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Bill Gates-Backed Clean Fuel Startup Raises $246 Million To Aid Plans To Drill For Hydrogen

Alan Ohnsman reports on an underground hydrogen startup that has raised $246 million.

The C3 Take
  • Koloma is a Denver-based startup that is looking to tap the Earth for clean hydrogen.
  • The company uses research from geologist and CTO Tom Darrah, who has studied 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.
  • Koloma recently raised $245.7 million in funding from Amazon’s Climate Fund and United Airlines, and has been supported by Breakthrough Energy in the past.

“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. Geologic hydrogen’s advocates think it will prove to be the cheapest form, given the ability to leverage long-established energy-drilling techniques.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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