3M (NYSE: MMM) has announced a strategic investment in Ohmium International, a leader in the development of electrolyzer systems for green hydrogen production. This move is part of 3M’s broader commitment to pioneering technologies that aid in the transition to a low-carbon economy and explore options for decarbonizing its operations.
Mark Copman, Senior Vice President of 3M New Growth Ventures, stated, “Our investment in Ohmium underscores 3M’s commitment to nurturing groundbreaking technologies that pave the way for a sustainable future. We anticipate fruitful collaborations particularly in advanced materials, which could enhance the efficiency and scalability of green hydrogen production.”
This investment reflects 3M’s strategic initiative in climate technology and supports its mission to utilize its extensive expertise in material science to achieve the Department of Energy’s “Hydrogen Energy Earthshot” goal of reducing green hydrogen production costs to $1 per kilogram.
Ohmium is renowned for the efficiency of its Proton Exchange Membrane (PEM) electrolyzers, which are optimally designed to integrate with renewable energy sources to produce green hydrogen—a key element in decarbonizing industries such as steel manufacturing and fertilizer production. Ohmium’s innovative power electronics, hyper-modular design, and standardized production methods have established it as a leader in cost-effective and high-output green hydrogen production.
Arne Ballantine, CEO of Ohmium, expressed enthusiasm about the partnership, stating, “We are thrilled to partner with an industry giant like 3M and are eager to work together on further innovations in catalysts and other electrolyzer materials. 3M’s investment validates the robustness of our technology and our proven deployment capabilities.”
In April 2023, Ohmium secured $250 million during its Series C funding round, which was led by TPG Rise Climate, a climate-focused division of global asset firm TPG. 3M, as one of the nearly 30 major corporations involved in the inaugural TPG Rise Climate fund, also participates in the TPG Rise Climate Coalition, which fosters an ecosystem of climate solutions through regular knowledge exchanges, investment opportunities, and shared best practices.
With the electrolysis sector leading the swiftly growing hydrogen generation market, and global investments in green hydrogen production escalating, the electrolyzers market is projected to expand from US$ 0.5 billion in 2023 to over US$ 57 billion by 2030. Meanwhile, the broader hydrogen generation market is expected to increase by more than 60% to nearly US$ 260 billion by 2028. This surge presents an excellent opportunity for 3M to apply its material science expertise to help scale hydrogen as a clean energy source.
