Power to Hydrogen
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.
- Company typePrivate
- Founded2019
- HeadquartersColumbus, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Power to Hydrogen firmographics
Firmographics- 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
Power to Hydrogen industry classification
Industry- 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
Where Power to Hydrogen is headquartered
LocationHeadquarters
- HQ city
- Columbus
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Power to Hydrogen business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Quote-based project pricing for M-Class and K-Class electrolyzer systems |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels6 records
Power to Hydrogen product offering
Product offeringCore 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
Companies that use Power to Hydrogen
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles5 records
Power to Hydrogen technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Power to Hydrogen partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered flagship, strategic, tactical and core.
- SINTEFflagshipBinding 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 GreenergystrategicNon-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 ProjectstacticalIndia-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-BrugesflagshipFlagship 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)coreP2H2 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 PowercoreP2H2 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.
- NASAstrategicResearch 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 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-EstrategicResearch and development partner — supported P2H2's hybrid AEM innovation. Referenced on the Our Approach page as a development partner.
- Air LiquidestrategicFeatured partner on P2H2's homepage logo wall — one of the global hydrogen leaders P2H2 is partnering with to deploy technology at scale.
- Asahi KASEIstrategicFeatured 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)coreFree 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.ONcoreFree 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.
- EDPstrategicFree Electrons utility partner and pilot customer for K-Class and M-Class systems. Logo on homepage partner wall.
- ESBstrategicFree Electrons utility partner that provided wind asset data for designing load profiles for P2H2's electrolyzer testing. Logo on homepage partner wall.
- JerastrategicFeatured 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. LinesstrategicFeatured partner on P2H2's homepage logo wall — likely a maritime shipping partner for green hydrogen for shipping applications.
- AWS (Amazon Web Services)tacticalFeatured partner on P2H2's homepage logo wall — likely a cloud infrastructure partner.
- HyperiontacticalFeatured partner on P2H2's homepage logo wall.
- WHA InternationaltacticalHydrogen 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
Power to Hydrogen competitors and assessment
Company assessmentDirect 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
Power to Hydrogen social profiles
Digital presencePower to Hydrogen financial estimates
Financial estimateRevenue estimate
Valuation estimate
Power to Hydrogen leadership team
Management profileNumber of profiles
Profiles11 records
Power to Hydrogen funding detail
Funding detailFunding overview
Funding rounds10 records
Investors19 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Power to Hydrogen M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Power to Hydrogen
What does Power to Hydrogen do?
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.
Is Power to Hydrogen a public or private company?
Power to Hydrogen is a private company. It is classified as venture growth investor backed and is currently operating.
When was Power to Hydrogen founded?
Power to Hydrogen was founded in 2019. It employs 11 to 50 people.
Where is Power to Hydrogen based?
Power to Hydrogen is headquartered in Columbus, United States, in the North America region.
How does Power to Hydrogen make money?
Three revenue lines are on record. Hardware sales of electrolyzer systems are the primary driver. The others are project-based pilot and demonstration contracts and government and institutional grant funding.
Who are Power to Hydrogen's main competitors?
Enapter is listed as a direct peer. Broad incumbents are Nel ASA, ITM Power, Plug Power, Thyssenkrupp Nucera and Cummins / Accelera. Emerging players are SunGreenH2, Verdagy, Electric Hydrogen and Ohmium International.
Does Power to Hydrogen have an API?
No public API is recorded for Power to Hydrogen.
What industry is Power to Hydrogen in?
Power to Hydrogen's product category is Hydrogen Electrolysis Equipment. Its primary akta.pro industry code is IMAGAHAM, Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems), with a secondary code of IMAEACAB, Hydrogen (Industrial & Mobility). Its NAICS code is 22111 and its SIC code is 3620.