Ohio State clean energy spinoff backed by Bill Gates raises $246 million

A clean energy company spun off from Ohio State and backed by Bill Gates has raised $246 million. 

Koloma, based in Denver but with a lab in Columbus, has developed technology to extract carbon-free hydrogen from underground deposits. The company licenses technology from Ohio State, where CTO Tom Darrah is a professor of earth sciences.

In its largest round to date, Koloma added Khosla Ventures, Amazon’s Climate Pledge Fund and United Airlines’ Sustainable Flight Fund as investors. To date, the company has raised more than $300 million from backers including Bill Gates’ Breakthrough Energy Ventures and Energy Impact Partners.

What it means for Ohio

Koloma has a research lab at Ohio State’s new Energy Advancement and Innovation Center, aligning with the center’s mission to propel the next generation of convergent energy research and technology incubation. 

The large fundraise helps keep Ohio at the forefront of a rapidly developing market for hydrogen that could shape the global future of energy.

What they’re saying

“We’re grateful to be backed by some of the world’s leading companies and investors in our recent fundraise.” 

- Paul Harraka, chief business officer and co-founder of Koloma

“There’s a lot more awareness that this opportunity exists out in the world and we’re seeing more groups following in (Koloma’s) footsteps. We think they're out front and have some unique advantages.”

- Andy Lubershane, head of research for Energy Impact Partners