3M Invests in Green Hydrogen

3M has completed an investment in Ohmium International, a developer of electrolyzer systems for green hydrogen production. The investment is part of 3M's commitment to advancing technologies that support the transition to a low-carbon economy and may help the company explore further decarbonizing its own operations.

"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. "We see significant potential for collaboration in areas such as advanced materials, which can further enhance the efficiency and scalability of green hydrogen production."

The investment aligns with 3M's strategic growth platform in climate tech and its vision to leverage 3M's deep technological expertise in material science in support of the Department of Energy's "Hydrogen Energy Earthshot" and the industry goal of reducing the cost of green hydrogen production to $1 per kilogram.

Ohmium is known for its Proton Exchange Membrane (PEM) electrolyzers, designed to optimize PEM's industry leading performance in pairing with renewables to produce green hydrogen.

Ohmium's proprietary power electronics, hyper-modular design, and standardized manufacturing approach have positioned the company as a leader in cost-competitive, efficient, and high-output green hydrogen production.

In April 2023, Ohmium raised $250 million in its Series C funding round led by TPG Rise Climate, the dedicated climate investing strategy of global alternative asset manager TPG. 3M is one of nearly 30 blue-chip corporations that invested in the inaugural TPG Rise Climate fund and joined its TPG Rise Climate Coalition. The Rise Climate Coalition is part of a differentiated climate solutions ecosystem that convenes regularly to accelerate knowledge exchange, drive new investment opportunities, and share best practices.

Electrolysis is the leading segment of the rapidly expanding hydrogen generation market, fueled by growing investments in fossil-free green hydrogen production. The global electrolyzers market is estimated to grow from US $0.5 billion in 2023 to over US $57 billion by 2030, while the global hydrogen generation market overall is expected to grow over 60% to almost US $260 billion by 2028.

This rapid expansion presents a unique opportunity for 3M to leverage its expertise in material science to contribute to the scaling of hydrogen as a clean energy source.