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- Koloma
Koloma Valuation, Funding & Investors
Koloma is valued at $800M as of August 2022.
Last Koloma valuation
$800M
Undisclosed stage · Aug 2022
Last Koloma funding round
$50M
Series B · Oct 2024
Cumulative funding Koloma raised
$356M
across 4 funding rounds
Key investors in Koloma
Khosla Ventures
K5 Global
Climate Pledge Fund
Mitsubishi Heavy Industries
United Airlines Ventures
Osaka Gas
About Koloma
Koloma is a geologic hydrogen exploration company identifying naturally occurring hydrogen deposits using subsurface mapping and AI-driven analytics. Backed by investors including Breakthrough Energy Ventures, the Cambridge, Massachusetts-based firm, founded in 2022, targets reservoirs in the United States to supply clean fuel for power generation and industrial applications. Its proprietary datasets cover multiple basins with potential resources exceeding billions of cubic feet.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$800M (Aug 2022)
Koloma Valuation
Koloma is currently valued at $800M, based on its undisclosed-stage round in August 2022.
Koloma valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2022 | Undisclosed stage | $800M |
Koloma Funding History
Koloma has raised a total of $356M across 4 funding rounds.
Koloma's first fundraising round was a $5M seed round in August 2021. The most recent completed round was a $50M Series B in October 2024.
Koloma funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2024 | Series B | Mitsubishi Heavy Industries (lead); Osaka Gas (lead) | $50M | - | Koloma is a Denver-based geologic hydrogen startup founded in 2021 that develops analytics, AI, and sensors to explore and harness naturally occurring underground hydrogen deposits formed when iron-rich rocks contact water. The company raised a $50 million Series B extension round on October 15, 2024, structured as a SAFE (simple agreement for future equity), led by Japan's Osaka Gas and Mitsubishi Heavy Industries, with participation from new and existing investors including Breakthrough Energy Ventures, Energy Impact Partners, Evōk Innovations, Prelude Ventures, The Climate Pledge, and United Airlines Ventures. This follows an earlier $245 million Series B in February 2024 led by Khosla Ventures, bringing total funding to over $350-393 million across multiple rounds. Koloma plans to use the new funds for additional exploration and R&D to hunt for natural hydrogen globally, positioning geologic hydrogen as a potential clean primary energy source for decarbonization, including applications in jet fuel, green ammonia, and heavy industry. Co-founded by Pete Johnson (ex-Monolith), Paul Harraka, and Ohio State professor Tom Darrah, the company attracts backing from major climatetech investors amid growing interest in green hydrogen incentives like the Inflation Reduction Act. Japanese investors like Mitsubishi Heavy Industries view it as part of building a hydrogen solution ecosystem. The sector features a small but expanding group of firms targeting geologic hydrogen, with energy companies as potential offtakers. |
| Feb 2024 | Series B | Khosla Ventures (lead); K5 Global; United Airlines Ventures; Climate Pledge Fund | $246M | - | Koloma is a Denver-based startup founded in 2021 that develops technologies to discover, access, and extract naturally occurring geologic hydrogen from subsurface deposits, positioning it as a clean energy source for applications like sustainable aviation fuel and industrial processes. The company uses analytics, AI, sensors, and geologic models to identify hydrogen reserves, primarily targeting U.S. Midwest regions, and aims to overcome barriers to commercial-scale production of this low-carbon fuel alternative to green or gray hydrogen. Koloma raised $245.7 million in its Series B funding round, led by Khosla Ventures with participation from Climate Pledge Fund (Amazon's climate fund), United Airlines Ventures, Breakthrough Energy Ventures (Bill Gates-backed), Energy Impact Partners, Evōk Innovations, Prelude Ventures, and Piva Capital. The round closed with initial funding in December 2023 and a subsequent closing in January 2024, publicly reported in February 2024 via Axios and a Form D filing; prior to this, Koloma had secured $91 million in 2023 funding, bringing total private capital over $300 million excluding government grants. Funds will expand research, development, exploration operations, open a lab at Ohio State University's Energy Advancement Innovation Center, and advance hydrogen deposit exploration. Koloma's affiliated lab at Ohio State University received $900,000 in U.S. Department of Energy ARPA-E grants as part of a $20 million program for natural hydrogen exploration, announced around the same time. Co-founded by Pete Johnson (ex-Monolith), Paul Harraka (entrepreneur), and Tom Darrah (Ohio State professor with decades of geologic hydrogen research), the company views itself as a technology provider for the emerging geologic hydrogen sector rather than a pure mining operation. Investors like United Airlines Ventures seek hydrogen for sustainable aviation fuel, amid growing U.S. incentives from the Inflation Reduction Act. The round underscores investor confidence in geologic hydrogen's potential lower cost and carbon footprint compared to electrolytic or fossil-derived hydrogen, though commercial-scale extraction remains years away with early high costs. Koloma competes with a small field of explorers like Natural Hydrogen Energy, benefiting from its large funding haul and partnerships with institutions like Colorado School of Mines and Los Alamos National Laboratory in related research. |
| Aug 2022 | Undisclosed stage | - | $56M | $800M | Koloma is a Denver-based startup founded in 2021 focused on natural hydrogen exploration and production, aiming to provide a low-cost, low-carbon energy solution by tapping underground geologic hydrogen reservoirs. The company positions itself as a pioneer in unlocking naturally occurring hydrogen as a potential 'skeleton key' for decarbonization in sectors like aviation fuel and green ammonia production. Koloma has raised significant capital, with a $246M Series B round led by Khosla Ventures and participation from Amazon Climate Pledge Fund and United Airlines Ventures, reaching an $800M valuation according to one report. Funds are intended to accelerate product development, expand the team to over 80 employees, and scale operations globally. The company has continued fundraising post-Series B, including a $50M convertible note in October 2024 led by Osaka Gas and Mitsubishi Heavy Industries America, bringing total funding to over $393M across multiple rounds. Investors like Breakthrough Energy Ventures and Energy Impact Partners back Koloma alongside complementary climatetech ventures. In the competitive landscape of geologic hydrogen—a nascent field with vanishingly small global production—Koloma differentiates through aggressive exploration and partnerships. |
| Aug 2021 | Seed | - | $5M | - | - |
Who has invested in Koloma?
6 investors have backed Koloma across its funding rounds, including Khosla Ventures, K5 Global, Climate Pledge Fund, Mitsubishi Heavy Industries, United Airlines Ventures and Osaka Gas.
Lead investors include Mitsubishi Heavy Industries, Osaka Gas and Khosla Ventures.
Koloma Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Feb 2024 | ||
| 1 | Lead | Oct 2024 | ||
| 1 | Participant | Feb 2024 | ||
| 1 | Lead | Feb 2024 | ||
This data is available for Pro users. Sign up to see all 6 Koloma investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialKoloma Competitors
Koloma competitors include listed companies like Canadian Solar and Array Technologies, and private ones like Tree Energy Solutions, Amogy, NEXT Renewable Fuels and Gradiant.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $5.6B | $546M | $798M | 1.5x | ||
| Private | - | - | $708M | - | ||
| Private | - | - | $700M | - | ||
| Private | - | - | $666M | - | ||
| Publicly listed | $1.3B | $34M | $650M | 1.1x | ||
| Private | - | - | $1B | - |
Koloma Public Comps
Koloma is still privately-owned, but its public comps include Canadian Solar, Shanghai Huitong Energy, Energy Vault, Ballard Power Systems, PSI Software, Engie Energia Peru, Hyliion, Waaree RTL, Voltalia and Reliance Power.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5.6B | $546M | 1.6x | 1.5x | 16.1x | 15.6x | |||
| $15M | $6M | 49.7x | - | 119.6x | - | |||
| $204M | ($83M) | 4.6x | 3.6x | (11.4x) | (46.2x) | |||
| $99M | ($85M) | 2.7x | 2.6x | (3.2x) | (4.6x) | |||
| $329M | ($7M) | 2.6x | 2.5x | (127.4x) | 51.0x | |||
| $653M | $256M | 1.9x | 2.0x | 4.9x | 5.2x | |||
| $3M | ($60M) | 192.1x | 60.8x | (11.2x) | (13.9x) | |||
| $347M | $66M | 2.5x | 1.9x | 13.3x | 10.8x | |||
This data is available for Pro users. Sign up to see all Koloma competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Koloma
| When was Koloma founded? | Koloma was founded in 2021. |
| Where is Koloma headquartered? | Koloma is headquartered in Denver, CO, United States. |
| Is Koloma publicly listed? | No, Koloma is a private, VC-backed company. |
| What is Koloma's valuation? | Koloma was last valued at $800M in its undisclosed-stage round in August 2022. |
| How much funding has Koloma raised? | Koloma has raised $356M across 4 funding rounds. |
| What was Koloma's last funding round? | Koloma's last funding round was a $50M Series B in October 2024, led by Mitsubishi Heavy Industries and Osaka Gas. |
| Who are Koloma's investors? | Koloma's investors include K5 Global, Osaka Gas, United Airlines Ventures, Khosla Ventures, Mitsubishi Heavy Industries and Climate Pledge Fund. |
| Which companies are comparable to Koloma? | Companies comparable to Koloma include Canadian Solar, Tree Energy Solutions, Amogy, NEXT Renewable Fuels, Array Technologies and Gradiant. |
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