JERA invests in Koloma through JERA Ventures

Natural hydrogen accumulates underground, without electrolysis. JERA, Japan's largest power generator, has invested in Koloma, a Denver startup exploring this resource, through JERA Ventures, an arm with US$300 million in capacity. The amount was not disclosed.

A US Geological Survey study in Science Advances, from December 2024, puts the most probable value at 5.6 trillion tonnes underground, most of it likely unrecoverable. About 100 billion tonnes would cover some 200 years of projected demand in a net zero scenario.

For a generator, the interest lies in the supply chain. Electrolytic hydrogen depends on electrolysers and dedicated renewables. Natural hydrogen, if confirmed, depends on wells, separation and compression, with other suppliers. An exploration-stage stake lets a company follow the route before committing capital.

JERA describes the stake as an investment in knowledge, not production. The next milestone is for Koloma to prove recoverable volumes and competitive costs. The resource exists in the model. The supply chain still has to exist in the field.