Hydrogenera

What Hydrogenera does

Hydrogenera, operated by Green Innovation AD (BSE-Sofia ticker HYDR), is a Bulgarian hydrogen technology company founded in 2016 that designs and integrates alkaline electrolysers and metal hydride hydrogen storage systems for industrial customers across Europe and Asia. The product portfolio comprises the Z Series modular containerised electrolyser (1 MW capacity, producing 432 kg of hydrogen per day at 99.999% purity with a 15-year stack lifespan) and the E Series, which provides customised on-site hydrogen and oxygen generation for direct integration with existing combustion processes. Complementing the electrolysers is a metal hydride storage line spanning compact 50 Nl canisters, modular 3,000–10,000 Nl tanks, and containerised industrial systems, plus a proprietary metal hydride compressor rated up to 750 bar and an in-house developed control electronics platform that has been iterated since 2017. The company also holds technology for a hydrogen-fuelled internal combustion engine and a validated zero-loss balance-of-plant design.

Hydrogenera serves end markets including heavy industry, transport and refuelling, power and heating, renewable energy storage, and research applications, with named deployments or pilots at Saint-Gobain, Volkswagen Group, Safran, Weber, Trace, and the Bruno Kessler Foundation. The company goes to market through a direct enterprise field-sales motion supplemented by a European partner integrator network (Hydro Future GmbH in Germany, Hydrogenify in the UK, GFA Istanbul in Turkey, Nabla Projekt Energia in Poland), and provides turnkey delivery from feasibility and design through manufacturing, installation, and commissioning. Revenue is generated primarily through hardware sales of electrolyser and storage systems, with engineering and integration services wrapped around each project.

As of 2025 the company has executed an IPO on the Bulgarian Stock Exchange, secured EBRD and National Innovation Fund support in 2023, completed its first private equity financing in 2022, and acquired its metal hydride storage technology platform in 2022. Cumulative installations exceed 100 projects across seven countries, and the company holds six ISO certifications (9001, 14001, 45001, 27001, 37001, 50001) and is the first Bulgarian member of the European Clean Hydrogen Alliance, with eleven projects listed on the European hydrogen map.

Name

Hydrogenera

Legal name

Green Innovation AD

Website

https://hydrogenera.eu

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Hydrogenera, operated by Green Innovation AD, develops alkaline electrolyser systems and metal hydride hydrogen storage solutions for industrial decarbonization. The Bulgarian company serves heavy industry, transport, and power generation customers across Europe and Asia.

Ownership category

akta.pro rank

Product category

Industrial Hydrogen Production Equipment

NAICS

Pump and Compressor Manufacturing (33391), Turbine and Turbine Generator Set Units Manufacturing (333611), Industrial Gas Manufacturing (32512), Metal Tank (Heavy Gauge) Manufacturing (33242)

SIC

Electrical Industrial Apparatus (3620), Engines & Turbines (3510)

akta.pro primary industry

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

akta.pro secondary industries

Hydrogen Storage Materials & Solid-State Storage (Metal Hydrides, Adsorbents) (EUAFAEAG), Hydrogen (Industrial & Mobility) (IMAEACAB), Hydrogen Storage EPC, Engineering & Construction (Aboveground/Underground Facilities) (EUAFAEAK)

Keywords

• Alkaline electrolysis systems
• Metal hydride storage
• Green hydrogen production
• Industrial hydrogen solutions
• Hydrogen generation equipment

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Alkaline Electrolyzer Sales: Sale of Z Series and E Series alkaline electrolysers for industrial hydrogen production. Systems are modular, scalable, and turnkey. Z Series provides 1 MW capacity producing 432 kg hydrogen per day. E Series offers custom tailored solutions.
2. Metal Hydride Storage Systems: Sale of metal hydride hydrogen storage solutions including canisters (50 Nl), tanks (3000-10,000 Nl), and containerised industrial systems. Low-pressure solid-state storage for various applications.
3. Engineering and System Integration: Full lifecycle services from feasibility studies and financial analysis through conceptual design, working design, manufacturing, installation, testing, commissioning, and ongoing support and maintenance.
4. Custom Hydrogen Solutions: Turnkey hydrogen solutions tailored to each project's unique requirements. Includes water treatment systems, compressors, storage tanks, and dispensing units as part of complete hydrogen infrastructure.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Hydrogenera develops and manufactures alkaline electrolyser systems (Z Series for modular large-scale production and E Series for customised on-site solutions) and a complete line of metal hydride solid-state hydrogen storage products (canisters, modular tanks, and containerised industrial systems). The company delivers turnkey hydrogen infrastructure, including water treatment, compression, storage, and dispensing, integrating production with downstream industrial use cases across heavy industry, power, transport, and renewable energy.

Product overview

Hydrogenera offers a portfolio of hydrogen technology products comprising two alkaline electrolyser series (Z Series for large-scale modular production and E Series for customised on-site solutions) and a complete metal hydride storage line (canisters, storage tanks, and containerised industrial systems). The company provides full hydrogen supply chain integration services from production through storage to distribution, serving industries including power, heating, transport, and manufacturing. The product architecture is modular and scalable, allowing configurations from small demonstrative canisters to multi-megawatt industrial installations.

Differentiator

Problem solved

Functional benefit

Products and services

• Z Series Alkaline Electrolyser
• E Series Alkaline Electrolyser
• Metal Hydride Canister (GSH50C)
• Metal Hydride Storage Tank (GSH3000)
• Containerised Metal Hydride Storage System
• Hydrogen System Integration Services End-to-end hydrogen project delivery covering production, compression, storage, and integration into gas transmission networks or charging stations. Includes survey, design, manufacture, installation, testing, commissioning, and ongoing support and maintenance for industrial hydrogen infrastructure projects.

Quantifiable outcome

• 432 kg hydrogen per day production capacity from 1 MW Z Series electrolyzer
• +5 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

13 partnerships are on record, tiered core, major, flagship and minor.

• Hydro Future GmbHcoreChannel Partner/ Reseller/ Distributor · 3 April 2026Partnership for 2 MW green hydrogen project financed by German government grant. Hydro Future GmbH based in Germany (Südliche Münchener Straße 36a, Munich) serves as local partner for cross-border hydrogen value chain from Ukraine to German industrial customers. Commissioning scheduled for June 2027.
• LE Power GmbHcoreStrategic or Co-development Partner · 3 April 2026Partnership for 2 MW green hydrogen project. LE Power GmbH collaborates with Hydrogenera and Hydro Future GmbH to establish cross-border hydrogen value chain producing 99.999% purity hydrogen in Ukraine for German industrial customers.
• Bruno Kessler FoundationmajorStrategic or Co-development Partner · 30 January 2026Supply of electrolysis system for new hydrogen research infrastructure in Trento, Italy. Project part of IPCEI Hy2Tech initiative funded through Italy's PNRR. Aims to develop hydrogen production, storage, and system integration capabilities linking research with industrial application.
• Saint-GobainflagshipStrategic or Co-development PartnerFlagship partnership for industrial hydrogen systems targeting decarbonisation of industrial manufacturing operations.
• Volkswagen GroupflagshipStrategic or Co-development PartnerFlagship partnership for hydrogen technology applications in automotive sector.
• SafranflagshipStrategic or Co-development PartnerFlagship partnership for hydrogen technology applications in aerospace sector.
• WebercoreStrategic or Co-development PartnerIndustrial pilots completed with Weber for decarbonisation applications using hydrogen technology.
• TracecoreStrategic or Co-development PartnerIndustrial pilots completed with Trace for decarbonisation applications using hydrogen technology.
• HydrogenifycoreChannel Partner/ Reseller/ DistributorUK-based integrator partner located in Hemel Hampstead (HP3 8AA). Provides local survey, design, and manufacture support for Hydrogenera hydrogen solutions in the UK market.
• Nabla Projekt Energia Sp. z o. o.coreChannel Partner/ Reseller/ DistributorPoland-based integrator partner located in Warsaw (ul. Ogrodowa 58). Provides local survey, design, and manufacture support for Hydrogenera hydrogen solutions in the Polish market.
• GFA Istanbul Dış Ticaret Ltd. ŞticoreChannel Partner/ Reseller/ DistributorTurkey-based integrator partner located in Istanbul (Kağıthane). Provides local survey, design, and manufacture support for Hydrogenera hydrogen solutions in the Turkish market.
• Hydrogen EuropeminorOthersActive member of Hydrogen Europe, engaging with European hydrogen ecosystems to exchange knowledge and drive industrial collaboration. Helps shape policies and projects driving Europe's clean energy transition.
• World Energy CouncilminorOthersMember of the World Energy Council, a global energy network facilitating knowledge exchange and collaboration on energy transition.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• McPhy Energy: French alkaline and PEM electrolyser supplier focused on industrial, mobility, and energy markets in Europe. Comparable European SME-scale competitor with overlapping industrial decarbonisation customer base.
• Sunfire: German alkaline and SOEC electrolyser company supplying multi-megawatt industrial hydrogen systems, including projects within IPCEI frameworks. Directly competes for EU-funded industrial hydrogen installations.
• ITM Power: UK-based PEM electrolyser manufacturer supplying green hydrogen production systems for industrial, transport, and power applications across Europe. Competes for the same large industrial and renewable integration tenders.
• Plug Power: US-based hydrogen ecosystem player building electrolyser, fuel cell, and hydrogen distribution capabilities for industrial and mobility customers. Competes across multiple segments of Hydrogenera's offering.
• Enapter: German-Italian AEM electrolyser manufacturer offering modular hydrogen production units for residential, commercial, and smaller industrial applications. Comparable modular product philosophy targeting distributed hydrogen production.
• Nel ASA: Norwegian alkaline and PEM electrolyser manufacturer and one of the most established hydrogen production equipment suppliers globally. Directly comparable in alkaline electrolyser product line and industrial customer targeting.
• thyssenkrupp nucera: German alkaline electrolyser specialist spun out of thyssenkrupp with a large-scale industrial electrolyser product range. Closest European competitor in the alkaline technology category Hydrogenera competes in.

Broad incumbents

• Siemens Energy: Global energy technology major with a hydrogen production and grid integration portfolio including electrolyser systems and hydrogen-ready turbines. Competes for large-scale industrial hydrogen tenders Hydrogenera also targets.
• Cummins Accelera: Large US-based electrolyser and fuel cell business unit of Cummins offering PEM electrolyser products for industrial and mobility customers globally. Competes via broader parent balance sheet and global service network.

Emerging players

• HBank Technologies: Taiwan-based metal hydride hydrogen storage specialist developing solid-state storage solutions for industrial and mobility applications. Most directly comparable competitor in the metal hydride storage product category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hydrogenera
• Facebookfacebook.com/profile.php

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors3 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 Hydrogenera