3M Pours Investment into EVOLOH for Hydrogen Electrolyzer Development
3M Pours Investment into EVOLOH for Hydrogen Electrolyzer Development

3M Pours Investment into EVOLOH for Hydrogen Electrolyzer Development

  • 27-Mar-2024 3:12 PM
  • Journalist: Stella Fernandes

3M (NYSE: MMM) has made an investment in EVOLOH, a cleantech firm dedicated to ramping up the manufacturing of its electrolyzers to render green hydrogen both cost-effective and efficient.

These electrolyzers function by employing electricity to split water molecules, resulting in hydrogen, which can serve as a clean fuel or chemical reactant, replacing fossil fuels in industries notorious for being hard to decarbonize or mitigate, such as steel production and aviation.

The economical production of green hydrogen stands as a critical factor in achieving global climate objectives. This investment reflects 3M's ongoing commitment to climate technology solutions rooted in materials science. It signifies another stride by 3M towards fostering the hydrogen economy and advancing the transition to clean energy.

Mark Copman, Senior Vice President of 3M New Growth Ventures, expressed enthusiasm about the investment, highlighting the potential for collaboration between the two companies. Copman noted 3M's opportunity to leverage its extensive expertise in high-volume membrane electrode assembly and align with EVOLOH's vision to democratize access to clean and affordable hydrogen worldwide. This investment seamlessly dovetails with 3M's broader efforts to bolster the hydrogen economy and propel the planet towards a clean energy transition.

EVOLOH adopts an innovative approach to electrolyzer manufacturing, utilizing core components devoid of precious metals or rare earth materials, instead opting for abundant materials like steel, plastic, and aluminum. This approach translates into electrolyzer modules at lower costs for end-users, along with reduced expenses for installation and upkeep.

Recently, 3M Ventures, the venture capital arm of 3M, participated in EVOLOH's $20 million Series A funding round, aimed at facilitating the company's expansion of manufacturing capabilities.

Dr. Jimmy Rojas, Founder and CEO of EVOLOH, commented on the funding round, asserting that it positions EVOLOH to lead the electrolyzer manufacturing market by metamorphosing electrolyzer stacks into affordable and efficient hardware commodities, all crafted with 100% local supply chains.

This investment in EVOLOH forms just one facet of 3M's multifaceted initiatives to advance hydrogen technologies. Other endeavors include the development of high-performance catalyst technology employed in proton exchange membrane water electrolysis, another hydrogen production technology variant. Additionally, 3M and HD Hyundai Korea Shipbuilding & Marine Engineering (KSOE) have embarked on a joint research project aimed at developing large liquid hydrogen storage tanks utilizing 3M glass bubbles – high-strength, low-density hollow glass microspheres.

3M (NYSE: MMM) holds the conviction that science plays a pivotal role in shaping a brighter future for all. Through harnessing the potential of individuals, innovative ideas, and scientific advancements, our worldwide team is committed to reimagining possibilities. We strive to address the diverse needs and complexities of our customers, communities, and the planet, leveraging science as a tool for positive transformation.

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