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.
China vs Rest of World (Installed plus FID)
IEA: China is 65% of global installed electrolyzer capacity plus capacity that has reached FID. Not 65% of the 3 GW installed base alone.
Factory Nameplate vs Machines at FID
38 GW/yr of factories in 2024, announced toward 186 GW/yr by 2030. Only 26 GW of machines are under construction or at FID.
Who makes electrolyzers
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. |
Nel Order Intake vs Revenue
NOK million. Intake is orders booked, not sales recognized. Q4 2025 intake spiked on the HYDS PEM award, then fell back.
thyssenkrupp nucera Green Hydrogen Intake vs Sales
gH2 only. Sales can still recognize old NEOM-era work while new intake is lumpy. Q2 2025/26 sales printed negative 33 million euros under IFRS 15.
ITM Power Annual Revenue
Fiscal year ends 30 April. 26.0 million pounds in FY2025, up from 5.2 in FY2023. Product sales were 22.5 million of the FY2025 total.
ITM Power Contracted Backlog
Year-end FY2025 145 million pounds, H1 FY2026 to date 152 million. Backlog is not revenue.
Plug Electrolyzer MW Equivalent Sold
Revenue-recognition count, not commissioned GW. 184 MW-equivalent in FY2025 versus 153 in FY2024. Q2 2026 did not print a figure.
Chart Industries Equipment Backlog
Cryogenic kit into whatever color of hydrogen (and LNG) actually gets built. Q1 2026 $6.28B was the last standalone print before the Baker Hughes close.