used to expand Ohmium's operation to a 2 GW yearly manufacturing capacity. Ohmium will be able to increase its R&D expenditures thanks to the funding, which will also help to lower the price of producing green hydrogen.

Although Ohmium is an American company, it also has a manufacturing facility in Bengaluru, India, where it makes PEM (Proton Exchange Membrane) electrolysers of cutting-edge design. India is viewed by Ohmium as a hub for lower-cost manufacturing, with the added benefit that it offers a competitive alternative to China in international supply chains.

Ahmad Chatila, managing partner of Fenice Investment Group and chairman and founding investor of Ohmium, "Green hydrogen is essential for the quick decarbonization of difficult-to-abate sectors. Because of its modular, customer-focused solution that enables companies to achieve an exceptionally low levelized cost of hydrogen (LCOH), Ohmium is well positioned to be a market leader in emissions-free hydrogen technology.

TPG Rise Climate, Hanover Technology Investment Management, as well as current backers Energy Transition Ventures and Fenice Investment Group, helped Ohmium raise the funds.