3M (NYSE: MMM) has made a strategic investment in Ohmium International, a company specializing in electrolyzer systems for green hydrogen production. This investment underscores 3M’s commitment to fostering emerging climate technologies and supporting the transition to a low-carbon economy. The collaboration aims to explore further decarbonization of 3M’s operations and enhance green hydrogen production efficiency.
“Our investment in Ohmium demonstrates 3M’s dedication to fostering innovative technologies that can lead to a more sustainable future,” said Mark Copman, senior vice president, 3M New Growth Ventures. The focus is on utilizing advanced materials to improve the efficiency and scalability of green hydrogen production.
This move aligns with 3M’s strategic growth in climate technology and supports the Department of Energy’s “Hydrogen Energy Earthshot” initiative, which aims to reduce the cost of green hydrogen production to $1 per kilogram. Ohmium’s Proton Exchange Membrane (PEM) electrolyzers, known for their efficiency in pairing with renewable energy sources, play a crucial role in producing green hydrogen. Green hydrogen is essential for decarbonizing hard-to-abate sectors like steel manufacturing and fertilizer production.
Ohmium’s CEO, Arne Ballantine, expressed enthusiasm about the partnership, highlighting the potential for innovation in electrolyzer materials and catalysts. The collaboration with 3M is seen as a testament to the strength and deployment success of Ohmium’s technology.
In April 2023, Ohmium raised $250 million in its Series C funding round led by TPG Rise Climate. 3M is among the nearly 30 corporations that invested in TPG Rise Climate’s inaugural fund, participating in the TPG Rise Climate Coalition. This coalition fosters knowledge exchange, drives new investment opportunities, and shares best practices in climate solutions.
The global market for electrolyzers, a key component in hydrogen generation, is projected to grow significantly, from US$ 0.5 billion in 2023 to over US$ 57 billion by 2030. This growth presents a substantial opportunity for 3M to leverage its material science expertise in the expanding green hydrogen market, expected to reach nearly US$ 260 billion by 2028.
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