Nel has set its sights on the US as the biggest near-term growth market
Electrolyser manufacturers bullish amid market headwinds
Firms are being more careful with order timing, but long-term fundamentals remain promising
Electrolyser manufacturers are confident of converting order backlogs into revenues despite difficult market conditions, according to recent company results announcements. Higher inflation, interest rates and electricity prices in the US and Europe are making it harder for green hydrogen projects to take FIDs, while normalising gas prices have reduced the cost of manufacturing grey hydrogen. Green hydrogen project developers are becoming more cautious with their electrolyser orders as a consequence of the difficult operating conditions, according to Nel CEO Hakon Volldal. “Some months ago, customers were willing to place advance purchase orders on equipment prior to doing FEED studies and pr
Also in this section
25 February 2026
Low-carbon hydrogen and ammonia development is advancing much more slowly and unevenly than once expected, with high costs and policy uncertainty thinning investment. Meanwhile, surging energy demand is reinforcing the role of natural gas and LNG as the backbone of the global energy system, panellists at LNG2026 said
18 February 2026
Norwegian energy company has dropped a major hydrogen project and paused its CCS expansion plans as demand fails to materialise
4 February 2026
Europe’s largest electrolyser manufacturers are losing patience with policymakers as sluggish growth in the green hydrogen sector undermines their decision to expand production capacity
2 February 2026
As a fertiliser feedstock, it is indispensable, but ammonia’s potential as a carbon-free energy carrier is also making it central to global decarbonisation strategies
