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- Ohmium
Ohmium Valuation, Funding & Investors
Ohmium is valued at $1B as of April 2023.
Last Ohmium valuation
$1B
Series C · Apr 2023
Last Ohmium funding round
$250M
Series C · Apr 2023
Cumulative funding Ohmium raised
$297M
across 3 funding rounds
Key investors in Ohmium
Energy Transition Ventures
Fenice Investment Group
TPG
Hanover Technology Investment Management
Northern Star Partners
About Ohmium
Ohmium is a manufacturer of proton exchange membrane electrolyzers for green hydrogen production. The Hyderabad-based company produces standardized modular stacks generating high-purity hydrogen at pressures up to 30 bar, scalable from 1.25 MW to multi-gigawatt plants. Ohmium's technology features advanced membrane durability and low iridium loading, deployed in projects across India, the United States, and Europe. Partnered with Invenergy for utility-scale facilities, the firm supports industrial off-takers in ammonia and methanol synthesis.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (Apr 2023)
Ohmium Valuation
Ohmium is currently valued at $1B, based on its Series C in April 2023.
The $250M round was led by TPG, with participation from Fenice Investment Group, Energy Transition Ventures and Hanover Technology Investment Management.
Ohmium valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2023 | Series C | $1B |
Ohmium Funding History
Ohmium has raised a total of $297M across 3 funding rounds.
Ohmium's first fundraising round was a $2M seed round in May 2020. The most recent completed round was a $250M Series C in April 2023.
Ohmium funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Series C | TPG (lead); Fenice Investment Group; Energy Transition Ventures; Hanover Technology Investment Management | $250M | $1B | Ohmium International is a green hydrogen company that manufactures PEM electrolyzer systems for emissions-free hydrogen production. The company's modular, customer-focused electrolyzer technology enables businesses to achieve competitive levelized cost of hydrogen across commercial applications, with particular strength in scalability, ramp rate, and safety. In April 2023, Ohmium closed a $250 million Series C growth equity financing led by TPG Rise Climate, with participation from Hanover Technology Investment Management and existing investors Energy Transition Ventures and Fenice Investment Group. Board representation was granted to TPG partner Ed Beckley and TPG Rise principal Mariana Popa. The capital was allocated to expand Ohmium's annual manufacturing capacity to 2 GW and deploy projects across the U.S., Europe, India, and the Middle East, while accelerating research and development programs to reduce green hydrogen production costs. CEO Arne Ballantine characterized the raise as validation of the company's technology leadership and strategy, positioning Ohmium to capitalize on regulatory support for green hydrogen projects from the U.S. and European Union. The Series C represented a 5.6x increase over Ohmium's prior Series B of $45 million raised in April 2022. |
| Apr 2022 | Series B | Fenice Investment Group (lead); Energy Transition Ventures | $45M | - | Ohmium International is a green hydrogen company that designs, manufactures, and deploys modular proton exchange membrane (PEM) electrolyzers, offering a safer, standardized, flexible alternative to customized systems. The company operates research and development facilities in the United States and India, with manufacturing in India, and was founded in 2019 with headquarters in Fremont, California. On April 14, 2022, Ohmium closed a $45 million Series B funding round led by existing investor Fenice Investment Group, with participation from new investor Energy Transition Ventures and other current investors. This brought total funding to approximately €54.89M (~$60M). The proceeds were earmarked to quadruple annual manufacturing capacity from 500 MW to 2 GW by year-end to meet surging demand. Ohmium's CEO Arne Ballantine highlighted rapid sales growth and the critical role of green hydrogen in the clean energy transition away from fossil fuels. The company was scaling operations amid global momentum for decarbonized hydrogen, supported by falling electrolyzer costs. Employee count grew from 161 in Q1 2022 to 209 in Q2. Subsequent rounds included a Series C in April 2023 raising €227.52M (bringing total to €282M) with TPG Rise Climate Fund, Energy Transition Ventures, Fenice, and Hnvr, and later developments like a 2024 Series C at $850M valuation raising $250M. Ohmium reached 521 employees by Q1 2024, focusing on projects in the U.S., Europe, India, and the Middle East, aligned with UN SDGs for climate action and clean energy. |
| May 2020 | Seed | Northern Star Partners (lead) | $2M | - | - |
Who has invested in Ohmium?
5 investors have backed Ohmium across its funding rounds, including Energy Transition Ventures, Fenice Investment Group, TPG, Hanover Technology Investment Management and Northern Star Partners.
Lead investors include TPG, Fenice Investment Group and Northern Star Partners.
Ohmium Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Apr 2022 | ||
| 2 | Participant | Apr 2022 | ||
| 1 | Participant | Apr 2023 | ||
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Start Free TrialOhmium Competitors
Ohmium competitors include listed companies like SP New Energy and Emerald Horizon, and private ones like Palmetto, Span, Chint New Energy and Fullcryo.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
| Private | - | - | $1B | ||
| Private | - | - | $1B | ||
| Private | - | - | $1B | ||
| Private | - | - | $966M | ||
| Publicly listed | $25M | ($46M) | $958M | ||
| Publicly listed | $259K | ($523K) | $1.2B |
Ohmium Public Comps
Ohmium is still privately-owned, but its public comps include Al-Babtain Power & Telecom, Greencoat Renewables, Henan Yicheng New Energy, SP New Energy, Power Solutions International, Forum Energy Technologies, XPLR Infrastructure, ITM Power, Ceres Power Holdings and Jiangsu Zongyi Co.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $762M | $162M | 1.5x | 1.4x | 7.0x | 6.0x | |||
| ($45M) | ($8M) | (51.9x) | 24.4x | (278.9x) | 24.6x | |||
| $527M | ($30M) | 3.0x | - | (53.0x) | - | |||
| $25M | ($46M) | 103.1x | - | (55.4x) | - | |||
| $722M | $115M | 1.5x | 1.6x | 9.7x | 10.5x | |||
| $791M | $69M | 1.4x | 1.3x | 16.6x | 10.3x | |||
| $1.2B | $607M | 11.8x | 10.7x | 23.0x | - | |||
| $35M | ($63M) | 19.7x | 11.3x | (10.9x) | (20.2x) | |||
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Common questions about Ohmium
| When was Ohmium founded? | Ohmium was founded in 2019. |
| Where is Ohmium headquartered? | Ohmium is headquartered in Lake Tahoe, NV, United States. |
| Is Ohmium publicly listed? | No, Ohmium is a private, VC-backed company. |
| What is Ohmium's valuation? | Ohmium was last valued at $1B in its Series C in April 2023. |
| How much funding has Ohmium raised? | Ohmium has raised $297M across 3 funding rounds. |
| What was Ohmium's last funding round? | Ohmium's last funding round was a $250M Series C in April 2023, led by TPG. |
| Who are Ohmium's investors? | Ohmium's investors include Fenice Investment Group, Energy Transition Ventures, Hanover Technology Investment Management, TPG and Northern Star Partners. |
| Which companies are comparable to Ohmium? | Companies comparable to Ohmium include Palmetto, Span, Chint New Energy, Fullcryo, SP New Energy and Emerald Horizon. |
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