Cipher Neutron

What Cipher Neutron does

Cipher Neutron is a Toronto-based clean energy technology company that designs, develops, and manufactures Anion Exchange Membrane (AEM) electrolysers for green hydrogen production and a patent-pending Reversible Fuel Cell (RFC) that uses graphene slurry for non-compressed hydrogen storage. The company's core technology avoids iridium and ruthenium (scarce platinum group metals used in incumbent PEM electrolysers) and is fully PFAS-free, addressing both material cost and emerging regulatory pressures. Its AEM electrolysers deliver hydrogen at up to 30 bar pressure with >99.999% purity, scale from small stacks to 250 kW single-stack systems, and are manufactured through a partnership with dynaCERT that provides capacity for up to 2,000 small 10 kW units per month.

The company generates revenue primarily through hardware sales of AEM electrolysers and reversible fuel cells, with custom quote-based pricing tied to system size, capacity, and site requirements, supplemented by professional services for system integration, installation, and ongoing maintenance. Its go-to-market combines direct enterprise sales to industrial operators in chemical processing, petroleum, mining, and steel with a network of channel partners — Kuber Group (Africa, 10 MW MOU), Blade Hydrogen (Taiwan), Safe Energy and Astec (India, Europe, Middle East) — and a manufacturing partnership with dynaCERT for production and global distribution. The company also offers Research Services for electrochemical analysis and industrial-scale stack validation.

Cipher Neutron serves industrial manufacturers, energy companies, transportation/logistics operators, and emerging-market geographies including Canada, Africa, Taiwan, India, Europe, and the Middle East. Strategic financial backers include dynaCERT ($17.5M investment in March 2023 plus an additional open-ended commitment of 10% of its unit offering proceeds), Molymet (funding for rhenium-based catalyst development), and Alberta Innovates (government grant for catalyst research). The board includes Dr. Pierre Rivard, founder of NASDAQ-listed Hydrogenics Corporation (acquired by Cummins in 2019), and the scientific advisory board includes UN CEET member Dr. Bruno Pollet and University of Waterloo professor Dr. Xianguo Li.

Name

Cipher Neutron

Legal name

Cipher Neutron Inc.

Website

https://cipherneutron.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Cipher Neutron is a Toronto-based clean energy technology company that designs and manufactures iridium-free and PFAS-free Anion Exchange Membrane (AEM) electrolysers and reversible fuel cells for green hydrogen production, serving industrial manufacturers, energy companies, and emerging-market geographies globally.

Ownership category

akta.pro rank

Product category

Hydrogen Electrolysers

NAICS

Relay and Industrial Control Manufacturing (335314)

SIC

Electrical Industrial Apparatus (3620)

akta.pro primary industry

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

Keywords

• AEM electrolysers
• Green hydrogen production
• Reversible fuel cells
• Hydrogen energy technology
• Electrolyser manufacturing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 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. AEM Electrolyser Hardware Sales: Sale of industrial-scale AEM electrolysers ranging from small stacks to 250 kW capacity systems. Hardware sales constitute the primary revenue stream, with systems sold directly to industrial customers and through channel partners. Production capacity of up to 2,000 small 10 kW electrolyser units per month through manufacturing partnership with dynaCERT.
2. Reversible Fuel Cell Systems: Sale of reversible fuel cell systems capable of both hydrogen generation and power generation. These systems complement electrolyser offerings for customers seeking bidirectional hydrogen energy solutions.
3. Professional Services and Custom Engineering: Custom engineering and technical services associated with deploying large-scale hydrogen production solutions, including system integration, installation support, and ongoing maintenance services bundled with hardware sales.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels3 records

Core offering

Cipher Neutron develops, manufactures, and sells Anion Exchange Membrane (AEM) electrolysers for green hydrogen production, alongside reversible fuel cells that combine hydrogen generation and power generation in a single system. Its systems use proprietary PFAS-free anion exchange membranes and rhenium-based catalysts, eliminating dependence on scarce iridium used in competing PEM electrolysers, and are sold as custom-engineered units ranging from small stacks to 250 kW capacity systems to industrial buyers.

Product overview

Cipher Neutron offers a unified portfolio of clean energy technology products centered on Anion Exchange Membrane (AEM) electrolysis. The core offering comprises The AEM Electrolyser for high-efficiency green hydrogen production and The Reversible Fuel Cell (RFC) for combined hydrogen generation and power storage using graphene slurry technology. Research Services complement the product line by providing testing and validation capabilities that bridge laboratory research with commercial deployment. Together, these products form an integrated approach to scalable, sustainable green hydrogen solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• The AEM Electrolyser Flagship Anion Exchange Membrane (AEM) electrolyser for sustainable green hydrogen production. Delivers pressurized hydrogen up to 30 bar at 99.999% purity without relying on iridium catalysts or toxic PFAS chemicals. Features stack efficiencies approaching 90% (HHV) and modular scalability from pilot to industrial installations, with maximum single-stack capacity of 250 kW. Designed for industrial customers in chemicals, petroleum, mining, steel, and hydrogen fueling.
• The Reversible Fuel Cell (RFC) Patent-pending Reversible Fuel Cell that utilizes graphene slurry to store green hydrogen in a non-compressed, safe, and scalable form. Consolidates hydrogen production (Electrolysis Mode) and power generation (Fuel Cell Mode) into a single integrated system with projected 45-55% round-trip efficiency. Targeted at residential, industrial, and remote applications where bidirectional energy assets are valuable.
• Research Services Comprehensive hydrogen research, electrochemical analysis, and industrial-scale stack validation services including catalyst screening, electrode optimization, membrane evaluation, gas crossover analysis, full-stack performance characterization, polarization testing, electrochemical impedance spectroscopy (EIS), and ppm-level gas purity analysis. Bridges laboratory research with commercial deployment for hydrogen technology customers and partners.

Quantifiable outcome

• >65 Nm³/hr hydrogen output (143 kg/day capacity)
• +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

Eleven partnerships are on record, tiered core, supporting and minor.

• MolymetcoreStrategic or Co-development PartnerMolymet provides funding for development of Cipher Neutron's Rhenium-based AEM electrolysers and has issued purchase orders for the technology. MOU established for long-term collaboration on rhenium-based catalyst development for AEM electrolysers, combining Molymet's materials expertise with Cipher Neutron's electrolyser technology.
• Simon Fraser UniversitycoreStrategic or Co-development PartnerAcademic research partnership for development of 250 kW AEM electrolyser stacks. Collaboration with university researchers advances AEM electrolyser technology development and provides validation through academic research and testing.
• IonomrcoreStrategic or Co-development PartnerStrategic collaboration to create North America's first 250-Kilowatt AEM hydrogen electrolyzer. Partnership combines Ionomr's AEM materials expertise with Cipher Neutron's electrolyser technology development and manufacturing capabilities.
• FuelPositivecoreStrategic or Co-development PartnerStrategic partnership for multiple AEM electrolyser technology orders. FuelPositive is a key customer partnership resulting in multiple purchase orders for Cipher Neutron's AEM electrolyser technology.
• Western UniversitysupportingStrategic or Co-development PartnerCollaboration on renewable hydrogen demonstration project supported by IESO's Hydrogen Innovation Fund. Partnership focuses on validating AEM electrolyser technology in real-world renewable hydrogen production applications.
• Kuber GroupcoreChannel Partner/ Reseller/ DistributorKuber Group has placed an initial purchase order and signed MOU for 10 MW capacity commitment of Cipher Neutron's AEM electrolysers for African markets. Channel partnership establishes Cipher Neutron's presence in African hydrogen markets through Kuber Group's distribution network.
• Blade HydrogencoreChannel Partner/ Reseller/ DistributorBlade Hydrogen has issued a purchase order for Cipher Neutron's AEM electrolyser technology for Taiwan market deployment. Channel partnership establishes Cipher Neutron's presence in Taiwanese hydrogen markets.
• Strategic ResourcessupportingChannel Partner/ Reseller/ DistributorGreen hydrogen collaboration agreement with Strategic Resources for hydrogen production initiatives. Partnership explores deployment of AEM electrolyser technology for strategic resource projects.
• University of AlbertasupportingStrategic or Co-development PartnerAcademic collaboration on advanced research in catalysts for AEM electrolysers. University research partnership advances catalyst development for improved electrolyser performance and cost efficiency.
• Safe Energy and AstecsupportingChannel Partner/ Reseller/ DistributorMOU partnership with Safe Energy and Astec covering India, Europe, and Middle East markets for distribution and deployment of Cipher Neutron's AEM electrolyser technology. Channel partnership expands geographic reach into these key markets.
• TechnomakminorGTM or Marketing PartnerMarketing agreement with Technomak to support market development and promotional activities for Cipher Neutron's AEM electrolyser technology in designated markets.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• ITM Power: ITM Power is a UK-based PEM electrolyzer manufacturer focused on large-scale green hydrogen production for industrial, transport, and grid applications. Publicly traded on AIM (ITM.L), ITM is a major incumbent competing for industrial hydrogen offtake. Comparable as a competing electrolyser technology provider with focus on industrial-scale green hydrogen.
• thyssenkrupp nucera: thyssenkrupp nucera is a German-based alkaline electrolyzer specialist (formerly part of thyssenkrupp) focused on large-scale industrial hydrogen projects. Publicly listed. Comparable as an incumbent electrolyzer manufacturer competing for industrial green hydrogen deployments of comparable scale to Cipher Neutron's 250 kW systems.
• Nel ASA: Nel ASA is a global leader in alkaline and PEM electrolyzer manufacturing with multi-MW commercial deployments across industrial hydrogen markets. As a publicly-traded Norwegian incumbent (OSE:NEL), Nel represents the established competition Cipher Neutron must displace in industrial hydrogen projects. Comparable as competing electrolyser technology provider serving similar industrial decarbonization use cases.
• Plug Power: Plug Power is a major US-based PEM electrolyzer and fuel cell company focused on green hydrogen production for material handling, transportation, and stationary power. Publicly traded (PLUG). Comparable as a competing PEM electrolyzer manufacturer targeting industrial and mobility end markets.
• Cummins (Accelera): Cummins' Accelera hydrogen business segment manufactures PEM electrolyzers and fuel cells, having acquired Hydrogenics (founded by Cipher Neutron board member Pierre Rivard) in 2019. Direct relevance through fuel cell technology overlap and as a key incumbent in industrial hydrogen equipment markets. Comparable product portfolio spanning electrolyzers and fuel cells.

Direct peers

• Enapter: Enapter is the most direct AEM electrolyzer competitor globally, producing compact anion exchange membrane electrolysers primarily for residential and small commercial use cases. Both companies pursue PFAS-free AEM technology targeting green hydrogen production. Cipher Neutron differentiates through larger stack capacity (up to 250 kW vs Enapter's smaller modules) and the reversible fuel cell product line.
• Ionomr Innovations: Ionomr Innovations is a Canadian AEM membrane and material supplier that Cipher Neutron partnered with to create North America's first 250 kW AEM electrolyzer. As an AEM-focused player with overlapping technology base, Ionomr is a strategic collaborator and adjacent peer in the AEM electrolyzer ecosystem.

Emerging players

• Sunfire: Sunfire is a German alkaline and SOEC (solid oxide electrolyzer cell) technology company pursuing large-scale industrial hydrogen production. Comparable as a technology-differentiated electrolyzer manufacturer pursuing industrial-scale green hydrogen opportunities.
• McPhy Energy: McPhy Energy is a French alkaline electrolyzer specialist focused on large-scale green hydrogen production for industrial and mobility markets. Publicly traded on Euronext. Comparable as a competing electrolyzer manufacturer serving similar industrial decarbonization use cases.

Others

• Hydrogenics (historical): Hydrogenics Corporation was a Canadian PEM electrolyzer and fuel cell manufacturer founded by Dr. Pierre Rivard (now on Cipher Neutron's board) and acquired by Cummins in 2019. Comparable as a Canadian hydrogen technology company with overlapping product portfolio in electrolysis and fuel cells — directly relevant given Cipher Neutron's board lineage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 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 Cipher Neutron