nascent innovation: the h2 BOOM

The hydrogen market is rich with emerging companies. The infographic below provides highlights on the 388 early-stage hydrogen companies in North America. This information is from SEP’s first report in our Hydrogen Innovation Report series, “Hydrogen Innovation Trends,” that reviews early-stage companies, investors, hydrogen hubs, patents, and research publications.

EARLY STAGE HYDROGEN COMPANIES

 HIGHLIGHTS OF FINDINGS

A large and growing market

388 companies is an exceptionally large US early-stage market compared to other cleantech areas SEP has reviewed. These 388 companies have attracted 1,270 deals and 932 investors, and this sector is rapidly expanding. Company formation peaked in 2020, when 46 companies were formed.

Money matters

Capital raised, Small Business Innovation Research (SBIR) awards, and patents peaked in 2022 (2023 market indicators were incomplete) with $5.5 billion in investments, $37.7 million in SBIR awards, and over 600,000 patents. Top locations for hydrogen companies mirror other indicators of cleantech intensity.

 More makers than movers

We've classified the hydrogen market by whether companies MAKE, MOVE, STORE, or USE hydrogen. The hydrogen early-stage market is made up of substantially more companies making and using hydrogen compared to moving and storing hydrogen. This could lead to challenges if hydrogen is produced and buyers want it but there are bottlenecks in storage or transportation.

Dive into the data

You can download the executive summary of the Hydrogen Innovation Trends Report for free, or purchase the full report. Additional hydrogen innovation reports coming soon: Look for Mobility and Hydrogen Green Metrics later this spring.