A Deep Dive into the Green Hydrogen Ecosystem

# Key Insights on Reuters’ TOP 100 INNOVATORS IN HYDROGEN 2023: A Deep Dive into the Green Hydrogen Ecosystem

The hydrogen economy is rapidly evolving, and Reuters’ TOP 100 INNOVATORS IN HYDROGEN 2023 highlights the key players shaping the future of clean energy. This list provides a window into the companies driving technological advancements in green hydrogen, with a focus on electrolyser and fuel-cell manufacturers, energy companies, EPC contractors, and financiers. Here's an in-depth look at the most prominent players from India and the Asia-Pacific region, who are leading the charge toward a hydrogen-powered future.

## 1. Electrolyser and Fuel-Cell Companies

At the heart of the green hydrogen revolution are electrolyser and fuel-cell manufacturers. Electrolysers use renewable energy to split water into hydrogen and oxygen, while fuel cells generate electricity from hydrogen with zero emissions.

### Key Insights:

- India’s Electrolyser Potential: With a growing focus on achieving net-zero emissions, Indian manufacturers like Ohmium International and Reliance Industries are emerging as critical players. Ohmium’s modular electrolyser solutions offer scalability, which is vital for countries like India with a wide range of energy demands. Their focus on reducing the cost of hydrogen production is pivotal in making green hydrogen commercially viable.

- Asia-Pacific Leadership: Companies such as Hyundai Hydrogen Mobility and Toshiba Energy Systems are advancing fuel cell technology in the Asia-Pacific region. Toshiba, for instance, has pioneered solid oxide fuel cells (SOFCs), which promise high efficiency and reliability for stationary power generation.

- Technological Breakthroughs: Innovations like solid oxide electrolyser cells (SOECs) and polymer electrolyte membrane (PEM) fuel cells are becoming the benchmarks for the industry. Asian companies like Sumitomo Electric are driving efficiency improvements that will significantly reduce the cost of green hydrogen production in the coming years.

## 2. Utilities and Energy Companies

Energy companies are pivotal to hydrogen adoption, as they have the infrastructure and market reach to scale hydrogen production, storage, and distribution.

### Key Insights:

- Adani Group’s Green Hydrogen Ambitions: Adani New Industries Limited (ANIL) is positioning itself as a leader in green hydrogen in India. With plans to build one of the world's largest integrated green hydrogen ecosystems, Adani aims to produce up to 3 million metric tons of green hydrogen annually by 2030. Their vertically integrated approach—from renewable energy generation to hydrogen production—could be a game changer for India’s hydrogen economy.

- Asia-Pacific Utilities: Companies like Korea Electric Power Corporation (KEPCO) and JERA (Japan’s largest power generation company) are aggressively pursuing hydrogen as part of their decarbonization strategies. JERA’s partnership with companies like IHI Corporation to explore ammonia-hydrogen co-firing for thermal power plants shows how hydrogen can decarbonize conventional energy systems.

- Transitioning from Fossil Fuels: Traditional energy giants, such as ONGC (Oil and Natural Gas Corporation) in India, are now exploring green hydrogen as a transition fuel, leveraging their expertise in energy markets and infrastructure development.

## 3. EPC (Engineering, Procurement, and Construction) Companies

EPC companies are key enablers of hydrogen infrastructure, bringing large-scale hydrogen projects to life. They have the expertise to design, build, and manage complex hydrogen production plants, pipelines, and storage systems.

### Key Insights:

- L&T’s Push into Hydrogen: Larsen & Toubro (L&T) is one of India’s largest EPC players, already involved in constructing several hydrogen production plants and electrolyser manufacturing facilities. Their partnership with HydrogenPro for high-efficiency electrolysers highlights their strategic focus on cost-effective hydrogen infrastructure.

- Global EPCI Firms in Asia-Pacific: Companies such as McDermott International and Technip Energies are deploying their global expertise to deliver end-to-end hydrogen solutions across Asia-Pacific. From the design of hydrogen production plants to integrating carbon capture and storage (CCS) with hydrogen production, these EPCIs are critical in building the foundation for a hydrogen-based energy system.

## 4. Energy Solutions Companies

These companies are focused on providing integrated energy solutions that incorporate hydrogen as a key component in a broader clean energy strategy.

### Key Insights:

- Tata Power’s Hydrogen Roadmap: Tata Power, already a leader in solar and wind energy, is now exploring the potential for hydrogen as a clean fuel for industrial applications. Their focus is on integrating hydrogen production with renewable energy sources, providing holistic solutions for industries that require high energy input but are looking to decarbonize.

- Siemens Energy is leading in power-to-hydrogen solutions. In India and the broader Asia-Pacific region, Siemens is working with governments and industrial players to develop green hydrogen pilot projects. Their Silyzer electrolysers are at the forefront of reducing the cost of hydrogen production through scalable solutions.

## 5. Financiers

The growth of hydrogen infrastructure requires significant investment, and financial institutions are stepping up to fund these ambitious projects.

### Key Insights:

- State Bank of India (SBI) and Indian Renewable Energy Development Agency (IREDA) are exploring ways to finance green hydrogen projects as part of India’s broader green energy goals. SBI’s involvement in green bonds and IREDA’s support for clean energy projects could provide a crucial financial boost for green hydrogen projects in India.

- Asian Development Bank (ADB) has earmarked substantial funding for hydrogen development across the Asia-Pacific region. Their involvement in financing hydrogen infrastructure—particularly in countries like Japan, South Korea, and India—is critical to achieving the scale needed for hydrogen to become a mainstream energy solution.

## Conclusion

The innovators in Reuters’ TOP 100 HYDROGEN 2023 are at the forefront of the clean hydrogen revolution, each playing a unique role in scaling green hydrogen technologies. From electrolysers and fuel cells to energy utilities, EPCs, and financiers, these companies are laying the foundation for a hydrogen-powered future. As countries across the Asia-Pacific region, particularly India, work towards ambitious net-zero goals, the role of hydrogen in the energy mix is becoming increasingly prominent. With a combination of policy support, technological innovation, and significant investments, green hydrogen is on its way to transforming industries and driving the global energy transition.

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