3M Backs Ohmium's Green Hydrogen Leadership in Climate Tech Drive

3M (NYSE: MMM) has finalized a strategic investment in Ohmium International, a company specializing in electrolyzer systems for green hydrogen production, as part of its ongoing expansion into emerging climate technologies. This investment underscores 3M's dedication to advancing technologies that facilitate the shift to a low-carbon economy and potentially supports the exploration of further decarbonization efforts within its operations.

Mark Copman, senior vice president of 3M New Growth Ventures, emphasized, "Our investment in Ohmium underscores 3M's commitment to nurturing innovative technologies aimed at advancing sustainability. We envision substantial opportunities for collaboration, particularly in advanced materials, to enhance the efficiency and scalability of green hydrogen production."

This investment aligns with 3M's strategic focus on climate technology and its goal to harness 3M's extensive expertise in material science. It supports the Department of Energy's "Hydrogen Energy Earthshot" initiative and the industry objective to reduce the production cost of green hydrogen to $1 per kilogram.

Ohmium is recognized for its high-efficiency Proton Exchange Membrane (PEM) electrolyzers, which are tailored to maximize performance when paired with renewable energy sources for green hydrogen production. Green hydrogen, a carbon-neutral energy alternative, plays a crucial role in decarbonizing challenging industrial sectors like steel manufacturing and fertilizer production. Ohmium's innovative power electronics, hyper-modular design, and standardized manufacturing processes have established the company as a leader in cost-effective, efficient, and high-capacity green hydrogen production.

Arne Ballantine, CEO of Ohmium, expressed enthusiasm about partnering with industry leader 3M and anticipates fruitful collaboration in advancing catalysts and other electrolyzer materials. He highlighted, "3M's investment in Ohmium underscores the strength of our technology and our proven track record in deployment."

In April 2023, Ohmium secured $250 million in its Series C funding round, led by TPG Rise Climate, the climate-focused investment arm of global alternative asset manager TPG. 3M is one of nearly 30 leading corporations that participated in the inaugural TPG Rise Climate fund and became part of its TPG Rise Climate Coalition. This coalition forms part of a unique climate solutions ecosystem, fostering ongoing collaboration to advance knowledge, catalyze new investments, and exchange best practices.

Electrolysis stands at the forefront of the fast-evolving hydrogen generation market, driven by increasing investments in fossil-free green hydrogen production. The global market for electrolyzers is projected to surge from US$ 0.5 billion in 2023 to exceed US$ 57 billion by 2030. Concurrently, the broader hydrogen generation market is anticipated to grow by over 60%, approaching nearly US$ 260 billion by 2028. This rapid growth offers 3M a distinctive opportunity to apply its material science expertise toward scaling hydrogen as a pivotal clean energy solution.