Image by Scharfsinn86 from Getty Images
Clean Hydrogen Expansion
Ohmium, a Silicon Valley company, has secured $250 million to expand the production of machines that generate clean hydrogen, a development that could have far-reaching implications for the fight against climate change. Some experts in the field have suggested that burning hydrogen can be a viable alternative to fossil fuels such as coal, oil, or gas, particularly in the manufacturing of materials such as steel and cement, without contributing to greenhouse gas emissions.
While such claims were previously theoretical, there are now real-world examples of this technology in action. The executive director of the Hydrogen Council, Daryl Wilson, noted that just a few years ago, it would have been difficult for a company focused on clean hydrogen to raise several hundred million dollars, but increased demand for it, coupled with a growing recognition of its potential to help address climate change, has led to a surge in investment in this area.
According to research conducted by Capgemini, 64% of energy and utility companies plan to invest in low-carbon hydrogen initiatives by 2030. Mark Viehman, a hydrogen and clean fuels expert at the firm, described Ohmium’s fundraising achievement as “very impressive.”
Ohmium, which produces electrolyzers that generate hydrogen and oxygen from water, plans to utilize the $250 million it raised to expand its plant in Chikkaballapur, India, conduct further research in California, and increase its workforce. CEO Arne Ballantine intends to manufacture enough electrolyzers each year to produce 2 gigawatts’ worth of hydrogen, sufficient for several refineries, fertilizer plants, or steel mills.
Hydrogen is increasingly being considered as a viable alternative to fossil fuels in heavy manufacturing, power generation, and transportation, with countries such as the US, Canada, India, and the EU offering incentives for green hydrogen production.
Information Sourced From: