In its continuing effort to expand into emerging climate technologies, 3M has completed a strategic investment in Ohmium International, a developer of electrolyzer systems for green H₂ production. The investment is part of 3M's commitment to advancing technologies that support the transition to a low-carbon economy and may help the company explore further decarbonizing its own operations.

"Our investment in Ohmium demonstrates 3M's dedication to fostering innovative technologies that can lead to a more sustainable future," said Mark Copman, senior vice president, 3M New Growth Ventures. "We see significant potential for collaboration in areas such as advanced materials, which can further enhance the efficiency and scalability of green H₂ production."

The investment aligns with 3M's strategic growth platform in climate tech and its vision to leverage 3M's deep technological expertise in material science in support of the Department of Energy's "H₂ Energy Earthshot" and the industry goal of reducing the cost of green H₂ production to $1/kg.

Ohmium is known for the efficiency of its proton exchange membrane (PEM) electrolyzers, designed to optimize PEM's industry leading performance in pairing with renewables to produce green H₂. Green H₂ is a fossil-free energy source critical for decarbonizing hard to abate industrial sectors such as steel manufacturing and fertilizer production. Ohmium's proprietary power electronics, hyper-modular design and standardized manufacturing approach have positioned the company as a leader in cost-competitive, efficient and high-output green H₂ production.

"We're very pleased to partner with an industry leader like 3M and look forward to collaborating with them on continued innovation in catalysts and other electrolyzer materials," said Arne Ballantine, Ohmium CEO. "Their investment in Ohmium is another testament to the strength of our technology and our track record in deployment."

In April 2023, Ohmium raised $250 MM in its Series C funding round led by TPG Rise Climate, the dedicated climate investing strategy of global alternative asset manager TPG. 3M is one of nearly 30 blue-chip corporations that invested in the inaugural TPG Rise Climate fund and joined its TPG Rise Climate Coalition. The Rise Climate Coalition is part of a differentiated climate solutions ecosystem that convenes regularly to accelerate knowledge exchange, drive new investment opportunities, and share best practices.

Electrolysis is the leading segment of the rapidly expanding H₂ generation market, fueled by growing investments in fossil free green H₂ production. The global electrolyzers market is estimated to grow from $500 MM in 2023 to over $57 B by 2030, while the global H₂ generation market overall is expected to grow over 60% to almost $260 B by 2028. This rapid expansion presents a unique opportunity for 3M to leverage its expertise in material science to contribute to the scaling of H₂ as a clean energy source.