3M Boosts Investment in Evoloh as Part of Green Hydrogen Push
By Sabela Ojea
3M said it has invested in the cleantech company Evoloh as it looks to boost its green hydrogen capabilities.
The St. Paul, Minn.-based materials company on Tuesday said Evoloh takes an innovative approach to manufacturing electrolyzers, whose core components don't require the use of precious metals or rare earth materials.
Electrolyzers are devices that use electricity to separate atoms in water, which results in hydrogen that can be used as a clean fuel or chemical reactant.
The size of 3M's investment wasn't disclosed. The investment was made through the company's venture capital arm 3M Ventures after taking part in a recent $20 million fundraising round for Evoloh.
3M is targeting climate technology, industrial automation and next generation electronics as lucrative new businesses for the company as it seeks to push past a wave of costly litigation in connection with so-called forever chemicals, also known as known as PFAS, which it has manufactured for decades.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 26, 2024 12:01 ET (16:01 GMT)
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