Each year, on a global level, around 90 million tons of hydrogen are being produced, mostly from fossil fuel sources, according to ESG Today. In the meantime, the production of green, clean hydrogen will require important investments in the coming years if companies hope to reach commercial scale.

Nevada-based Ohmium wants to help companies do just that with its modular and scalable electrolyzer systems, which generate hydrogen using only renewable energy.

Thus, the company will use some of the recent funding to reach an electrolyzer production capacity of 2GW per year, while also expanding its operations in new and existing markets, such as the US, Europe and the Middle East.

Arne Ballantine, CEO of Ohmium, said that "we are on track to deliver our PEM electrolyzer systems to customers worldwide operating across multiple sectors. This capital raise is a validation of Ohmium’s strategy and technology leadership and provides our organization with the kind of investment needed to deliver on our ambitious plans for international growth."

Hanover Technology Investment Management and Energy Transition Ventures are among those who participated in the Series C funding round.