Koloma, a U.S.-based clean fuel startup backed by [Bill Gates](https://www.cnbc.com/bill-gates/) and [Jeff Bezos](https://www.cnbc.com/jeff-bezos/), says it wants to use expertise that has traditionally served the hydrocarbon industry to power a global gold rush for buried hydrogen.
Pete Johnson, CEO and co-founder of Koloma, told CNBC that geologic hydrogen is fundamentally an exploration and production business.
“We can use expertise and service providers that have traditionally served the oil, gas, and mining industries and quickly put them to work in driving the discovery of carbon free-resources. Leveraging and modifying what already exists will allow us to mature the industry faster,” he said.
Based in Denver, Colorado, Koloma has raised more than $305 million since it was founded just a few years ago, the company told CNBC.
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Koloma, a U.S.-based clean fuel startup backed by [Bill Gates](https://www.cnbc.com/bill-gates/) and [Jeff Bezos](https://www.cnbc.com/jeff-bezos/), says it wants to use expertise that has traditionally served the hydrocarbon industry to power a global gold rush for buried hydrogen.
It comes as buzz continues to build over the clean energy potential of [geologic hydrogen](https://www.cnbc.com/2024/03/26/natural-hydrogen-a-new-gold-rush-for-a-potential-clean-energy-source.html), a long-overlooked resource that advocates say could play a pivotal role in the [shift away from fossil fuels](https://www.cnbc.com/2023/12/13/countries-agree-to-deal-at-cop28-climate-summit.html).
Geologic hydrogen — sometimes known as white, gold or natural hydrogen — refers to hydrogen gas that is found in its natural form beneath Earth’s surface. It is [thought](https://www.science.org/content/article/hidden-hydrogen-earth-may-hold-vast-stores-renewable-carbon-free-fuel) to be produced by high-temperature reactions between water and iron-rich minerals.
Pete Johnson, CEO and co-founder of Koloma, told CNBC that geologic hydrogen is fundamentally an exploration and production business.
“We can use expertise and service providers that have traditionally served the oil, gas, and mining industries and quickly put them to work in driving the discovery of carbon free-resources. Leveraging and modifying what already exists will allow us to mature the industry faster,” he said.
Based in Denver, Colorado, Koloma has raised more than $305 million since it was founded just a few years ago, the company told CNBC.
More: [https://www.cnbc.com/2024/09/12/bill-gates-backed-startup-on-the-global-gold-rush-for-buried-hydrogen.html](https://www.cnbc.com/2024/09/12/bill-gates-backed-startup-on-the-global-gold-rush-for-buried-hydrogen.html)