Ohmium International, a green hydrogen company, has raised $250m in its Series C funding round led by TPG Rise Climate.

The round was also joined by Hanover Technology Investment Management and returning investor Energy Transition Ventures and Fenice Investment Group.

The US-based company plans to use the funds to facilitate its expansion to an annual manufacturing capacity of 2gw and to carry out projects for its customer in the US, Europe, India, and the Middle East.

Ohmium will also use the proceeds to expand its business, with a focus on its research and development efforts to make green hydrogen production more cost-effective.

According to the World Economic Forum, “Green hydrogen could be a critical enabler of the global transition to sustainable energy and net zero emissions economies”.

With global operations and manufacturing in India, Ohmium develops and produces proton exchange membrane (PEM) electrolyser systems to assist in the decarbonisation of hard-to-abate sectors.

Ohmium chairman and founding investor Ahmad Chatila said: “Ohmium is uniquely positioned to be a leading provider of emissions-free hydrogen technology given its customer-focused, modular solution that enables businesses to achieve an extremely competitive levelised cost of hydrogen.”

TPG Partner and TPG Rise Climate investing team senior member Ed Beckley said: “Ohmium’s cutting-edge PEM electrolyzer systems are crucial to enabling the green hydrogen industry, satisfying a wide range of commercial applications and delivering superior value in terms of current density, scalability, ramp rate, and safety.”