Global segment ranking · Energy & climate › Generation
The world’s most valuable hydrogen startups
Companies built around hydrogen: electrolyser makers and their components, natural hydrogen exploration, green hydrogen and e-fuel producers founded as startups, hydrogen storage and transport, ammonia-to-power and fuel cells for stationary and industrial use. Ranked worldwide by AI-estimated valuation, with listed hydrogen companies shown in grey at their market value for reference. The market sets the value; AI models estimate it.
Key metrics for this segment: key milestone. Figures as published by each company or the press, dated, not recalculated. The AIs weigh them alongside funding history and comparables.
Not in this segment. Listed, so not ranked: Bloom Energy, Plug Power, Doosan Fuel Cell, FuelCell Energy, Ceres, ITM Power, SinoHytec, Ballard and Nel (shown in grey), and thyssenkrupp nucera, SFC Energy, Lhyfe, SinoHyKey, Refire, PowerCell, Gold Hydrogen, HyTerra, HydrogenPro, Enapter and GenCell. Created by a group or a joint venture: Quest One (MAN), Hynamics (EDF), Elogen (GTT), Genvia, HyCC, H2 Mobility, HIF Global, NEOM Green Hydrogen, Sungrow Hydrogen, Fortescue, FTXT (Great Wall), SAIC's hydrogen unit. Closed or insolvent: Nikola, Hyzon, Universal Hydrogen, HH2E, Green Hydrogen Systems, McPhy, Electriq, Modern Hydrogen. In other segments: CO2-to-fuel makers (Twelve) under Carbon capture; hydrogen aircraft (ZeroAvia) under Electric & hybrid aviation; green steel (Stegra) and carbon black (Monolith) outside this segment. A company appears in one segment only. Method
The segment at a glance
21companies ranked
1companies on the radar
9countries in the ranking
20listed benchmarks
Sources: Company announcements, Reuters, Bloomberg, Financial Times, TechCrunch, Hydrogen Insight, H2 View, Handelsblatt, Expansión, The Economic Times, Dagens Næringsliv, and market data for listed companies. Intention counters will be shown above a threshold of amount and number of Backers.
Rankings by region
Filter the ranking and the Radar. Ranks stay worldwide. Regional pages: Asia · Europe · North America · Oceania.Global ranking · Hydrogen
Snapshot17 Oct 2026A snapshot taken on 17 Oct 2026
This ranking shows the startups as they stood on 17 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 14 Feb 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 17 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 14 Feb 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
World · 21 ranked companies
| # | Company | Last round · Key metrics | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets, to validated members only. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a partner desk. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|
| — | Bloom EnergyListed · NYSE · BE | USD 65bnMarket cap · Oct 2026Listed company · not ranked | |||
| 1 | Electric HydrogenDesigns and manufactures large-scale PEM electrolyzer plants that produce green hydrogen for industrial users such as ammonia, steel, refining and e-fuel producers. | Series C · USD 380M · Oct 2023Acquired project developer Ambient Fuels; up to USD 400M project financing with Generate Capital · May 2025 | Last known equity round: Series C · USD 380M · Oct 2023 (Fortescue, Energy Impact Partners, Microsoft Climate Innovation Fund)Method | Be the first | Back |
| — | Plug PowerListed · Nasdaq · PLUG | USD 1.9bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | Doosan Fuel CellListed · KRX · 336260 | USD 1.7bnMarket cap · Oct 2026Listed company · not ranked | |||
| 2 | KolomaExplores for and develops underground deposits of naturally occurring geologic hydrogen in the United States, using subsurface techniques adapted from oil, gas and mining. | Series B · USD 295.7M · Oct 2024More than USD 350M raised since 2021 launch; no confirmed commercial deposit disclosed · Oct 2024 | Last known equity round: Series B · USD 295.7M · Oct 2024 (Osaka Gas, Mitsubishi Heavy Industries); including the USD 50M extensionMethod | Be the first | Back |
| 3 | OhmiumDesigns and manufactures modular PEM electrolyzer systems for green hydrogen production, with headquarters in Nevada and manufacturing operations in India, for industrial and energy customers. | Series C · USD 250M · Apr 2023Plans to expand electrolyzer manufacturing capacity to 2 GW per year · Apr 2023 | Last known equity round: Series C · USD 250M · Apr 2023 (TPG Rise Climate)Method | Be the first | Back |
| 4 | Sunfire#24 in GermanyManufactures pressurised alkaline and solid-oxide electrolyzers that produce green hydrogen and syngas for refineries, chemical plants, steelmakers and e-fuel producers. | Series E · USD 234M · Mar 2024Order backlog above 800 MW; serial production launched in Solingen · Mar 2026 | Last known equity round: Series E · USD 234M · Mar 2024 (LGT Lightrock, Carbon Direct Capital); EUR 215M equity; loans and grants not countedMethod | Be the first | Back |
| — | FuelCell EnergyListed · Nasdaq · FCEL | USD 1bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | Ceres PowerListed · LSE · CWR | USD 880MMarket cap · Oct 2026Listed company · not ranked | |||
| — | ITM PowerListed · LSE AIM · ITM | USD 860MMarket cap · Oct 2026Listed company · not ranked | |||
| — | SinoHytecListed · SSE STAR · 688339 / HKEX · 2402 | USD 580MMarket cap · Oct 2026Listed company · not ranked | |||
| 5 | Hysata#12 in AustraliaDevelops capillary-fed alkaline electrolysers that split water at very high efficiency, supplying green hydrogen producers and heavy industry from a manufacturing base in Port Kembla. | Series B · USD 111.3M · May 2024AUD 49M ARENA grant for a 50 MW/yr electrolyser line at Port Kembla; 120 staff · Sep 2026 | Last known equity round: Series B · USD 111.3M · May 2024 (bp Ventures, Templewater, IP Group, POSCO)Method | Be the first | Back |
| — | Ballard Power SystemsListed · Nasdaq · BLDP | USD 560MMarket cap · Oct 2026Listed company · not ranked | |||
| 6 | HygencoDevelops, builds and operates green hydrogen and green oxygen plants for industrial customers in India under long-term supply contracts, removing upfront capital costs for offtakers. | Growth round · USD 105M · Jun 2026Commissioned a green hydrogen and oxygen plant in Chhatrapati Sambhajinagar · Jul 2025 | Last known equity round: Growth round · USD 105M · Jun 2026 (IFC, Siemens Financial Services)Method | Be the first | Back |
| 7 | Utility GlobalDevelops an electrochemical system that produces hydrogen from industrial off-gases, biogas and water without electricity input, for steel, refining and chemical plants. | Series D · USD 100M · Feb 2026Agreement to build decarbonisation facility at ArcelorMittal steel plant in Brazil · Feb 2026 | Last known equity round: Series D · USD 100M · Feb 2026 (Ara Partners, APG Asset Management)Method | Be the first | Back |
| — | NelListed · Oslo Børs · NEL | USD 400MMarket cap · Oct 2026Listed company · not ranked | |||
| 8 | VerdagyDevelops and manufactures advanced alkaline water electrolyzers with large single-cell modules for producing green hydrogen at industrial scale, with a factory in California. | Series B · USD 73M · Aug 2023Opened Silicon Valley electrolyser factory, production start Q1 2025 · Late 2024 | Last known equity round: Series B · USD 73M · Aug 2023 (Temasek, Shell Ventures, Galp)Method | Be the first | Back |
| 9 | InfiniumProduces ultra-low-carbon electrofuels such as e-SAF and e-diesel from green hydrogen and captured CO2, supplying airlines, logistics and industrial customers. | Series B · USD 69M · Oct 2021Ships commercial e-fuel volumes from Project Pathfinder (Texas); customers Amazon, American Airlines, IAG · Jan 2025 | Last known equity round: Series B · USD 69M · Oct 2021 (Amazon Climate Pledge Fund, AP Ventures, Mitsubishi Heavy Industries); Series C of 2025 not disclosedMethod | Be the first | Back |
| 10 | Air CompanyConverts captured carbon dioxide and green hydrogen into sustainable aviation fuel, alcohols and other chemicals using a proprietary single-step catalytic process. | Series B · USD 69M · Sep 2024Key metrics not disclosed | Last known equity round: Series B · USD 69M · Sep 2024Method | Be the first | Back |
| 11 | AmogyDevelops ammonia-to-power systems that crack ammonia into hydrogen and feed fuel cells, for decarbonising shipping, heavy equipment and stationary power generation. | Growth round · USD 56M · Jan 2025Sailed NH3 Kraken, an ammonia-powered vessel · Sep 2024 | Last known equity round: Growth round · USD 56M · Jan 2025 (Aramco Ventures, SV Investment, Samsung Heavy Industries)Method | Be the first | Back |
| 12 | Hy2genDevelops, builds and operates plants producing green hydrogen and derivatives such as ammonia, methanol and e-fuels for industrial and transport customers in Europe and Canada. | Capital increase · USD 53M · Apr 2025Project portfolio across France, Germany, Norway and Canada (Courant ammonia project, Quebec) · 2024 | Last known equity round: Capital increase · USD 53M · Apr 2025 (Hy24, Mirova, CDPQ); EUR 47MMethod | Be the first | Back |
| 13 | H2SITE#31 in SpainBuilds membrane reactors and palladium-membrane separators that extract high-purity hydrogen from ammonia, methanol or natural gas blends at the point of use. | Series B · USD 37M · Jan 202515 projects built and operated in Western Europe · Jan 2025 | Last known equity round: Series B · USD 37M · Jan 2025 (Hy24, Suma Capital, Breakthrough Energy Ventures, Equinor); EUR 36MMethod | Be the first | Back |
| 14 | Hystar#10 in NorwayDevelops and manufactures high-efficiency PEM electrolyzers with thin membranes for industrial green hydrogen projects, with a gigafactory planned in Norway. | Series C · USD 36M · May 2025Gigafactory planned in Norway for 2027; EUR 26M EU Innovation Fund grant · May 2025 | Last known equity round: Series C · USD 36M · May 2025 (Nysnø Climate Investments, Orlen VC, MOL Switch); about NOK 375MMethod | Be the first | Back |
| 15 | Mantle8Explores for natural hydrogen reservoirs using a patented geophysical imaging stack, then drills to confirm accumulations for future low-cost hydrogen production. | Series A · USD 35M · May 2026First 4D imaging of an active natural hydrogen system (Hydrogeco, Pyrenees) · 2025 | Last known equity round: Series A · USD 35M · May 2026 (Sandwater, Breakthrough Energy Ventures, Bpifrance); EUR 31MMethod | Be the first | Back |
| 16 | IonomrDevelops and manufactures hydrocarbon ion-exchange membranes and polymers used in electrolyzers and fuel cells, offering alternatives to fluorinated materials for hydrogen equipment makers. | Series A-4 · USD 20M · Dec 202351 employees across Vancouver and Rochester (US) · Dec 2023 | Last known equity round: Series A-4 · USD 20M · Dec 2023 (NGIF Cleantech Ventures, Pallasite Ventures)Method | Be the first | Back |
| 17 | HydrogeniousDevelops liquid organic hydrogen carrier technology that binds hydrogen to a thermal oil so it can be stored and shipped in existing fuel infrastructure. | Growth round (first close) · USD 17.7M · Feb 2025EUR 72.5M public grant notified for Green Hydrogen @ Blue Danube project · 2024 | Last known equity round: Growth round (first close) · USD 17.7M · Feb 2025 (AP Ventures, Temasek, Covestro, Chevron); EUR 17M+ first closeMethod | Be the first | Back |
| 18 | Stargate HydrogenManufactures alkaline electrolyzers using ceramic-based catalysts and precious-metal-free electrodes for industrial green hydrogen production projects run by energy and industrial companies in Europe. | Series A · USD 11.9M · Mar 2025Recognised as IPCEI project; partnerships with Fortum and McPhy · Mar 2025 | Last known equity round: Series A · USD 11.9M · Mar 2025 (SmartCap, Giga, UG Investments); EUR 11MMethod | Be the first | Back |
| 19 | EnduaBuilds modular electrolyser and hydrogen storage 'power bank' systems that replace diesel generators for off-grid and remote sites, using membrane-free electrolysis technology licensed from CSIRO. | Pre-Series A · USD 7.6M · Feb 2024Key metrics not disclosed | Last known equity round: Pre-Series A · USD 7.6M · Feb 2024 (Queensland Investment Corporation, Melt Ventures); AUD 11.8MMethod | Be the first | Back |
| 20 | NewtraceDevelops low-cost electrolysers and 'Voltagen' electrode materials that produce ultrapure green hydrogen, aiming to cut production costs for Indian industrial users. | Pre-Series A · USD 6.3M · Mar 2026Key metrics not disclosed | Last known equity round: Pre-Series A · USD 6.3M · Mar 2026 (HDFC Bank, Mitsui Sumitomo Insurance Venture Capital); INR 56.93 croreMethod | Be the first | Back |
| 21 | Jupiter IonicsDevelops an electrochemical process that makes green ammonia directly from air, water and renewable electricity, targeting distributed fertiliser and fuel production for agriculture and industry. | Series A · USD 5.9M · Mar 2024Key metrics not disclosed | Last known equity round: Series A · USD 5.9M · Mar 2024 (CIMIC Group, Wesfarmers Chemicals, Energy & Fertilisers); AUD 9MMethod | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms
Corporate investor? Back the startups of your own segment
No ranked company in this region yet: see the Radar.
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main activity in this segment (hydrogen). Country shown is the country of main operations. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; AI models estimate it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
- Unicorn
- Decacorn
- Hectocorn
Challengers
A registered company raising funds that is not in the ranking will be able, for a fee, to appear in a separate list labelled “Challengers”, for a set period, with a memo available to verified Backers. The listing has no effect on the ranking. Not open yet.
Sponsored space · no Challenger listed yet
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call.
- Elcogen · Estonia · EuropeApr 2024; EUR 140M mixing equity, debt and grants, split not disclosedBack
No company on the radar in this region yet.
Listed benchmarks
Not ranked: no intention is possible on a listed company.
- Bloom Energy · United StatesNYSE · BE · USD 65bn (Oct 2026)
- Plug Power · United StatesNasdaq · PLUG · USD 1.9bn (Oct 2026)
- Doosan Fuel Cell · South KoreaKRX · 336260 · USD 1.7bn (Oct 2026)
- FuelCell Energy · United StatesNasdaq · FCEL · USD 1bn (Oct 2026)
- Ceres Power · United KingdomLSE · CWR · USD 880M (Oct 2026)
- ITM Power · United KingdomLSE AIM · ITM · USD 860M (Oct 2026)
- SinoHytec · ChinaSSE STAR · 688339 / HKEX · 2402 · USD 580M (Oct 2026)
- Ballard Power Systems · CanadaNasdaq · BLDP · USD 560M (Oct 2026)
- Nel · NorwayOslo Børs · NEL · USD 400M (Oct 2026)
- thyssenkrupp nucera · GermanyXetra · NCH2
- SFC Energy · GermanyXetra · F3C
- Lhyfe · FranceEuronext Growth Paris · ALHYF
- SinoHyKey · ChinaHKEX · 9663
- Refire · ChinaHKEX · 2570
- PowerCell · SwedenNasdaq Stockholm · PCELL
- Gold Hydrogen · AustraliaASX · GHY
- HyTerra · AustraliaASX · HYT
- HydrogenPro · NorwayOslo Børs · HYPRO
- Enapter · GermanyXetra · H2O
- GenCell · IsraelTASE · GNCL
Sources and method for this segment
Calendar. Global segment rankings are published twice a year. Next edition: February 14, 2027.
Eligibility. At least $1M raised in equity, non-listed company, main activity in this segment (hydrogen). A company appears in one segment only.
Sources. Company announcements, Reuters, Bloomberg, Financial Times, TechCrunch, Hydrogen Insight, H2 View, Handelsblatt, Expansión, The Economic Times, Dagens Næringsliv, and market data for listed companies.