Ohmium Secures Funding For 137-MW Electrolyzer Manufacturing under SIGHT Scheme

Green hydrogen firm Ohmium on Thursday said it has secured financial assistance for setting up a 137-MW electrolyzer manufacturing capacity under the SIGHT scheme. Electrolyzer is a device that uses electricity to split water into hydrogen and oxygen through a chemical process called electrolysis.

Ohmium International (Ohmium) has been selected for the second time as a SIGHT Incentive Program award winner by the Ministry of New and Renewable Energy, a company statement said.

"Our selection for this award demonstrates both Ohmium team's commitment to excellence as well as to decarbonization in India and across the globe," said Arne Ballantine, Ohmium CEO in the statement.

This award is a continuation of Ohmium's success in Tranche I of the SIGHT program. The tenders, implemented by the Solar Energy Corporation of India are intended to incentivize 1.5 GW of domestic electrolyzer manufacturing capacity in support of India's sustainability goals.

"India has ambitious green hydrogen goals, and this program supports India's evolution as a global Energy hub. These funds will accelerate the expansion of Ohmium's Gigafactory in Bangalore as well as support future local manufacturing facilities", noted Ballantine.

Ohmium is the PEM electrolyzer leader in India, with partnerships with industry leaders such as NTPC and Tata Projects.

The company has an active green hydrogen project pipeline of over 2 GW across four continents, serving a diverse range of customers across energy, transportation, steel production, and heavy industry.

Headquartered in the United States with manufacturing facilities in India and operations worldwide, Ohmium has a global green hydrogen project pipeline exceeding 2 GW across three continents.

In 2023, Ohmium raised $250 Million in Series C financing, led by TPG Rise Climate.