MHI Invests in Geologic Hydrogen Exploration Company: Koloma

Mitsubishi Heavy Industries (MHI) and Osaka Gas led the latest $50 million funding round for Koloma—a geologic hydrogen startup founded by Pete Johnson and headquartered in Denver, CO. The investment was executed through MHI America which joins a network of investors, including Bill Gates’ Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, United Airline’s Sustainable Flight Fund, and Energy Impact Partners. The company’s total investments amount to more than $350 million since its 2021 launch.

"We are excited to welcome Mitsubishi Heavy Industries to the Koloma family," said Pete Johnson, CEO of Koloma. "Partnerships with industrial leaders like MHI will maximize the positive impact geologic hydrogen can have as a new clean primary energy source. We look forward to collaborating together to drive progress in this field and in the broader energy transition."

Koloma utilizes its technology, proprietary data, and human capital advantages to identify and commercialize geologic hydrogen on a global scale. Most natural hydrogen originates via serpentinization: underground water contacts iron-rich rocks and creates iron oxides, leaving behind hydrogen. Gaseous hydrogen then rises through permeable rock and soil, forming deposits contained within subterranean domes.

Natural hydrogen exploration site; image credit: Koloma

In addition to multiple funding rounds from industry leaders, Koloma Labs in Dublin, OH, received $900,000 from the U.S. Department of Energy (DOE) for its enhanced hydrogen production research. The company lab is developing geochemical, geo-mechanical, and fluid transport models to understand hydrogen formation in novel rock systems, paired with an investigation of microbiology in hydrogen reservoirs.

"Building a hydrogen solution ecosystem is one of the core strategies in the energy transition business for MHI," said Takajiro Ishikawa, President and CEO of MHIA. "In MHI's role as a value chain solutions provider, we are aiming to accelerate the hydrogen economy by both offering technologies and enabling breakthrough innovations in the hydrogen space through investments into startups."

MHI’s Hydrogen News

In June 2024, the Electricity Generating Authority of Thailand (EGAT) and MHI agreed to research the integration of hydrogen co-firing technologies in gas turbine-driven power generation facilities in Thailand. Backing the country’s goal of reaching carbon neutrality by 2050 and net-zero emissions by 2065, the partners’ research will facilitate the conversion of thermal power plants to clean-fuel operation.

The agreement will begin with a hydrogen co-firing pilot project at an EGAT power plant in Thailand, with an initial feasibility study to be performed by March 2025. At EGAT’s request, the companies plan to achieve a hydrogen co-firing ratio of 20% with assistance from Mitsubishi Power. EGAT is also creating a strategic hydrogen supply chain management plan, which includes the transportation, storage, and distribution of hydrogen in Thailand. MHI and EGAT will conduct an evolved feasibility study based on the results of their partnership.

And, in April, MHI commenced operation of a SOEC test module at the Takasago Hydrogen Park in Japan’s Hyogo Prefecture. The SOEC test module has a capacity of 400 kW, and the core technologies were developed at the Nagasaki Carbon Neutral Park. It also has a high efficiency and MHI’s tubular cell stack supports operation at high pressures. The results of this SOEC operation will be used to support the development of higher output and increased capacity.

The SOEC has a module with multiple cartridges of 500 cell stacks packed together. Test operation results displayed the electrolytic efficiency of the module was 3.5 kWh/Nm³ (101% - higher heating value), confirming high efficiency for the SOEC. These results represent a step towards satisfying MHI’s goal of building a system with an efficiency of 90% higher heating value.