The archive · Climate & Energy · Strategic decision · 2021–2026
Koloma: finding hydrogen the earth already makes, with $245M and Philippine contracts
Backed by Khosla, Amazon and Gates, Koloma hunts naturally occurring hydrogen and just won its third Philippine exploration contract.
Koloma
What the business is
Koloma is a Denver-based natural hydrogen exploration company founded in 2021 by Monolith co-founder Pete Johnson, former NASCAR driver Paul Harraka and geoscientist Tom Darrah. Instead of manufacturing hydrogen, it uses proprietary data, seismic imaging, satellite mapping and AI to locate and eventually produce geologic ('white') hydrogen, and holds exclusive exploration contracts in the Philippines plus active partnerships on four continents.
Starting capital：$245M Series B announced in Feb 2024, led by Khosla Ventures with Amazon's Climate Pledge Fund and United Airlines' VC arm; earlier backing came from Breakthrough Energy Ventures, Energy Impact Partners, Prelude Ventures and Piva Capital (Canary Media).
How it started
Pete Johnson, who previously co-founded clean-ammonia company Monolith, started Koloma in Denver in 2021 with Paul Harraka and Tom Darrah, a geoscientist with more than a decade of research on geologic hydrogen. After early backing from Breakthrough Energy Ventures and others in July 2023, Koloma raised a $245M Series B in February 2024 led by Khosla Ventures and joined by Amazon's climate fund and United Airlines' VC arm, according to Canary Media.
What happened
Instead of electrolyzing water or reforming methane, Koloma hunts hydrogen generated underground when water meets iron-rich rock (serpentinization), using seismic imaging, satellite data and AI to map likely deposits. In October 2025 the Philippines awarded it two service contracts in Central Luzon under what its Department of Energy called the world's first competitive bid round for natural hydrogen, and exploration with 2D seismic surveys began. On July 23, 2026 the government signed a third contract (SC 92) covering western Zambales, bringing Koloma's licensed area to more than 4,100 square kilometers; the company says it is also active on four continents.
How it ended up
No commercial discovery announced as of July 2026, and whether natural hydrogen can be produced at scale is unproven. What Koloma has banked so far is the hunt itself: three exclusive Philippine contracts, exploration underway, and $245M to keep drilling.
Background
Koloma is a Denver startup founded in 2021 by Pete Johnson, who previously co-founded clean-ammonia company Monolith, with former NASCAR driver Paul Harraka and geoscientist Tom Darrah. After early backing from Breakthrough Energy Ventures in July 2023, it raised a $245M Series B in February 2024 led by Khosla Ventures, joined by Amazon's Climate Pledge Fund and United Airlines' VC arm.
Its bet is that hydrogen made naturally underground — geologic or 'white' hydrogen, formed when water meets iron-rich rock — can be located and produced like oil, using seismic imaging, satellite data and AI instead of expensive electrolyzers. Canary Media notes the economics are unproven: deposits may be scattered, the gas is hard to transport, and leaks are a real risk.
In October 2025 the Philippines awarded Koloma two service contracts in Central Luzon under what its Department of Energy described as the world's first competitive bid round for natural hydrogen, and 2D seismic surveys began. On July 23, 2026 the government signed a third contract, SC 92, covering western Zambales, bringing Koloma's licensed area past 4,100 square kilometers.
As of July 2026 no commercial-scale discovery had been announced, and Koloma's outcome is still the hunt: exclusive ground on four continents, funded by $245M in patient venture capital. Whether the gas can be produced at pipeline-relevant scale and price remains the open question the round is betting on.
What has to be true
- Supply asymmetry: geologic hydrogen forms continuously underground, so a discovery would skip the expensive manufacturing step that every electrolysis rival must pay for.
- Existing tooling: seismic imaging, satellite data and AI were built for oil and gas, so Koloma applies proven exploration methods to a new target rather than inventing infrastructure.
- Exclusive ground first: the Philippines' first competitive bid round let Koloma fence off more than 4,100 square kilometers of licensed territory before rivals could move.
- Patient capital: Khosla, Amazon, United Airlines and Breakthrough Energy Ventures funded a multi-year exploration with no revenue in sight.
What can be applied
When an industry races to manufacture a commodity, bet on the supply nobody has prospected: Koloma raised $245M to find hydrogen nature already made, not to make more.
Aftermath
As of July 23, 2026, Koloma held three exclusive Philippine service contracts — two in Central Luzon from October 2025 and SC 92 in western Zambales — covering more than 4,100 square kilometers, with 2D seismic surveys underway under the first two. The company says its proprietary dataset and exploration methods also support active partnerships on four continents. No commercial-scale discovery had been announced, and analysts quoted by Canary Media caution that scattered deposits, transport costs and leaks could sink the economics even where pure hydrogen is found.
Sources
- The $245M bid to pull clean hydrogen straight from the earth
- Koloma Expands Natural Hydrogen Exploration Operations in the Philippines
- Philippines grants US firm third natural hydrogen exploration licence
- Philippines awards third natural hydrogen exploration contract
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