Emerging from the stealth in July, the Denver-based energy startup, Koloma has been making waves in the clean energy sector. The company recently raised $245.7 million in equity and an option to acquire another security, which brings their total raised to approximately $337 million since March 2022. This recent fundraise was backed by leading companies and investors, including Amazon, United Airlines, and Breakthrough Energy, positioning Koloma ahead of competitors in the clean energy field.
Geologic Hydrogen: A New Source of Clean Power
Co-founded by Pete Johnson, entrepreneur Paul Harraka, and Tom Darrah, a professor at Ohio State University, Koloma is focused on unlocking naturally occurring, carbon-free hydrogen as a new source of clean power. This geologic hydrogen is created when iron-rich rocks come into contact with water and deposits of this clean energy source have been found all over the world. The technology, licensed from Ohio State University, aims to find and produce this geologic hydrogen.
Revolutionizing the Energy Sector
The U.S. Energy Department recently allocated $20 million in research grants to investigate the potential of geologic hydrogen as a renewable energy resource. This marked the first federal investment dedicated to exploring naturally occurring underground hydrogen. Koloma, being one of the recipients of these grants, has been positioned at the forefront of this exciting new field of research. The potential global volume of geologic hydrogen might be as high as 150 million metric tons, indicating a vast, untapped potential as a sustainable energy resource.
Commercializing Research and Advancing Technology
Koloma's CTO and co-founder, Tom Darrah, has conducted extensive research on the natural generation of hydrogen in underground pockets. The company now aims to commercialize this research and leverage established energy-drilling techniques to extract hydrogen. With the backing of powerful investors like Bill Gates, the startup is also developing technologies like analytics, AI, and sensors to explore for hydrogen deposits in the U.S.
The Future of Clean Energy
As the world continues to grapple with the challenges of climate change and environmental degradation, the demand for clean, renewable energy sources is rising. The proposed rules from the Treasury Department indicate the potential for geologic hydrogen to be a cost-effective and promising source of clean, zero-carbon hydrogen. With its recent fundraise and the backing of leading companies and investors, Koloma is well-positioned to lead the industry in extracting carbon-free hydrogen from natural underground deposits, potentially revolutionizing the clean energy sector.