Hydrogen & Fuel Cells
Hydrogen Electrolyzers
Global Installed Electrolyzer Capacity
Machines in the ground, not hydrogen produced. China is 65% of the installed base. Utilization is mostly undisclosed.
Electrolyzer OEM Landscape
Announced manufacturing ran ahead of FID. IEA says the market outside China is consolidating. This is a map, not a share table.
| OEM | Chemistry | Listing | Angle |
|---|---|---|---|
| Nel | Alkaline and PEM | NEL.OL | The European name the announcement cycle treated as the category leader. Now in an oversupplied OEM market. |
| thyssenkrupp nucera | Alkaline | NCH2.DE | Chlor-alkali heritage. Competes on large industrial projects, not on fuel cells. |
| ITM Power | PEM | ITM.L | UK PEM. Factory build-out ran ahead of offtake. |
| Plug Power | PEM (GenEco) | PLUG | Electrolyzer is one slice of an integrated (and still loss-making) hydrogen P&L. |
| Bloom Energy | SOEC | BE | Same ceramics as the Energy Server, run in reverse. Not what doubled 2026 guidance. |
| Chinese OEMs (PERIC, LONGi, others) | Mostly alkaline | Not rostered | IEA: China ~60% of manufacturing and 65% of installed plus FID capacity. Individual names are not on this roster. |
| Electric Hydrogen | High-current PEM | Private | US venture-backed. Private comparison, not a listed multiple. |
| Ohmium | Modular PEM | Private | Factory-in-a-box model. Private. |
