Metacon AB

What Metacon AB does

Metacon AB (publ), founded in 2011 in Karlskoga and headquartered in Uppsala, Sweden, is a publicly listed energy technology company (Nasdaq First North Growth Market, ticker META) that designs, manufactures, and sells hydrogen production systems for industrial customers. The company's product portfolio spans megawatt-scale alkaline electrolysers (partnered with PERIC under an OEM license), catalytic steam reforming-based hydrogen generators built on its patented HIWAR (Heat Integrated Wall Reactor) technology and proprietary non-pyrophoric catalysts, hydrogen distribution and refueling components, and combined heat and power (CHP) systems ranging from 5 kW micro-CHP units up to 200 kW industrial systems with up to 99.999% hydrogen purity.

Metacon sells complete, custom-configured hydrogen production plants through an enterprise field-sales model, with contract values ranging from roughly EUR 1M (oxygen purification add-ons) to multi-million euro multi-year electrolysis projects. Its operating footprint spans wholly-owned subsidiaries in Greece (Metacon S.A. — manufacturing, R&D and final assembly in Patras), Germany (Metacon GmbH — sales and service in Munich), and Japan (Metacon KK — R&D and sales in Yokohama), with consolidated subsidiaries Botnia Hydrogen AB (60.8% majority, January 2026) and Hynion Sverige AB assets acquired from bankruptcy in October 2025. The customer base is concentrated in basic industry (refining, green ammonia, fossil-free steel), renewable energy storage, transport (hydrogen refueling, trucks, shipping) and sustainable shipping, served via direct enterprise sales rather than channel partners.

FY2025 net revenue reached SEK 237.8 million, a 488% year-over-year increase driven primarily by milestone payments on the 50 MW Motor Oil (Hellas) Corinth Refineries electrolysis project in Greece, with additional contributions from the 7.5 MW Elektra Power SRL project in Romania and a wind-to-hydrogen pilot in Morocco. The company remains in an investment phase, reporting an FY2025 operating loss of SEK -58.0 million while funding growth through two rights issues totaling approximately SEK 210 million in 2024 and SEK 50 million of project financing from Fenja Capital in January 2026. Recent ISO 9001/14001/45001 certifications at Metacon S.A. underpin the company's push to qualify as an industrial-grade supplier for European hydrogen infrastructure projects.

Name

Metacon AB

Legal name

Metacon AB (Publ)

Website

https://metacon.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Metacon AB (publ) is a Sweden-listed energy technology company that designs, manufactures, and sells custom hydrogen production systems — alkaline electrolysers and catalytic steam reformers — for industrial customers in refining, steel, ammonia, and transport applications across Europe, Japan, and North Africa.

Ownership category

akta.pro rank

Product category

Industrial Hydrogen Production Equipment

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Industrial Gas Manufacturing (32512)

SIC

Industrial Process Furnaces & Ovens (3567), Cogeneration Services & Small Power Producers (4991)

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 & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC), Hydrogen CHP (Fuel Cell & H2-Ready Turbines) (EUACAKAF)

Keywords

• Industrial hydrogen production
• Alkaline electrolysis systems
• Steam reforming technology
• Combined heat and power
• Green hydrogen equipment

Headquarters

HQ city

Uppsala

HQ country

Sweden

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Hydrogen Production System Sales: Large-scale project-based sales of hydrogen production systems including electrolysis plants and reforming systems. Revenue recognized upon project milestones and delivery acceptance. Key contracts include 50 MW electrolysis plant (Motor Oil, Greece) and 7.5 MW plant (Elektra, Romania).
2. Add-on Systems and Components: Supplementary systems including oxygen purification units sold as add-ons to main hydrogen production projects. EUR 976,290 contract for 2,000 NMCH oxygen purification system for Motor Oil Hellas.
3. Service and Maintenance: Long-term service and maintenance contracts for installed hydrogen systems. Part of customer lifecycle management.
4. Asset Acquisition Revenue Enhancement: Acquisition of Hynion Sverige AB bankruptcy estate for SEK 3.5 million (original value SEK 67 million) supports existing and future hydrogen refueling station projects.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Metacon AB designs, manufactures, and sells industrial-scale hydrogen production systems based on alkaline water electrolysis and proprietary catalytic steam reforming technology. Its portfolio spans megawatt-class electrolysers (e.g., 7.5 MW Romania, 50 MW Greece), industrial hydrogen generators (HHG series, 20–200 Nm3/h), combined heat and power (CHP) systems, and hydrogen distribution solutions, supported by long-term service and maintenance contracts.

Product overview

Metacon AB operates as an energy technology company offering a comprehensive portfolio of hydrogen production and distribution solutions. The product portfolio centers on four core product lines: Electrolysis (alkaline electrolysers from 7.5 MW to 500 MW scale for green hydrogen production), Hydrogen Generators (industrial reformers using proprietary catalytic steam reforming technology with 10-500 Nm3/h capacity), Hydrogen Distribution solutions, and Combined Heat and Power (CHP) systems. The subsidiary Metacon S.A. in Greece develops specialized products including the H2PS-5 micro CHP unit (5 kW), 10-50 kW CHP systems, Small Scale Hydrogen Generators (0.3-5 Nm3/h), Industrial Hydrogen Generators (20-200 Nm3/h, marketed as HHG series), and Small Auxiliary Power Units (APU up to 500W). All products are supported by service and maintenance offerings. The company also acquired hydrogen refueling station components from Hynion Sverige AB's bankruptcy estate.

Differentiator

Problem solved

Functional benefit

Products and services

• Electrolysis Systems Megawatt-scale alkaline water electrolysis solutions for producing green hydrogen from renewable electricity. Manufactured under OEM license agreement with PERIC for the European market.
• Hydrogen Generators Hydrogen generators using proprietary, patented reforming process with catalytic surfaces in high-efficiency reactors to produce hydrogen without open flames and with reduced carbon emissions, using biogas, biogenic ethanol, or green ammonia as feedstock.
• Hydrogen Distribution Solutions for hydrogen distribution and delivery infrastructure to support the transport sector's transition to hydrogen fuel.
• Combined Heat and Power (CHP) Systems Combined heat and power systems that generate both electricity and thermal energy from hydrogen or other fuels using fuel cell technology, achieving overall efficiency exceeding 85%.
• Service and Maintenance Long-term service and maintenance contracts for installed hydrogen production systems across the customer lifecycle.
• Oxygen Purification System (2,000 NMCH)

Quantifiable outcome

• 488% revenue growth in 2025 to SEK 237.8 million
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and supporting.

• Botnia Hydrogen ABcoreStrategic or Co-development Partner · 5 January 2026Metacon increased shareholding to 60.8%, becoming majority shareholder. Botnia positioned as financially consolidated subsidiary. Transaction valued at SEK 10 million (43,250 shares at SEK 231.2 per share) settled by set-off. Strategic plan to strengthen hydrogen production operations.
• PERICcoreTechnology or IntegrationPartnership with PERIC for manufacturing of alkaline electrolysers. Through OEM license agreement, Metacon positions itself as leading manufacturer of alkaline electrolysers in European market. PERIC provides extensive experience in alkaline electrolyser manufacture with reliable performance.
• European R&D ProgramssupportingStrategic or Co-development PartnerMetacon S.A. participates in numerous European and National R&D programs including WASTE2FUELS, Prometheus 5, BioGas2PEM-FC, DemStack, PureHy, H2power, DemoCHP, and Eco-Bio-H2-FCs. Also participates in EU project AutoRE under Horizon 2020.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Plug Power: Plug Power is a US broad-based hydrogen fuel cell and electrolyser company spanning production, storage, and mobility, putting it in direct competition with Metacon on green hydrogen production equipment while also serving adjacent mobility use cases.
• Siemens Energy (Hydrogen): Siemens Energy offers large-scale electrolyser solutions (Silyzer) as part of a broader energy portfolio including grid and generation assets; competes with Metacon on industrial scale hydrogen projects while operating across a wider energy value chain.
• Cummins (Accelera): Accelera by Cummins is the larger incumbent's hydrogen business unit covering electrolyser stacks and fuel cell systems; competes with Metacon's offering from a much larger industrial base with broader portfolio.

Direct peers

• McPhy Energy: McPhy Energy is a French manufacturer of alkaline electrolysers and hydrogen refueling stations, directly comparable to Metacon in electrolyser technology and European industrial customer focus.
• Nel ASA: Nel ASA is a Norwegian manufacturer of alkaline and PEM electrolysers for green hydrogen production, with manufacturing scale and a broad European reference project base that directly competes with Metacon's alkaline electrolyser offering.
• Green Hydrogen Systems: Green Hydrogen Systems is a Danish alkaline electrolyser manufacturer specializing in pressurized units for industrial hydrogen production - overlapping technology and customer segments with Metacon's PERIC-sourced alkaline offering.
• ITM Power: ITM Power is a UK-based PEM electrolyser manufacturer targeting large-scale green hydrogen projects in Europe, directly comparable as a hydrogen production equipment vendor pursuing industrial and mobility customers.
• Thyssenkrupp nucera: Thyssenkrupp nucera is a major alkaline electrolysis technology provider with globally scaled projects; it competes head-to-head with Metacon/PERIC for large-scale industrial hydrogen plant awards.

Regional players

• HRS (Hydrogen Refueling Solutions): HRS is a French specialist in hydrogen refueling stations; relevant because Metacon acquired Hynion Sverige's refueling assets and is moving into the same hydrogen distribution/mobility infrastructure space, primarily in Europe.

Emerging players

• Ohmium International: Ohmium is an emerging PEM electrolyser company targeting industrial and mobility customers in Europe; competes in the same projects as Metacon but is earlier-stage with smaller installed base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/metaconab
• LinkedInlinkedin.com/company/metaconab

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries6 records

Funding overview

Funding rounds6 records

Investors2 records

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

M&A

Investments1 record

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

Frequently asked questions about Metacon AB