Regenerative twin bed dryer for hydrogen puri cation
O
Electricity
Catalytic de-oxo unit
Safety gas analysis H in O
Compressor
H
Final product quality gas analysis
Safety gas analysis O in H
Transformer
Gas holder
Demister
Demister
Water feed
A C
Recti er
Feed water pump
D C
Puri er
Scrubber
Cooler
Phase separator
Alkaline electrolysis stack
Filter
+
–
Filter
Lye recycle
Lye recycle
KOH management
Lye tank
N
Fresh KOH
Figure 4 Low-pressure alkaline water electrolysis process
have done since 2001. This partnership has continued through the 2022 initial public offering (IPO) of thyssenkrupp nucera. Soon after GHS announced the onset of its bankruptcy proceedings, thyssenkrupp nucera agreed to purchase its Intellectual Property and test equipment ( thyssenkrupp nucera, 2025 ). While this was not a full acquisition, it may have been a helpful cash injection to cushion the blow for GHS. If consolidation begins in earnest, there will be a race to capture the genuine gold nuggets. Prices will move from rescue packages to strategic valuations, and fear of missing out will determine the pace. If some bigger dominoes begin to fall this year, we could be 80% of the way through the electrolyser value chain consolidation wave by 2030. EPCs have skin in the game The next five years will not only be about pouncing tigers. There will be many constructive ways in which the electrolyser production and innovation space will evolve. International energy and chemicals sector engineering, procurement, and construction (EPC) companies, which have been involved
with electrolyser installation projects and enjoy a strong market presence, may seek to take over electrolyser OEMs or stack builders. At the end of the day, what they really need are stacks to integrate into projects. The balance of plant (BOP) around the stack is ultimately their bread-and-butter business and has been for decades. If they were to take an electrolyser OEM, would they break it up to keep the stack technology and shut down the systems side of the legacy operation? Paul Wurth, a plant builder focused on the metals industry, was the lead investor in Sunfire’s series C fundraising round in 2019. At that time, Sunfire focused on solid oxide electrolysers and fuel cells. EPCs and electrolyser producers have a history of partnership. In 2023, McPhy and Larsen & Toubro announced an agreement for hydrogen-related equipment. McPhy contributed its electrolyser technology, while Larsen & Toubro, a leading Indian EPC house, has access to extensive manufacturing facilities. In 2025, McPhy announced its bankruptcy. A French court granted it time to look for a ‘European industrial player’ to take over a portion of its business. Indeed, in July, it was
www.decarbonisationtechnology.com
20
Powered by FlippingBook