3M bets big on green future with latest tech investment in Ohmium International

3M (NYSE: MMM), a global leader in diversified technology, has fortified its presence in the emerging climate technology sector through a strategic investment in Ohmium International. This move is part of 3M’s overarching commitment to support the transition to a low-carbon economy and underscores its strategy to potentially decarbonize its operations further. Ohmium International is recognized for its cutting-edge electrolyzer systems designed specifically for the production of green hydrogen.

Mark Copman, Senior Vice President of 3M New Growth Ventures, emphasized the alignment of this investment with the company’s innovation-driven ethos. “Our investment in Ohmium demonstrates 3M’s dedication to fostering innovative technologies that can lead to a more sustainable future,” he stated. The partnership aims to tap into 3M’s deep-rooted expertise in material science to boost the efficiency and scalability of green hydrogen production, a critical component in reducing global carbon footprints.

Ohmium is at the forefront of the green hydrogen sector with its Proton Exchange Membrane (PEM) electrolyzers, which are renowned for their efficiency and compatibility with renewable energy sources. This technology is pivotal for industries such as steel manufacturing and fertilizer production, where decarbonization has been challenging. Arne Ballantine, CEO of Ohmium, expressed enthusiasm about the partnership, noting, “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.”

The investment is strategically timed to coincide with increasing global focus on green hydrogen as a sustainable energy solution. According to industry forecasts, the global electrolyzers market is poised to expand from US$ 0.5 billion in 2023 to over US$ 57 billion by 2030. This growth is part of a broader surge in the hydrogen generation market, which is expected to see a 60% increase, reaching nearly US$ 260 billion by 2028.

This strategic move by 3M not only amplifies its role in the climate technology landscape but also aligns with the Department of Energy’s “Hydrogen Energy Earthshot” initiative aimed at slashing the cost of green hydrogen production to $1 per kilogram. This goal encapsulates the industry’s ambition to make green hydrogen a cost-effective and widespread option for sustainable energy.

In April 2023, Ohmium enhanced its market position by securing $250 million in a Series C funding round led by TPG Rise Climate, a strategy dedicated to climate investing by global alternative asset firm TPG. This funding underscores the robust confidence in Ohmium’s technological advancements and its capacity to meet the escalating demand for environmentally-friendly energy solutions.

As the global community continues to pivot towards sustainable energy alternatives, partnerships like that between 3M and Ohmium are set to play a pivotal role in shaping a greener, more sustainable future.

The strategic partnership between 3M and Ohmium is indicative of a significant shift in the market dynamics within the climate technology sector. By leveraging its material science expertise, 3M is not just participating but actively contributing to the advancement of green technologies that will be crucial in the coming years.