Mitsubishi Heavy Industries, Ltd. (MHI) has invested in Koloma, a startup company headquartered in Denver, Colorado and focused on geologic hydrogen extraction.
The investment has been executed through Mitsubishi Heavy Industries America, Inc. (MHIA), which joins a syndicate of investors, including Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, United Airline’s Sustainable Flight Fund and Energy Impact Partners, according to a news release.
Axios reported that Koloma raised $50m in a Series B extension round that also included Japan’s Osaka Gas.
Koloma is a geologic hydrogen company that leverages its technology, proprietary data, and human capital advantages to identify and commercialize geologic hydrogen on a global scale. Koloma is actively engaged in exploration and appraisal of assets that will play a significant role in global decarbonization efforts. As the rapidly emerging geologic hydrogen industry takes shape, Koloma’s data-driven approach helps power the discovery of geologic hydrogen resources around the world.
“Building a hydrogen solution ecosystem is one of the core strategies in the energy transition business for MHI,” said Takajiro Ishikawa, President and CEO of MHIA. “In MHI’s role as a value chain solutions provider, we are aiming to accelerate the hydrogen economy by both offering cutting-edge technologies and enabling breakthrough innovations in the hydrogen space through investments into startups.”
“We are excited to welcome Mitsubishi Heavy Industries to the Koloma family,” said Pete Johnson, CEO of Koloma. “Partnerships with industrial leaders like MHI will maximize the positive impact geologic hydrogen can have as a new clean primary energy source. We look forward to collaborating and innovating together to drive progress in this field and in the broader energy transition.”
MHI Group is collaborating with and investing in partners to develop innovative technologies that will help to decarbonize existing infrastructures and help build a hydrogen ecosystem to contribute towards achieving a decarbonized society. The Company will continue to enhance and diversify its solutions portfolio to provide customers with alternative decarbonization technologies to achieve their net zero goals.
