Published on 31st July 2023
As we move away from fossil fuel sources for global electricity production, renewable energy sources are enabling progress in generating clean electricity. However, the demand is growing for other commercially available energy sources given the unpredictable weather patterns.
Hydrogen is likely to be a significant part of our energy future with hydrogen fuel cell technology holding massive potential in helping decarbonize power generation and meeting a high level of sustainability.
As a non-corrosive, non-toxic, non-polluting, and a high-density energy carrier, hydrogen is used in fuel cells to generate heat and electricity.
A hydrogen fuel cell (HFC) uses an electrochemical reaction between hydrogen and oxygen to provide zero-emission energy for a variety of applications. Hydrogen fuel cells are versatile and can power anything—from commercial vehicles and ships to data centers and drones.
Due to its high energy efficiency, a hydrogen fuel cell is considered two to three times more efficient than a gas-fueled internal combustion engine.
Fuel cells are increasingly being used to power hydrogen vehicles, such as buses, cars, forklifts, and material-handling vehicles.
Continue reading to learn more about the top players in the hydrogen fuel cell market.
Table of Contents
Global Top 10 Hydrogen Fuel Cell Companies [2023]
AFC Energy Plc
Ballard Power Systems Inc.
Bloom Energy Corporation
Doosan Fuel Cell Co., Ltd.
FuelCell Energy, Inc.
Intelligent Energy Ltd.
Panasonic Corporation
Plug Power Inc.
PowerCell Sweden AB
Toshiba Energy Systems & Solutions Corporation
Blackridge Research & Consulting – Global Hydrogen Fuel Cell Market Report
Wrapping Up
Here are the world’s leading hydrogen fuel cell companies (listed alphabetically):
Founded: 2006
Location: Cranleigh, United Kingdom
AFC Energy (AFC stands for “Advanced Fuel Cell”) is an industry-leading provider of hydrogen power generation technologies used in construction, electric vehicle charging, shipping, data center, and other industries.
AFC Energy provides a broad range of hydrogen fuel cells and hydrogen carrier fuel conversion technologies for organizations needing affordable, flexible, and clean off-grid power.
AFC’s technology products comprise the following:
Available to order
Coming soon
Founded: 1979
Location: Burnaby, Canada
Ballard Power Systems Inc. (Ballard) is a world-renowned developer and manufacturer of proton exchange membrane (PEM) fuel cell products for heavy-duty motive, material handling, portable power, and other markets.
Founded as “Ballard Research Inc.” by Geoffrey Ballard, Keith Prater, and Paul Howard to conduct R&D on high-energy lithium batteries, Ballard has grown into a world leader in developing, manufacturing, selling, and servicing hydrogen fuel cell power systems.
Ballard’s fuel cell solutions include:
Fuel Cell Power Products
Technology Solutions
Ballard’s fuel cell power products deliver proven durability, power density, and reliability with the lowest total cost of ownership.
On the other hand, Ballard’s technology solutions provide customers with high-value services to accelerate fuel cell development and integration programs—from technology exploration to advanced product development.
Founded: 2001
Location: San Jose, California, United States
Formerly known as “Ion America Corp.,” Bloom Energy Corporation is a renewable energy company, which manufactures and markets solid-oxide fuel cells for on-site electricity generation.
Bloom Energy Fuel Cell System
The highly efficient hydrogen-powered Bloom Energy Server with SOFC (Solid-Oxide Fuel Cell) technology generates carbon-free, combustion-free, and emissions-free electricity from hydrogen.
The industry-leading efficiency and reliability of Bloom Energy’s Solid-Oxide platform provide excellent opportunities to scale hydrogen power generation.
For example, Bloom Energy’s SOFCs have been deployed in many applications across critical manufacturing, data centers, healthcare, retailers, and more.
According to an industry news source, Bloom Energy first announced in July 2020 about its initial strategy to enter the commercial hydrogen market “by introducing hydrogen-powered fuel cells and electrolyzers that produce renewable hydrogen.”
Bloom Energy continues to advance the hydrogen economy with its clean, reliable, and resilient offerings.
Founded: 2019
Location: Seoul, South Korea
Doosan Fuel Cell Co., Ltd. is known as “Korea’s largest hydrogen fuel cell company.”
Doosan Fuel Cell’s products include:
According to an industry news source, Doosan Fuel Cell announced the export of 11 units of 440 KW hydrogen stationary fuel cells to China for the “P2G electrolysis-connected green hydrogen fuel cell demonstration project.”
As part of this project, Doosan Fuel Cell will provide installation, commissioning, and maintenance services, as well as technical support.
Another news source reported Doosan Fuel Cell’s strategic partnership with Ballard Power Systems and HyAxiom (Doosan Corp.’s fully owned North American subsidiary) to collaborate on a turn-key zero emission hydrogen solution for mobility.
The partnership plans to focus on hydrogen fuel cell vehicles, such as FCEBs (Fuel Cell Electric Buses) and hydrogen infrastructure.
Founded: 1969
Location: Danbury, Connecticut, United States
Founded as “Energy Research Corporation” by fuel cell pioneer Bernard Baker and battery expert Martin Klein, FuelCell Energy, Inc. is an integrated fuel cell company, which manufactures stationary fuel cell platforms for decarbonizing power and producing hydrogen.
As a global leader in fuel cell technology, FuelCell Energy helps businesses and communities with the following:
FuelCell Energy Hydrogen Production Platforms
Carbonate tri-generation: The tri-generation platform uses natural gas or renewable biogas as fuel to produce hydrogen, power, and water and has a lower carbon footprint compared to conventional reforming.
Solid oxide electrolysis: The high-efficiency solid oxide platform splits water into hydrogen and oxygen and reduces the cost of hydrogen production.
Hydrogen energy storage: This platform produces hydrogen from water in the electrolysis mode for future use as compressed gas.
FuelCell Energy has nearly 100 fuel cell plants in operation worldwide—FuelCell Energy plants have generated 14,680,666 MWh (megawatt hours) as of July 2023.
Founded: 2001
Location: Loughborough, United Kingdom
Founded by Harry Bradbury, Intelligent Energy (IE) is a well-established fuel cell engineering business that originated from research conducted by APS (Advanced Power Sources Ltd.) and Loughborough University into PEM fuel cell technology.
IE is part of the Meditor group (a global investment business) and has headquarters in the UK with operations in China, Japan, South Korea, and the U.S.
As one of the world’s leading independent fuel cell specialists, IE delivers a wide range of fuel cell systems providing power from 800 W to 100 kW for applications, such as:
IE provides a wide range of fuel cell products, including:
Founded: 1918
Location: Kadoma, Osaka, Japan
Founded in 1918 by Japanese industrialist Kōnosuke Matsushita, Panasonic Corporation (Panasonic) was formerly known as “Matsushita Electric Industrial Co., Ltd.”
Panasonic is a globally recognized Japanese conglomerate with company operations organized into various “domain companies,” including appliances, automotive, and industrial solutions.
Panasonic’s hydrogen fuel cells leverage the technology and know-how from the natural gas fuel cell “ENE-FARM.” ENE-FARM is said to be “the world’s first household fuel cell cogeneration system” and a well-established product known for its high quality and reliability.
Here are the key features of 5 kW hydrogen fuel cell:
A company press release reported the launch of Panasonic’s 5 kW pure hydrogen fuel cell generator claimed to achieve “the industry’s best electrical efficiency of 56%.”
Panasonic continues to pursue new value through collaborative innovation and create a better life with its innovative solutions and technologies.
Founded: 1997
Location: Latham, New York, United States
Plug Power Inc. (Plug) is a clean hydrogen and zero-emission fuel cell product provider, which was formed as a joint venture between DTE Energy and Mechanical Technology Inc.
Plug develops hydrogen fuel cell systems that replace conventional batteries used in electricity-powered equipment and vehicles.
Plug provides the following fuel cell products:
ProGen (Fuel Cell Engines): ProGen engines provide cost-effective and robust solutions with best-in-class performance, reliability, and time-to-market for OEMs.
GenDrive (Material Handling Power): Compared to facilities with battery-powered vehicles, customers using GenDrive fuel cells realize a boost in facility productivity, lower energy bills, and more space for commercial activities.
GenSure (Backup Power): GenSure fuel cell power offers a predictable and reliable solution for both high-power and low-power stationary applications.
Plug’s fuel cells are designed for on-road electric vehicles, stationary power markets, and a wide range of supply chain and logistics applications, among others.
Plug has facilities across the U.S. and has built a strategic network with well-established companies to create extended enterprise capabilities.
Founded: 2008
Location: Gothenburg, Sweden
Founded as an industrial spin-out from the Volvo Group, the PowerCell Group (also known as “PowerCell Sweden AB” and “PowerCell”) is a globally leading developer and manufacturer of fuel cell stacks and fuel cell systems with a uniquely high power density.
PowerCell’s products are used in aviation, marine, on- and off-road and other mobile and stationary applications.
PowerCell’s scalable fuel cell systems include:
Marine System 200: This system with a durable design is specifically designed to accomplish compact integration and provide high efficiency.
Power Generation System 200: This is a compact, yet powerful fuel cell system that is compatible with different renewable fuels and capable of operating at very low inlet pressures.
Power Generation System 100: This is a durable, powerful fuel cell system specifically designed for flexible use and a high power output.
Power Generation System 5: This system is designed for simple integration with customized output to a specific power or voltage target.
Heavy Duty System 100: This system has a robust construction for fast, dynamic, and stable load operations in heavy-duty applications.
Founded: 2017
Location: Kawasaki-shi, Kanagawa, Japan
Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) is an industry-leading developer, manufacturer, and seller of energy products, systems, and services.
The following are the business domains of Toshiba ESS, which was spun off from Toshiba Corporation (a Japanese multinational conglomerate):
Toshiba provides a wide range of products and technical services for the production, storage, and use of hydrogen.
Toshiba began fuel cell R&D in the 1960s and has delivered 120+ pure hydrogen fuel cell systems for various applications, including:
Toshiba’s P2G (Power-to-Gas) supply chain facilitates effective utilization of surplus renewable energy and contributes to the reduction of CO2 emissions in industrial processes, raw materials, etc.
Besides stationary fuel cell systems, Toshiba makes mobile fuel cell systems for cars, ships, and trains. For example, Toshiba delivered a mobile 30 kW hydrogen fuel cell system to a fuel cell ship.
Toshiba ESS aims to build a “hydrogen society” by tapping into CO2-free renewable energy and using it to create sustainable, thriving communities.
Blackridge Research & Consulting’s Global Hydrogen Fuel Cell Market report provides a comprehensive market analysis, including detailed segment analysis and regional analysis—focusing on hydrogen fuel cells in transportation and fuel cells in power generation and backup, among other areas.
In addition, the report provides deep insights into the competitive landscape, market share of key players, market drivers and restraints, important commercial developments, present and future market opportunities, and more.
You can buy the report directly or email us at sales@blackridgeresearch.com to purchase specific sections of the report.
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Hydrogen has abundant potential to be used as a fuel in liquid or gas form. For example, liquid hydrogen can be used as a fuel cell for electrical power or as a replacement of liquid fuel.
Air Liquide—a market leading-supplier of industrial gases—is a precursor of hydrogen mobility. With its expertise in liquid hydrogen (particularly well suited to intensive mobility), Air Liquide is supporting the transport sector’s transition toward environmentally friendly mobility.
Also called “renewable hydrogen,” green hydrogen is considered the cleanest and most sustainable hydrogen as it is obtained by electrolysis of water without generating any polluting emissions into the atmosphere.
Green hydrogen is proving to be a sustainable mobility alternative. Vehicles running on this clean, green energy (such as Fuel Cell Electric Vehicles or FCEVs) have hydrogen tanks connected to fuel cells, which generate electricity to power the engines.
ITM Power is a clean fuel and an energy storage company that designs, manufactures, and integrates electrolyzers to produce green hydrogen using renewable electricity and tap water.
Currently, there are several opportunities to accelerate the production and the usage hydrogen, with the hydrogen economy booming across sectors, including:
They hydrogen hub is also evolving as an emerging center of activity involving hydrogen production, transport, delivery, and end use to provide energy services like heat for manufacturing processes and mobility.
Hydrogen fuel cell companies play a key role in providing affordable, reliable, and clean energy through a wide range of fuel cell solutions powered by hydrogen technology.
