2021 was an important year for the emerging h2 sector, as the hype at the beginning of the year created a huge focus on the evolving industry. This was followed by political pledges to support the creation of a hydrogen economy and the announcement of a huge global project pipeline for green hydrogen. The development of hydrogen production projects can take up to several years, therefore the hype in Winter 2021 was not followed by any growth in orders or sales for hydrogen technology companies.
Therefore, after reaching a peak in early January 2021, hydrogen stocks collapsed and this decline is still ongoing. Apart from general market conditions, this absence of awarded projects was a key factor resulting in a smaller market cap of the hydrogen sector.
The Russian Invasion will result in a massive financial boost in the short- and medium-term for the hydrogen sector, especially in Europe. Energy security is back in the focus of European policymakers, and hydrogen is one of the key areas.We think that 2022 will be the first year, where significant project volumes will be awarded. In our opinion, the large-scale projects awarded to Nucera (Shell, NEOM) and Hydrogen Pro (Mitsubishi) will kick off a series of project awards throughout the whole hydrogen sector.
Concludingly we think, that hydrogen stocks will bounce back in 2022. Furthermore, basically, all companies that manufacture electrolyzers announced investments in production capacities next year. This should further increase the possibility of large-scale green hydrogen projects being realized prior to 2025.
Major changes
This year we wanted to give investors a better overview of which publicly listed companies have serious ambitions in the hydrogen sector. Therefore we added a lot of new companies, and also decided to modify existing categories & to add a new sector.
We still continue to exclude hydrogen-producing companies, as well as hydrogen consumers. We focus solely on technology companies in the hydrogen segment. This year we have identified 101 companies, compared to 46 in last year's edition.
Electrolyzers
This year we also decided to add electrode suppliers to our electrolyzer category: SNAM was added to the electrolysis segment due to their stake in Italian electrodes specialist De Nora. Evoqua was added due to the Magneto Anodes.
The electrolyzer manufacturers Green Hydrogen Systems, Next Hydrogen Solutions Inc. & Fusion Fuel green are added to our map after completing their IPOs.
With Fortescue metals group, a major iron ore mining group is now part of our electrolysis section. The company has plans to become a major player in the energy transition, therefore a subsidiary called Fortescue Future Industries was launched. Fortescue announced a Joint Venture with Plug Power to build the largest electrolyzer gigafactory (2GW/a) in Gladstone, Australia.
Furthermore, Fortescue announced an internally developed electrolyzer technology.We also added some industrial giants to our electrolysis section:Cummins was moved from mobility to electrolysis, as we expect their focus will be to become a globally leading electrolyzer supplier. In the past year, Cummins has announced strategic partnerships in China & Spain to develop electrolyzer gigafactories.
Schlumberger, a globally leading oilfield equipment & service company was added due to its investment in Genvia, a french startup developing a high-temperature reversible solid oxide electrolyzer cell technology (RSOC). Additionally, Volkswagen was added because the VW subsidiary MAN Energy solutions acquired the German electrolysis company H-Tec systems. Last but not least, the automotive supplier Schaeffler was added. Schaeffler is leading the H2Giga Consortium, with the aim to industrialize PEM Electrolysis.
Integrators, EPCs & Gas companies
We decided to adjust our group of Gas companies by adding Integrators & EPC companies. In our 2020 landscape integrators & EPCs were not included, therefore a whole bunch of new companies are added to this category.
Mobility & Transport
One important change is that we are now adding maritime transport to the Mobility & Transport section. As a result, TECO 2030, Samsung & Hyundai were added. The latter also du to its h2 automotive technologies. We finally decided to add all automotive companies with hydrogen programs.
Due to IPO’s in the past year, we also added Gaussin, Hydrogen Refueling Systems & Hyzon to our overview. Alstom & Siemens are added due to their hydrogen-driven trains, which completed their first trial runs last year.Fuel CellIn the fuel cell segment, we added the technology conglomerates Panasonic & Toshiba. Furthermore, we added Sinohytec, the first publicly traded Chinese fuel cell company.
Financial/Funds
The Financial/Funds category is newly formed for our 2022 h2 landscape. Hydrogen One Capital is the first publicly listed fund solely focusing on investments in the emerging hydrogen sector.
Other
We added some major industrial technology companies, with existing or announced technologies that will play a role in the hydrogen segment. Those are mainly large industrial technology companies, such as BakerHughes, Atlas Copco or ABB
Final Notes
We are aware that many of the companies above should feature in more than one category. As we are trying to make this landscape easily understandable, we decided to assign each company to the most relevant segment.
In case you are interested in a more detailed analysis, don`t hesitate to contact us at lukas.strohmeier@delphidata.io
Please also get in touch with us in case we missed or misclassified any company. We have already identified a bunch of missing companies and will update our landscape in a couple of months.
Disclaimer: We assume no liability for its accuracy, completeness, or timeliness. All content published by Delphi data labs is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
