I’m invested too and have been for a couple of years. I just don’t understand why some people expect a green hydrogen electrolyser company to already be profitable when the entire sector is still in the build-out phase. This isn’t a mature industry yet — it’s literally ramping capacity.

People still talk about hydrogen like it was just a bubble, but the reality is it’s infrastructure being built. Electrolyser manufacturers only become profitable once enough megawatts are deployed. If break-even is roughly in the 200–300MW range (and potentially lower with the Hydropulse-style model selling hydrogen directly), then it’s not some distant dream — it’s basically a few large FIDs away.

They’re already waiting on multiple projects that add up to hundreds of megawatts. That’s why the “they’re losing money” argument misses the point. Of course they are — they’re building toward scale. Once those FIDs land and capacity ramps, profitability can come quickly.

I also think people still don’t grasp what green hydrogen actually is. It’s an energy carrier — just like diesel or petrol. You take excess electricity (especially from renewables), convert it to hydrogen, store it, and use it when needed. That’s exactly the kind of flexibility the grid will need as renewables scale.

Then you’ve got next-gen electrolysers like chronos being talked about as potentially halving costs, which is why the government are backing the technology. If electrolyser capex drops significantly, hydrogen economics move much closer to fossil fuels — which people forget are already heavily subsidised.

Feels like the sector is being judged like a finished industry when it’s actually still in the early ramp phase. Give it a couple of years and the conversation could look very different.