3M Invests In Hydrogen Electrolyzer Manufacturer EVOLOH; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
3M (NYSE:MMM) has invested in EVOLOH, a cleantech company focusing on scaling up electrolyzer manufacturing for affordable and efficient green hydrogen production. This investment is part of 3M's commitment to supporting the hydrogen economy and clean energy transition. EVOLOH's technology, which does not require precious metals or rare earth materials, aims to lower the costs of electrolyzer modules, installation, and maintenance. 3M Ventures participated in EVOLOH's $20 million Series A fundraising to help scale manufacturing capabilities. This move aligns with 3M's broader initiatives in hydrogen technology development, including high-performance catalyst technology and a joint project with HD Hyundai for hydrogen storage solutions.
March 26, 2024 | 3:01 pm
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3M's investment in EVOLOH, a cleantech company, aims to advance green hydrogen production, aligning with its commitment to the hydrogen economy and clean energy transition. This strategic move could enhance 3M's position in the clean energy market.
3M's investment in EVOLOH indicates a strategic move to diversify and strengthen its portfolio in the clean energy sector, particularly in green hydrogen, a key area for future energy solutions. This could positively impact investor perception and 3M's market position in the short term, given the growing emphasis on sustainable and renewable energy sources.
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