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Koloma Secures $245M Series B Funding to Advance Natural Hydrogen Exploration

by Anna

Koloma, a pioneering start-up focused on the discovery and extraction of natural hydrogen from subsurface mineral deposits, has recently announced securing $245 million in Series B funding. Backed by notable investors, including Amazon’s climate fund and the venture capital arm of United Airlines, this significant investment is poised to propel Koloma’s operations to new heights.

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This funding milestone follows closely on the heels of Koloma Labs, the company’s research lab affiliated with Ohio State University, receiving $900K in government grants as part of a $20 million program initiated by the U.S. Department of Energy (DOE) to foster natural hydrogen exploration and production. These developments underscore the growing interest and support for innovative solutions in the clean energy sector.

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Koloma’s journey traces back to its inception in 2021, with initial funding from Bill Gates’ Breakthrough Energy. Since then, the company has been steadfast in its mission to unlock the potential of naturally occurring hydrogen, a promising alternative to carbon-based fossil fuels.

Hydrogen, renowned for its high energy storage capacity, holds immense promise as a clean fuel source. However, the affordability and accessibility of clean hydrogen remain key challenges hindering its widespread adoption. Traditional methods of hydrogen production, such as electrolysis of water, often rely on energy derived from carbon-based fuels, negating the environmental benefits.

Recognizing the untapped potential beneath the earth’s surface, Koloma is at the forefront of developing technology to identify, access, and produce geologic hydrogen reserves. By leveraging advanced research techniques and applying insights from the oil and gas industry, Koloma aims to unlock the vast reserves of natural hydrogen waiting to be harnessed.

The recent funding injection will enable Koloma to expand its natural hydrogen research, development, and exploration endeavors. With ongoing efforts to search for hydrogen deposits in the Midwest region of the U.S., Koloma is poised to make significant strides in advancing clean energy solutions.

Koloma’s investor roster boasts prominent names in the venture capital landscape, including Khosla Ventures and Bill Gates’ Breakthrough Energy Ventures. These partnerships underscore the confidence in Koloma’s vision and its potential to drive transformative change in the energy sector.

Moreover, Koloma Labs’ receipt of grant funding from the DOE underscores the government’s commitment to supporting innovative research initiatives. The grant program, administered through the Advanced Research Projects Agency-Energy, signifies a significant step forward in advancing hydrogen discovery technology.

As Koloma continues to push the boundaries of natural hydrogen exploration, collaborations with esteemed institutions and strategic investments pave the way for a sustainable energy future. With a steadfast commitment to innovation and sustainability, Koloma remains at the forefront of revolutionizing the clean energy landscape.

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