Climate solution: Green hydrogen company Ohmium raises $250M

By JENNIFER McDERMOTT
Associated Press

In what could prove a milestone for an industry that hopes to address climate change, the Silicon Valley company Ohmium announced Wednesday it has raised $250 million to expand production of machines that can make clean hydrogen. Some climate experts say burning hydrogen can substitute for burning coal, oil or gas — without contributing to climate change. Just four or five years ago, a hydrogen company working on electrolysis would not have been able to raise several hundred million dollars, said Daryl Wilson, executive director of the Hydrogen Council. Mark Viehman, a hydrogen and clean fuels expert at Capgemini, called $250 million a “very impressive” fundraise. CEO Arne Ballantine said Ohmium will expand production at company facilities in Chikkaballapur, outside Bengaluru, India.