On July 17, 7M announced that it had made a strategic investment in green hydrogen technology company Ohmium International as part of its efforts to scale new climate technologies.
Hydrogen is seen as one of the main pillars of the transition to clean energy in the future, especially for industries where it is difficult to reduce emissions where renewable energy solutions such as wind or solar are less effective. effective. Around 90 million tonnes of hydrogen are produced each year, however the majority is fractionated using fossil fuels – causing pollution and greenhouse gas emissions. Increasing the capacity to produce clean hydrogen, such as green hydrogen, which uses renewable energy to power the separation of hydrogen from other feedstocks, will require huge investments across sectors. such as infrastructure, electrolysis and transportation.
Founded in 2019, Nevada-based Ohmium designs and manufactures modular and scalable proton exchange membrane (PEM) electrolysis systems for hydrogen production green. Using PEM electrolysis technology, water is introduced into an anode, electricity is used to split the water into hydrogen ions, electrons and oxygen and then hydrogen protons are conducted through the PEM membrane to the cathode, reacting with electrons create hydrogen gas. Ohmium's electrolyzer uses 100% renewable energy to produce green hydrogen.
3M's investment is part of Ohmium's $250 million capital mobilization last year, with the goal of expanding the business, which includes increasing electrolysis equipment manufacturing capabilities and increasing production levels. international presence.
Ohmium CEO Arne Ballantine said:
“We are excited to partner with an industry giant like 3M and look forward to collaborating with them on continued innovation in catalysts and other electrolytic materials. The investment in Ohmium is another testament to the strength of our technology and deployment experience.”
According to 3M, the new investment represents part of its commitment to improving technologies that support the transition to a low-carbon economy and can help the company continue to decarbonize. its activities.
3M added that this investment is consistent with its strategic growth platform in climate technology and the company's vision to leverage its materials science expertise to support for the U.S. Department of Energy's “Hydrogen Energy Earthshot” initiative and the industry's goal of reducing the cost of hydrogen production to $1/kg.
Mark Copman, Senior Vice President of 3M New Growth Ventures said:
“Our investment in Ohmium demonstrates 3M's commitment to advancing innovative technologies that have the potential to deliver a more sustainable future. We see great potential for collaboration in areas such as advanced materials, which could improve the efficiency and scalability of green hydrogen production.”
3M said it expects to invest about $1 billion to achieve its environmental sustainability goals over the next 20 years, including carbon neutrality by 2050 and a 25% reduction in water use at its facilities. facility by 2030 and return better quality water to the environment after productive use.
*Source: ESG Today