Top 10 Hydrogen Companies in the World Ranked by Revenue

The world used almost 100 million tonnes of hydrogen in 2024, according to the International Energy Agency, most of it made from fossil fuels for oil refining and fertilisers. Low-emissions hydrogen from projects already committed is set to grow more than fivefold by 2030, even after a wave of project delays and cancellations.

CleanTech Journal has ranked the top 10 hydrogen companies by revenue in their latest financial year, using each company's own reported results. The list covers hydrogen energy companies whose main business is hydrogen and fuel cell technology, and revenues in other currencies are converted to US dollars at 2025 average exchange rates.

Top Hydrogen Companies Ranked by Revenue

1. Bloom Energy

Bloom Energy had revenue of $2.02 billion in 2025, up 37% from $1.47 billion a year earlier. That is almost three times the revenue of any other company on this list.

Bloom makes solid oxide fuel cells that produce electricity on site for businesses and industrial users. Its systems can run on natural gas, biogas or hydrogen, and the company also makes solid oxide electrolysers that produce hydrogen.

2. Plug Power

Plug Power's revenue rose 13% to $710 million in 2025, according to its annual results. Electrolysers brought in a record $187 million, and the company shipped more than 300 megawatts (MW) of them around the world.

Plug is also one of the few hydrogen generation companies in the United States that produces and sells liquid hydrogen. Its plants in Louisiana, Georgia and Tennessee can make up to 40 tonnes a day, and more than 74,000 of its fuel cell systems power forklifts and other warehouse vehicles.

3. thyssenkrupp nucera

thyssenkrupp nucera's green hydrogen business had sales of €459 million (about $519 million) in the year to September 2025, down from €524 million. The German company builds large alkaline electrolysers for green hydrogen plants.

Its second business, equipment for the chlor-alkali industry, brought in another €386 million. Only the green hydrogen sales are counted in this ranking.

4. Doosan Fuel Cell

Doosan Fuel Cell's sales rose 10% to KRW 454.9 billion (about $320 million) in 2025. It is the largest Asian company on this list.

The South Korean company makes fuel cell power plants that supply electricity to the grid and to buildings. South Korea has one of the world's largest fleets of fuel cell power plants.

5. FuelCell Energy

FuelCell Energy's revenue jumped 41% to $158 million in the year to October 2025, up from $112 million. It is the fastest-growing US company on this list.

The company makes carbonate fuel cell power plants, which can run on natural gas, biogas or hydrogen. These provide steady electricity on site, independent of the grid.

6. SFC Energy

SFC Energy's Clean Energy segment, which makes its fuel cells, had sales of about €100 million (around $113 million) in 2025. That was about 70% of the German company's total sales of €143 million.

SFC's fuel cells run on methanol or hydrogen and provide off-grid power for defence, security, industry and leisure. A growing share of its sales now comes from defence and public security.

7. Ballard Power

Ballard Power's revenue rose 43% to $99.4 million in 2025. The Canadian company makes fuel cells for heavy vehicles, including buses, trucks, trains and ships.

Rail is a growing market for Ballard. Its rail revenue in the last three months of 2025 was nearly 10 times higher than a year earlier.

8. Hexagon Purus

Hexagon Purus's hydrogen business had revenue of NOK 1,028 million (about $99.1 million) in 2025, down 42% from the year before. The Norwegian company makes high-pressure tanks and systems that store and transport hydrogen.

Its products are used in hydrogen trucks and buses, and in trailers that carry hydrogen by road. The company's total revenue, including its battery vehicle business, was NOK 1,144 million.

9. Nel

Nel's revenue fell 31% to NOK 963 million (about $93 million) in 2025, from NOK 1.39 billion. The Norwegian company is one of the oldest hydrogen manufacturing companies, making both alkaline and PEM electrolysers.

New orders picked up at the end of the year. Nel won NOK 686 million of orders in the fourth quarter of 2025, more than four times as much as a year earlier.

10. REFIRE

REFIRE's revenue was RMB 595 million (about $83 million) in 2025, down 8% from RMB 649 million. The Shanghai-based company, listed in Hong Kong, is a major supplier of fuel cell systems for vehicles in China.

It also makes hydrogen production systems and fuel cell components. REFIRE is the only Chinese company in the top 10.

Fuel Cells Bring In Most of the Money

Most of the top hydrogen companies earn their revenue from fuel cells rather than from making hydrogen. Bloom Energy, Doosan Fuel Cell and FuelCell Energy together had about $2.5 billion of revenue, mainly from fuel cell power plants that supply electricity on site.

Demand for steady, local power is a big reason. Many of these systems still run mainly on natural gas today, but they can switch to hydrogen as supply grows.

A Tough Year for Hydrogen Makers

Companies focused on producing or storing hydrogen had a harder 2025. thyssenkrupp nucera's green hydrogen sales fell 12%, Nel's revenue fell 31% and Hexagon Purus's hydrogen revenue fell 42%.

Plug Power was the exception, with record electrolyser sales. Five companies on the list grew their revenue in 2025, while five saw it fall.

Frequently Asked Questions

What are deep hydrogen companies?

Deep hydrogen companies, also called natural hydrogen or geologic hydrogen companies, search for hydrogen that forms naturally deep underground, instead of manufacturing it. Natural hydrogen is still at an early stage, but a well in Bourakébougou, Mali, has supplied a village with power from natural hydrogen, and exploration companies are now drilling in the United States, Australia and Europe.

Which companies produce the most hydrogen today?

Most of the world's hydrogen is produced by oil refiners, fertiliser makers and industrial gas companies such as Linde, Air Liquide and Air Products. These companies make hydrogen mainly from natural gas, and they do not report their hydrogen sales separately from their other gases.

What do hydrogen manufacturing companies make?

Hydrogen manufacturing companies build electrolysers, machines that use electricity to split water into hydrogen and oxygen. The main types are alkaline, proton exchange membrane (PEM) and solid oxide electrolysers. When they run on renewable electricity, the hydrogen they produce is called green hydrogen.

How does a hydrogen fuel cell work?

A hydrogen fuel cell combines hydrogen with oxygen from the air to produce electricity, with water and heat as the only by-products. Unlike a battery, it does not need recharging, and it keeps producing power as long as it is supplied with fuel.

Which country leads in electrolyser manufacturing?

China leads electrolyser manufacturing, with nearly 60% of global manufacturing capacity, according to the International Energy Agency. Chinese factories can make more than 20 gigawatts (GW) of electrolysers a year, well above current demand.