Electrolyser firms await big contracts to deliver profits

Manufacturers continue to report losses as they invest in ramping up production capacity ahead of an expected spike in demand

Major electrolyser manufacturers reported continued losses in the most recent quarter, but they are confident a slew of large orders coming down the pipeline will make their businesses profitable. Accelera, the electrolyser division of US technology company Cummins, and Norwegian manufacturer Nel both reported negative EBITDA for the most recent quarter, while US firm Plug Power also reported negative margins. And UK-based ITM Power announced a year-long scheme to cut costs after reporting significant EBITDA losses for the most recent half earlier in 2023. The firms have all been in an investment phase, building electrolyser manufacturing capacity while waiting for large orders to be confirm