Bill Gates Backs Covert Startup for Clean Energy Revolution

A Denver-based startup company called Koloma has covertly raised $91 million to drill for continually produced subsurface carbon-free hydrogen. If successful, this project might hasten the transition to sustainable energy while tapping into a market with a potential value of $1 trillion.

Huge quantities of geologic hydrogen, a brand-new type of subterranean energy, have been discovered along tectonic plates. Expert in hydrogen extraction and co-founder of Koloma, Tom Darrah thinks that geologic hydrogen has enormous scope and promise.

Koloma has been working covertly since its founding two years ago. While examining rock and gas samples at its Columbus lab to identify the locations with the optimum hydrogen volume and purity, it is currently drilling its first wells in the Midwest. Making it the most well-funded competitor in the market, the business has raised $91 million from Bill Gates’ Breakthrough Energy Ventures, Energy Impact Partners, Evk Innovations, Prelude Ventures, and Piva Capital.

Over $120 billion is presently being spent on the worldwide hydrogen business, which uses about 100 million metric tons of the gas each year. The majority of hydrogen is created from natural gas, which releases carbon. The 2021 Infrastructure Law, however, includes $9.5 billion for clean hydrogen projects since the American government views hydrogen as a carbon-free energy source. The Inflation Reduction Act also includes a tax credit for zero-carbon gasoline of $3 per kilogram.

Professor and energy specialist Michael Webber claims that subsurface hydrogen reserves amount to trillions of kg. Although it is unclear how much can be obtained at a low cost, the potential is substantial.