Page 153 - CW E-Magazine (30-7-2024)

News from Abroad

GREEN HYDROGEN
3M invests in electrolyser maker, Ohmium

US-based diversified conglomerate,
3M, has completed a strategic invest-
ment in Ohmium International, a deve-
loper of electrolyser systems for green
hydrogen production.

The investment is part of 3M’s com-
mitment to advancing technologies that
support the transition to a low-carbon
economy and may help the company
explore further decarbonising its own
operations.

“Our investment in Ohmium hydrogen. Green hydrogen is a fossil-free climate investing strategy of global
demonstrates 3M’s dedication to fos- energy source critical for decarbonising alternative asset manager TPG. 3M is
tering innovative technologies that hard to abate industrial sectors such as one of nearly 30 blue-chip corporations
can lead to a more sustainable fu- steel manufacturing and fertiliser pro- that invested in the inaugural TPG Rise
ture,” said Mr. Mark Copman, Senior duction. Ohmium’s proprietary power Climate fund and joined its TPG Rise
Vice President, 3M New Growth electronics, hyper-modular design and Climate Coalition. The coalition is part
Ventures. “We see significant potential standardised manufacturing approach of a differentiated climate solutions
for collaboration in areas such as ad- have positioned the company as a leader ecosystem that convenes regularly to
vanced materials, which can further in cost-competitive, efficient and accelerate knowledge exchange, drive
enhance the efficiency and scalability high-output green hydrogen produc- new investment opportunities, and
of green hydrogen production.” The tion. share best practices.
investment aligns with 3M’s strategic
growth platform in climate tech and “We are very pleased to partner with Electrolysis is the leading segment
the industry goal of reducing the an industry leader like 3M and look of the rapidly expanding hydrogen gene-
cost of green hydrogen production to forward to collaborating with them ration market, fuelled by growing
$1 per kg. on continued innovation in catalysts investments in fossil-free green hydrogen
and other electrolyser materials,” said production. The global electrolysers
Ohmium is known for the efficiency Mr. Arne Ballantine, Ohmium CEO. market is estimated to grow from $0.5-bn
of its Proton Exchange Membrane in 2023 to over $57-bn by 2030, while
(PEM) electrolysers, designed to opti- In April 2023, Ohmium raised the global hydrogen generation market
mise PEM’s performance in pairing $250-mn in its Series C funding round overall is expected to grow over 60% to
with renewables to produce green led by TPG Rise Climate, the dedicated almost $260-bn by 2028.
DKSH posts higher net profit in H1-2024

Swiss distribution firm, DKSH, has grew 3.3%. Core operating profit was up delivered growth and further margin
reported higher net profit for the first half 0.6% to CHF 163.6-mn, and grew 8.2% expansion in the first half of 2024. Based
of 2024 (Jan-June period). The company’s at constant exchange rates. DKSH’s core on our good first-half results, we con-
net profit for the period was 114.8-mn operating profit margin expanded to 3% firm our outlook for 2024.” The 2024
Swiss francs ($128.5-mn) compared from 2.9%, it said. outlook calls for sales to grow faster
with CHF 107.1-mn for the same time than the broader economy and a core
last year. Net sales fell 3.2% to CHF DKSH’s CEO, Mr. Stefan Butz, said, operating profit higher than in 2023,
5.44-bn (CHF 5.63-bn in H12023). “I am delighted to report that in a con- with both metrics adjusting for currency
Under constant exchange rates, net sales tinuously uncertain environment, DKSH movements.

Chemical Weekly July 30, 2024 153

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