I write about advanced transportation and climate-oriented technology. I also co-author the Current Climate newsletter.
Koloma, which extracts naturally occurring hydrogen from underground deposits, added Khosla Ventures, Amazon and United Airlines as key backers in its biggest funding round.Koloma, a startup aiming to lead a new industry based on extracting carbon-free hydrogen from natural underground deposits, just raised $245.7 million in a financing round that positions it to stay ahead of competitors in this developing clean energy field.from a U.S.
“We’re grateful to be backed by some of the world’s leading companies and investors in our recent fundraise,” Paul Harraka, Koloma’s chief business officer and cofounder, toldlast year, is commercializing extensive research by Ohio State University geologist Tom Darrah, its CTO and cofounder. He’s spent years studying where hydrogen pockets are most likely to be found and ways that techniques developed by the oil and gas industry can be leveraged to get the resource.
Hydrogen’s flexibility as an energy source — it can be used to cut carbon emissions, power vehicles and store or make electricity — makes it highly compelling. Currently, most industrial hydrogen is made by splitting it from natural gas with steam, a process that emits carbon dioxide. A new industry for carbon-free “green” hydrogen, using electrolysis to extract the element from water with electricity, is promising but a more costly option.
“There’s a lot more awareness that this opportunity exists out in the world and we’re seeing more groups following in footsteps,” said Andy Lubershane, head of research for Energy Impact Partners, a top investor in Koloma. “We think they're out front and have some unique advantages.”for a new credit that will provide up to $3 per kilogram of clean, zero-carbon hydrogen include the geologic form, in addition to green hydrogen.
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