[ industry rankings ]
Cost( O & M)-related metrics benchmarked at the fleet, plant, unit, and system level. Guidehouse Insights is currently engaging with participants of the Q4 2024 Leaderboard, as well as green hydrogen project developers, to provide such a service.
Another challenge is the lack of transparent and comparable data on the performance and costs of electrolyzers. To mitigate this challenge, interviews with electrolyzer OEMs were conducted to gain more information on the companies’ performance track records, commercial prospects, and strategic priorities.
Finally, the Leaderboard does not directly incorporate existing or expected trends regarding hydrogen-related infrastructure( such as the availability of hydrogen transport networks). In any case, given the increased limelight on not only electrolyzer OEMs but the hydrogen industry itself, it has become imperative to focus on realworld metrics as much as possible, be it financial, commercial deployment, or policy related.
Rankings contextualised
Clearly, 2025 is shaping up to be a year of strategic review for electrolyzer manufacturers. Project delays and cancellations, in particular, will be a challenge for all OEMs, no matter where they currently sit in the Guidehouse Leaderboard grid. Some vendors that were ranked as Leaders in the latest edition of the Leaderboard have publicly acknowledged the challenging market conditions they now face.
Leaders themselves have already implemented various measures to combat prevailing headwinds. For example, from acknowledging idling electrolyzer manufacturing capacity to curtailing manufacturing production, from downsizing measures to declaring the difficulty of predicting market demand in the short to midterm, from significant reductions in new orders, to dropping share prices – the challenges in the green hydrogen market will no doubt be felt by all.
After the Leaders, we see the Contenders. Some companies in this bracket have announced expectations of major consolidation in the industry. Some vendors currently listed toward in the Contenders section of the Leaderboard have announced immediate downsizing in Europe, as well as reduced manufacturing activity abroad.
Perhaps the greatest challenges will be faced by OEMs toward the latter end of the Leaderboard. One of the bottom performers has faced significant challenges in sales and manufacturing, with total announced electrolyzer sales among the lowest of the lot and a negligible installed capacity. These struggles highlight difficulties in securing purchase orders. The company had planned to open a gigafactory expected to be operational by the end of 2025. However, due to ongoing market headwinds and weak order intake, construction was suspended in January 2025. The parent company indicated a shift in strategy to focus entirely on research and development, as the electrolyzer maker faces the risk of complete closure. This case underscores why the Leaderboard emphasises not only the quality of technology but also securing framework agreements and purchase orders to ensure a stable revenue stream.
Among the few manufacturers producing SOEC electrolyzers, one company had a particularly promising future, given its deep technical knowledge through its fuel cell business. Despite entering the electrolyzer space only recently, it was well positioned to capitalise on this opportunity. However, concerns over its financial stability raise questions about long-term viability.
Weaker-than-expected revenue and negative EBIT have contributed to mounting liabilities, exacerbated by a heavy reliance on debt.
40 Hydrogen Tech World | Issue 21 | April 2025