FuelCon AG

What FuelCon AG does

HORIBA FuelCon GmbH is a German engineering company headquartered in Magdeburg-Barleben that designs and manufactures custom test and production systems for hydrogen fuel cells and electrolysers. The company is a wholly-owned subsidiary of HORIBA Group, a Japanese multinational conglomerate operating more than 50 companies across 35+ countries with approximately 8,000 employees globally; HORIBA FuelCon itself employs approximately 200 people. The product portfolio spans the full hydrogen technology stack, including test systems for PEM fuel cells, high-temperature PEM (HT-PEM) fuel cells, and solid oxide fuel cells (SOFC), as well as test systems for PEM electrolysers, alkaline electrolysers (AEL), and solid oxide electrolysis cells (SOEC) including reversible solid oxide cells (rSOC). Coverage extends from single-cell material characterization through cell stack, hot-box, and complete system testing, plus balance-of-plant and end-of-line production inspection. The HORIBA TestWork software platform provides test stand automation and data acquisition across the product line.

The company operates a B2B enterprise field sales model, selling bespoke, engineered-to-order systems rather than off-the-shelf products, with pricing conducted on a contact-based quotation basis (publicly undisclosed). Its customer base targets three primary verticals: the energy and hydrogen industry (electrolyser manufacturers and clean energy producers), the automotive industry (fuel cell vehicle developers and OEMs), and research institutions (validation and material testing). Distribution is exclusively direct enterprise sales, supported by a marketing mix of company website content, LinkedIn presence, technical publications, and participation in industry conferences such as HiPEM-TECH and the Fraunhofer IFAM workshops on alkaline-based electrolysis. Recent strategic activity in 2026 includes partnerships with the DLR-Institut für Technische Thermodynamik and Fraunhofer IFAM, as well as apprenticeship hiring for 2027 and a senior service leadership role, indicating both ecosystem engagement and capacity expansion. Revenue figures, ownership cap table details, certifications, and management team composition are not disclosed in available source material.

Name

FuelCon AG

Legal name

HORIBA FuelCon GmbH

Website

https://fuelcon.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

HORIBA FuelCon GmbH is a German subsidiary of HORIBA Group that designs and manufactures custom engineered-to-order test and production systems for hydrogen fuel cells and electrolysers, serving energy companies, automotive manufacturers, and research institutions globally.

Ownership category

akta.pro rank

Product category

Fuel Cell and Electrolyser Test Equipment

NAICS

Instrument Manufacturing for Measuring and Testing Electricity and Electrical Signals (334515)

SIC

Laboratory Analytical Instruments (3826), Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)

Keywords

• Fuel cell test systems
• Electrolyser test equipment
• Hydrogen test automation
• PEM SOFC testing
• Engineered test benches

Headquarters

HQ city

Magdeburg

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Test and Production Systems Sales: Sale of custom-designed test and production systems for fuel cells and electrolysers. These are bespoke, engineered-to-order systems rather than off-the-shelf products. Revenue is generated through the design, manufacture, and delivery of testing equipment.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

FuelCon AG designs, manufactures, and supplies custom-engineered test and production systems for fuel cells (PEM, HT-PEM, SOFC) and electrolysers (PEM, AEL, SOEC/rSOC), used by energy companies, automotive manufacturers, and research institutions to characterize and end-of-line test hydrogen technology stacks and components. Its offering is complemented by the proprietary HORIBA TestWork automation software that controls test procedures, data acquisition, and reporting, plus supporting test accessories and engineering services such as training, consulting, and customer-specific test program development.

Product overview

HORIBA FuelCon is a provider of test, manufacturing, and production systems for fuel cells and electrolyzers. The product portfolio includes specialized test systems for PEM fuel cells, HT-PEM fuel cells, SOFC fuel cells, PEM electrolyzers, AEL electrolyzers, and SOEC/rSOC electrolyzers, complemented by HORIBA TestWork automation software for test stand control and data acquisition. The company also offers balance-of-plant test solutions, end-of-line inspections, and test accessories. From single-cell testing to full stack and system-level testing, HORIBA FuelCon provides test solutions from material characterization through production-line quality assurance.

Differentiator

Problem solved

Functional benefit

Products and services

• PEM Fuel Cell Test Systems (PEM Brennstoffzellen-Testsysteme)

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Two partnerships are on record, tiered core.

• Fraunhofer IFAMcoreStrategic or Co-development Partner · 8 October 2026HORIBA FuelCon is participating in the 9th Industry Workshop on Advanced Alkaline-based Electrolysis at Fraunhofer IFAM in Dresden. This collaboration focuses on alkaline electrolysis technology development and industry-academia knowledge exchange.
• DLR-Institut für Technische Thermodynamik (German Aerospace Center)coreStrategic or Co-development Partner · 1 January 2026HORIBA FuelCon supported the HiPEM-TECH 2026 conference organized by DLR-Institut für Technische Thermodynamik. The conference brought together researchers and industry representatives to discuss PEM fuel cells and electrolysis technologies, demonstrating collaboration between research institutions and technology providers.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• AVL List GmbH: Austrian automotive and powertrain engineering giant with significant fuel cell testing capabilities, representing a much larger incumbent that competes for hydrogen test system budgets at major automotive OEMs.
• FEV Group: German mobility and powertrain engineering services provider with hydrogen testing capabilities, competing for fuel cell validation and development programs at automotive and energy customers across Europe.
• NI (National Instruments / Emerson): Provider of modular test and measurement platforms used across automotive and energy applications, with growing presence in fuel cell and electrolyser test automation that competes with HORIBA TestWork software-led offerings.
• Keysight Technologies: US-based global leader in electronic test and measurement instrumentation with extensive resources to enter adjacent markets like fuel cell and electrolyser test, posing a competitive threat through scale and breadth.

Direct peers

• Arbin Instruments: US-based provider of test equipment for batteries, fuel cells, and supercapacitors, competing with FuelCon in stack and system-level electrochemical testing for R&D and production environments.
• Bio-Logic Science Instruments: French manufacturer of electrochemical and fuel cell test equipment including potentiostats and test stations for cell/stack characterization, directly overlapping with FuelCon's laboratory and stack-level testing products.
• Scribner Associates: US-based provider of fuel cell test equipment and electrochemical analysis software, with overlapping product offerings in PEM and SOFC testing instrumentation for research and quality assurance applications.
• Maccor: US manufacturer of battery and fuel cell test systems with overlap in cell/stack-level testing for research institutions and manufacturers, similar in customer profile and engineered-to-order delivery model.
• Greenlight Innovation: Canadian manufacturer of fuel cell, electrolyser, and battery test stations, directly competing with FuelCon across PEM, SOFC, and electrolyser testing applications. Closest comparable in product scope and customer base.

Emerging players

• Gamry Instruments: US-based manufacturer of electrochemical measurement instruments including potentiostats, with growing presence in fuel cell and electrolyser characterization markets overlapping with FuelCon's material and single-cell testing segment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/horiba-fuelcon

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 FuelCon AG