Power to Hydrogen

What Power to Hydrogen does

Power to Hydrogen (P2H2) is a US-based clean-energy technology company, founded in 2019 and headquartered in Columbus, Ohio (Delaware-incorporated), that designs and manufactures hybrid Anion Exchange Membrane (AEM) electrolyzers for industrial-scale green hydrogen production. Its product line consists of two deployment tiers — the M-Class MW-scale system (250 kW stacks deployable in parallel for 500 kW to 25 MW installations) and the K-Class 10 kW demonstration system — both built around a patented AEM cell architecture that uses nickel-based (non-precious) catalysts, a PFAS-free membrane, and stainless steel components, and is claimed to deliver PEM-like dynamic performance at alkaline-like cost with up to 65% lower CAPEX than PEM systems, ~10% lower electricity use, <5 second load-following, and up to 30 bar output without mechanical compression. The underlying technology was originally invented under a US DOE project and targets hydrogen production at $2.00/kg at $0.03/kWh renewable electricity with a long-term $1.00/kg target within five years.

P2H2 sells to utilities, refineries, steelmakers, ports, eFuels producers, and maritime operators through a direct enterprise sales motion, with a Chief Commercial Officer and a dedicated Director of European Sales & Operations based in Antwerp. Commercial deployment is in early industrial stages: a pilot at the Port of Antwerp-Bruges (April 2024, billed as the world's first industrial-scale AEM stack) and a binding commercial order from SINTEF for a half-megawatt system in Norway (Q4 2026 delivery for the EU PYROCO2 project) constitute the company's two commercial projects to date, with additional pilots via the Free Electrons utility consortium (AEP, EDP, E.ON, ESB, Shell, Enel Green Power). Revenue is minimal — the July 2024 SEC Form D filing described the company as "yet to begin operations or sales" — and the business is currently funded by a mix of project-based contracts, non-dilutive grants, and equity.

The company has raised cumulatively over $40M across equity and non-dilutive sources, including an $18M+ Series A (August 2024) led by Rev1 Ventures and Worthington Enterprises, a $6.6M US DOE grant, a $20M strategic investment from Kinetics (the energy arm of Karpowership, May 2025) targeting maritime applications, a €900k European Regional Development Fund grant (October 2025), and earlier NASA, ARPA-E, and Third Derivative support. P2H2 was named a 2026 World Economic Forum Technology Pioneer — the only hydrogen company on that year's list — and is expanding into India via MoUs with Advait Greenergy and JESCO Projects (February 2026) while building a European base of operations in Antwerp.

Name

Power to Hydrogen

Legal name

Power to Hydrogen Inc.

Website

https://power-h2.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Power to Hydrogen (P2H2) is a Columbus, Ohio-based clean-energy technology company that designs hybrid Anion Exchange Membrane (AEM) electrolyzers for industrial-scale green hydrogen production, selling M-Class and K-Class systems to utilities, refineries, ports, and eFuels producers via direct enterprise sales.

Ownership category

akta.pro rank

Product category

Hydrogen Electrolysis Equipment

NAICS

Electric Power Generation (22111), Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Electrical Industrial Apparatus (3620)

akta.pro primary industry

Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)

akta.pro secondary industries

Hydrogen (Industrial & Mobility) (IMAEACAB), Hydrogen CHP (Fuel Cell & H2-Ready Turbines) (EUACAKAF)

Keywords

• Hydrogen electrolyzers
• AEM electrolysis
• Green hydrogen production
• Water electrolysis systems
• Industrial hydrogen equipment

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Hardware sales of electrolyzer systems: P2H2 sells fully integrated electrolyzer systems directly to customers. Standard solution takes municipal water and AC power and converts them into high pressure hydrogen. Containerized balance of plant with power electronics, water and gas management for turn-key installation. M-Class (250kW stacks deployable in 500kW to 25MW systems) and K-Class (10kW demonstration systems) are the primary product lines.
2. Project-based pilot and demonstration contracts: Commercial pilot and demonstration projects at customer sites (e.g., Port of Antwerp-Bruges, SINTEF Tiller Norway, AEP Columbus). CAPEX funded by project partners or grant funding, generating project-based revenue from system deployment and installation.
3. Government and institutional grant funding: Receives non-dilutive funding from US Department of Energy ($6.6M), European Regional Development Fund (€900k grant), NGIF Accelerator, and the EU PYROCO2 Horizon 2020 Green Deal project — supplementing hardware revenue with grant-backed R&D and deployment funding.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Power to Hydrogen (P2H2) designs, develops, and manufactures Hybrid Anion Exchange Membrane (AEM) electrolyzer systems that produce green hydrogen from water and renewable electricity. The company sells two product lines: the M-Class MW-scale system built from 250kW stacks deployable in 500kW to 25MW installations, and the K-Class 10kW demonstration system for pilot deployments. Systems are containerized, integrate power electronics with water and gas management, and are sold turn-key to industrial off-takers, utilities, and research institutes.

Product overview

Power to Hydrogen (P2H2) is a single-product-line company offering Hybrid Anion Exchange Membrane (AEM) electrolysers in two deployment tiers: the M-Class MW-scale system (250 kW stacks deployable from 500 kW to 25 MW for industrial hydrogen production) and the K-Class demonstration system (10 kW units for pilot programs). Both products share the same proprietary Hybrid AEM stack architecture — combining the low-cost materials of alkaline electrolysers with the dynamic load-following performance of PEM systems — and together they form a modular building-block approach where K-Class pilots are intended to de-risk larger M-Class commercial deployments.

Differentiator

Problem solved

Functional benefit

Brands

• P2H2 M-Class: MW-scale hybrid AEM electrolyzer product line using 250kW stacks deployable in systems from 500kW to 25MW for industrial hydrogen production projects.
• P2H2 K-Class

Products and services

• P2H2 M-Class Hybrid AEM Electrolyser

Quantifiable outcome

• Up to 65% lower CAPEX vs PEM electrolysers using earth-abundant materials
• +5 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

20 partnerships are on record, tiered flagship, strategic, tactical and core.

• SINTEFflagshipStrategic or Co-development Partner · 1 May 2026Binding commercial order from SINTEF (one of Europe's largest research institutes) for a half-megawatt AEM electrolyzer system to be delivered in Q4 2026 and deployed at SINTEF's facility in Tiller, Norway. System will produce green hydrogen for the EU-funded PYROCO2 Green Deal project (Horizon 2020 grant #101037009) — converting captured CO2 and renewable hydrogen into acetone. P2H2's second commercial project.
• Advait GreenergystrategicStrategic or Co-development Partner · 1 February 2026Non-binding MoU signed in February 2026 between Advait Greenergy (India), US-based Power to Hydrogen Inc. (P2H2), and India-based JESCO Projects to develop AEM electrolyser technology and execute green hydrogen projects across India. Frames collaboration on technology integration, EPC execution, and project delivery aligned with India's clean energy transition goals.
• JESCO ProjectstacticalImplementation/ SI/ Consulting Partner · 1 February 2026India-based partner for project execution on the Advait Greenergy MoU for green hydrogen projects in India. Provides EPC and market access alongside P2H2's AEM electrolyzer technology.
• Port of Antwerp-BrugesflagshipStrategic or Co-development Partner · 1 April 2024Flagship partnership to install the world's first industrial-scale AEM electrolysis stack at the Port's NextGen Demonstration District. Port is providing funding to prepare the site; P2H2's commercial partners (Free Electrons utilities) are providing CAPEX for the electrolyser build. Hydrogen will power existing industrial operations and refueling operations. Each party has reached Final Investment Decision (FID); permits approved; site preparation underway.
• Free Electrons (AEP, CLP, EDP, E.ON, ESB, Origin Energy)coreStrategic or Co-development Partner · 1 January 2022P2H2 won the Free Electrons 2022 Grand Challenge — selected from 700+ global applications by the six-utility consortium. Awarded $200,000 and led to a multi-phase pilot at American Electric Power's Columbus, Ohio facilities. Phase II scaled to the Port of Antwerp deployment. EPRI administered the testing.
• Enel Green PowercoreStrategic or Co-development Partner · 1 January 2022P2H2 won Enel Green Power's Green Hydrogen Challenge (Nexthy Booster program). Tested P2H2's demonstration AEM electrolysis stack at a third-party lab with Polytechnic University of Torino developing the test plan. Both companies now scoping larger hydrogen projects in the Americas and Europe for petrochemical refinery modernization and electrofuels.
• NASAstrategicStrategic or Co-development PartnerResearch and development partner — NASA's logo is featured on P2H2's homepage partner wall. P2H2's technology was developed with support from NASA.
• Shell (incl. Shell GameChanger)coreStrategic or Co-development PartnerStrategic partner — Shell GameChanger logo on homepage partner wall. P2H2's research and deployment partners include Shell. Shell is also a Free Electrons utility partner and pilot customer.
• ARPA-EstrategicStrategic or Co-development PartnerResearch and development partner — supported P2H2's hybrid AEM innovation. Referenced on the Our Approach page as a development partner.
• Air LiquidestrategicStrategic or Co-development PartnerFeatured partner on P2H2's homepage logo wall — one of the global hydrogen leaders P2H2 is partnering with to deploy technology at scale.
• Asahi KASEIstrategicStrategic or Co-development PartnerFeatured partner on P2H2's homepage logo wall — likely a materials supplier for membrane or specialty components given Asahi KASEI's chemicals/materials business.
• American Electric Power (AEP)coreStrategic or Co-development PartnerFree Electrons utility partner and pilot host at AEP's Columbus, Ohio facilities. Phase I tested P2H2's demonstration-scale electrolyzer stack for >1,000+ hour operation with variable power. EPRI administered testing. Logo on homepage partner wall.
• E.ONcoreStrategic or Co-development PartnerFree Electrons utility partner that provided solar asset data to design load profiles matching variable power plants for testing P2H2's electrolyzer. Logo on homepage partner wall.
• EDPstrategicStrategic or Co-development PartnerFree Electrons utility partner and pilot customer for K-Class and M-Class systems. Logo on homepage partner wall.
• ESBstrategicStrategic or Co-development PartnerFree Electrons utility partner that provided wind asset data for designing load profiles for P2H2's electrolyzer testing. Logo on homepage partner wall.
• JerastrategicStrategic or Co-development PartnerFeatured partner on P2H2's homepage logo wall — Japan's largest power producer and a green hydrogen investor through its Jera Ventures CVC arm.
• Mitsui O.S.K. LinesstrategicStrategic or Co-development PartnerFeatured partner on P2H2's homepage logo wall — likely a maritime shipping partner for green hydrogen for shipping applications.
• AWS (Amazon Web Services)tacticalTechnology or IntegrationFeatured partner on P2H2's homepage logo wall — likely a cloud infrastructure partner.
• HyperiontacticalStrategic or Co-development PartnerFeatured partner on P2H2's homepage logo wall.
• WHA InternationaltacticalImplementation/ SI/ Consulting PartnerHydrogen safety partner — global leader in hydrogen safety protocols that works with P2H2 to ensure systems meet stringent standards in each deployment market.

Scale indicators13 records

Recent moves8 records

Expansion highlights8 records

Direct peers

• Enapter: Enapter is the most directly comparable peer: a Germany/Italy-based electrolyzer company commercializing anion exchange membrane (AEM) technology, with both small-scale (AEM Multicore) and larger EL systems. P2H2 and Enapter share the same AEM chemistry class, target renewable-hydrogen use cases, and compete for the same industrial off-takers seeking low-cost, iridium-free, dynamic-load-following electrolysis.

Broad incumbents

• Nel ASA: Nel ASA is a publicly listed Norwegian electrolyzer manufacturer offering both alkaline and PEM platforms at MW to GW scale, with global utility and industrial customers. While Nel uses different electrolyzer chemistries, it competes head-to-head with P2H2 for industrial green hydrogen procurement contracts and represents the scale benchmark P2H2 must reach.
• ITM Power: ITM Power is a UK-listed PEM electrolyzer manufacturer with installed MW-scale projects across Europe targeting industrial decarbonization and mobility. It is one of the principal PEM incumbents P2H2 must displace on cost for industrial-scale orders.
• Plug Power: Plug Power is a US-based PEM electrolyzer and fuel cell company with a vertically integrated hydrogen value chain targeting logistics, mobility, and stationary customers. It overlaps with P2H2's industrial and Power-to-X use cases at much larger scale and capital base.
• Thyssenkrupp Nucera: Thyssenkrupp Nucera is a Germany-based global leader in alkaline water electrolysis, with GW-scale references for green hydrogen and chlor-alkali applications. It is the dominant alkaline competitor P2H2's AEM must displace where dynamic load-following is required.
• Cummins / Accelera: Accelera by Cummins is the US electrolyzer and fuel cell division of Cummins Inc., offering PEM electrolyzer stacks and integrated systems for industrial and mobility hydrogen applications. It competes with P2H2 for North American utility and industrial off-takers.

Emerging players

• SunGreenH2: SunGreenH2 is a California-based start-up developing proprietary AEM electrolyzer stacks with nanostructured catalysts targeting low-cost green hydrogen. It is one of the few direct AEM peers to P2H2 but is at earlier commercialization stage.
• Verdagy: Verdagy is a California-based company developing large-format AEM electrolyzers for industrial green hydrogen production, with backing from majors like Shell and Chevron. It directly competes with P2H2 in industrial-scale AEM, particularly for refining and mobility applications.
• Electric Hydrogen: Electric Hydrogen is a US-based PEM electrolyzer start-up with a 100 MW-scale manufacturing facility and backing from strategic investors including NextEra, Equinor, and Mitsubishi. It is the closest US-based PEM competitor to P2H2 in scale and stage, targeting industrial-scale green hydrogen.
• Ohmium International: Ohmium is a US/Singapore-based PEM electrolyzer company focused on modular, containerized MW-scale systems for industrial and mobility applications. Its product architecture (containerized PEM stacks targeting the same off-takers) is highly comparable to P2H2's M-Class go-to-market motion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/power-h2

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds10 records

Investors19 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Power to Hydrogen