A clean energy startup developing a "data-driven approach to exploration for hydrogen in the earth's subsurface" has raised another $30 million, according to publicly available documents.
Koloma Inc. remains in stealth mode, a co-founder said via email. Startups typically do not comment on still-open rounds to avoid the appearance of publicly soliciting non-accredited investors.
"Koloma is a cutting-edge hydrogen startup, backed by some of the top climate tech investors on the planet," according to description in online job listings. "We are developing technologies that will enable the production of low cost, 24/7 available carbon-free hydrogen. Our team is led by seasoned energy executives and world-renowned technical thought leaders."
One of Columbus Inno's Startups to Watch for 2023, Dublin-based Koloma in August reported raising $55.7 million in an earlier regulatory filing. Cumulative funding to date is $91 million, but the company has not yet announced the closing of any funding round.
A new Form D filed on Thursday cites six investors, compared with 20 investors in last year's filing.
Incorporated in a Dublin office park in 2021, the company has had some job listings in Columbus previously, but more recent ones are in Denver, and Washington, D.C., such as for a controller, engineer and public affairs lead.
The company has started drilling exploration wells, according to written testimony submitted to the IRS in December regarding clean fuels tax credits.
"Geologic hydrogen presents an incredible opportunity to meet both U.S. and global demand for hydrogen production and storage within this decade," the document said, which said its processes don't release additional carbon into the atmosphere.
Ohio State University's website indicates Koloma has licensed technology from its earth sciences engineering department. Representatives were not immediately available to provide details.
VC investors include Breakthrough Energy Ventures, Energy Impact Partners, Evok Innovations and Prelude Ventures, according to its website, which says details are “coming soon.” Those firms all invest in tech to reduce carbon emissions, and principals with some are listed as Koloma investors on the Form D.
Koloma’s CEO is Pete Johnson, according to regulatory filings and the IRS testimony. According to his LinkedIn profile, the mechanical engineer most recently was co-founder of Monolith Materials.
Koloma is developing hydrogen exploration technology. An earlier version of this story incorrectly paraphrased written testimony from the stealth-mode startup to describe its business.
