What Splitwaters does

Splitwaters is a privately held, Houston, Texas-based engineering company that manufactures alkaline electrolyzers and delivers turnkey EPC services for green hydrogen and e-fuel projects. The company sells a full product range from the SW-0.5 (100 Nm3/hr) pilot unit up to the SW-100M (20,000 Nm3/hr) utility-scale electrolyzer, complemented by EPC and Owner's Engineer service modules, and pursues a one-stop-shop model that combines hardware, balance-of-plant equipment, and project execution under a single contract. Target customers are large-scale project developers, energy companies, industrial manufacturers, government entities, and institutions in North America, the UK, Europe, India, and Australia.

The underlying technology is alkaline water electrolysis using a bipolar stack architecture with KOH electrolyte circulation, pressurized operation, and gas-electrolyte separation. Splitwaters claims stack efficiency above 80%, a 100,000+ hour operational life (12–15 years versus a typical 8–10) with sub-1% degradation, and a non-metallic polar frame that eliminates electro-corrosion. The system is designed as modular, truckable, plug-and-play units ranging from 1 MW to 200 MW, with the company stating that less than 20% stick-built construction enables up to 30% CAPEX reduction for project owners.

Commercially, Splitwaters generates revenue through hardware sales (electrolyzers and BOP equipment), EPC service contracts, and Owner's Engineering advisory engagements. Pricing is custom and project-based, with no published list pricing; all deals are negotiated directly with enterprise buyers. The company operates a direct enterprise sales motion supplemented by a joint venture with Oriana Power in India and a manufacturing partnership with Turner Industries in Louisiana. Named customers include Akna Energy (20 MW US plant), Sun Brilliance (2.5 GW Green Urea Project, Australia), Destiny Energy (e-methanol engineering, Europe), and VIBGYOR Schools (1 MW India hydrogen bus project). Leadership includes CEO Deepak Bawa, COO Sundy Srinivasan (ex-Schlumberger, BP; MIT MBA), and Head of Business Development Neil Mackintosh (ex-McDermott Technip, Advisian/Worley).

Name

Splitwaters

Legal name

Splitwaters

Website

https://splitwaters.com

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

Splitwaters is a Houston-based manufacturer of alkaline electrolyzers and EPC contractor for green hydrogen and e-fuel projects. It sells a modular SW-series product line alongside turnkey engineering, procurement, and construction services under a one-stop-shop model for global project developers and industrial customers.

Ownership category

akta.pro rank

Product category

Green Hydrogen Electrolyzer Manufacturing

NAICS

Industrial Gas Manufacturing (32512)

SIC

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 Production Supply & Offtake (Green/Blue H2) for Utility Blending (EUAJAJAF), Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)

Keywords

• Alkaline electrolyzer manufacturing
• Green hydrogen EPC services
• E-fuel project engineering
• Modular hydrogen systems
• Industrial hydrogen production

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Electrolyzer & BOP Equipment Sales: Splitwaters manufactures and sells alkaline electrolyzers (SW-0.5 through SW-100M series) and Balance of Plant (BOP) equipment to project developers and EPC clients. Equipment is sold as part of full turnkey solutions or standalone to customers in North America, India, and globally.
2. EPC (Engineering, Procurement, Construction & Commissioning) Services: Splitwaters provides end-to-end EPC services for green hydrogen, e-fuels (green ammonia, e-methanol, green methanol), and industrial projects. They manage complete project lifecycle from concept through commissioning. Revenue is generated through project contracts with cost-optimized, turnkey delivery models.
3. Owner's Engineering & Technical Advisory Services: Splitwaters acts as an independent technical advisor representing owner's interests across project phases. Services include feasibility studies, techno-economic analysis, technology selection, engineering oversight, procurement support, and construction/commissioning oversight. Revenue is generated through advisory contracts.
4. Modular Solution Design & Engineering: Splitwaters provides custom-tailored modularized solutions where all green hydrogen plant equipment is mounted on truckable modules. This includes engineering design services for modular facilities, reducing client's CAPEX by up to 30%.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Splitwaters manufactures alkaline bipolar electrolyzers (SW-0.5 through SW-100M series) producing 100 to 20,000 Nm³/hr of hydrogen for industrial-scale green hydrogen production, with 80%+ stack efficiency and modular truckable configurations scalable from 1 MW to 200 MW. The company complements its hardware with full EPC (engineering, procurement, construction, and commissioning) services and Owner's Engineering advisory for green hydrogen, e-methanol, green ammonia, and green urea projects worldwide.

Product overview

Splitwaters offers a unified portfolio combining alkaline electrolyzer systems and EPC/project advisory services. The core product line comprises six electrolyzer models (SW-0.5 through SW-100M) ranging from 100 to 20,000 Nm³/hr hydrogen capacity, designed for industrial-scale green hydrogen production with over 80% efficiency and 100,000+ hour lifecycle. These are complemented by two service modules: EPC Services for turnkey project execution, and Owner's Engineer Services for independent technical advisory. The company positions itself as a one-stop-shop solution, combining equipment supply with engineering, procurement, construction, and commissioning under one umbrella to reduce client coordination costs and achieve up to 30% CAPEX reduction.

Differentiator

Problem solved

Functional benefit

Products and services

• SW-0.5 Electrolyzer Entry-level alkaline electrolyzer system producing 100 Nm³/hr of hydrogen and 50 Nm³/hr of oxygen, designed for small-scale pilot deployments of industrial green hydrogen.
• SW-1 Series Electrolyzer Industrial entry-level alkaline electrolyzer producing 200 Nm³/hr of hydrogen and 100 Nm³/hr of oxygen, optimized for pilot deployments with over 80% stack efficiency.
• SW-5 Electrolyzer Mid-scale alkaline electrolyzer producing 1,000 Nm³/hr of hydrogen and 500 Nm³/hr of oxygen, suitable for medium-sized hydrogen production facilities.
• SW-10M Electrolyzer Modular stack architecture alkaline electrolyzer producing 2,000 Nm³/hr of hydrogen and 1,000 Nm³/hr of oxygen, with scalable configuration for mid-size plant deployments.
• SW-50M Electrolyzer Large-scale modular alkaline electrolyzer producing 10,000 Nm³/hr of hydrogen and 5,000 Nm³/hr of oxygen, designed for industrial hydrogen production with scalable capacity expansion.
• SW-100M Electrolyzer Utility-scale alkaline electrolyzer producing 20,000 Nm³/hr of hydrogen and 10,000 Nm³/hr of oxygen, designed for large hydrogen infrastructure and grid-scale deployments.
• EPC Services End-to-end engineering, procurement, construction, and commissioning services for large-scale energy and industrial infrastructure projects, delivered as turnkey execution with cost and timeline optimization for green hydrogen, e-methanol, green ammonia, and green urea facilities.
• Owner's Engineer Services Independent technical advisory services covering feasibility studies, techno-economic analysis, technology selection, engineering oversight, procurement support, and construction/commissioning oversight, ensuring project feasibility, performance optimization, and long-term operational reliability for project owners.

Quantifiable outcome

• CAPEX reduction of up to 30% for green hydrogen projects compared to traditional multi-vendor approaches
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Seven partnerships are on record, tiered core and strategic.

• Turner IndustriescoreStrategic or Co-development Partner · 11 December 2024Splitwaters partnered with Turner Industries, a national leading provider of heavy industrial construction services with 60+ years of experience and 20,000+ employees, to build electrolyzers and Balance of Plant (BOP) modules at Turner Industries' modular fabrication facility in Port Allen, Louisiana. The partnership leverages Turner Industries' construction expertise and Splitwaters' electrolyzer technology to deliver modular solutions that reduce CAPEX of green hydrogen projects by up to 30%. Turner Industries provides fabrication infrastructure, construction expertise, and workforce, while Splitwaters provides cutting-edge electrolyzer technology and modular design.
• Oriana Power (India)coreStrategic or Co-development Partner · 5 December 2024Splitwaters and Oriana Power, a leading solar energy company in India, formed a strategic alliance to develop green hydrogen and e-fuels facilities in India. Splitwaters supplies electrolyzers and BOP equipment based on its modular technology, while Oriana Power leads business development, project execution, and local market access in India. The companies are also establishing an electrolyzer and BOP module factory in India. Oriana Power supports Splitwaters' international projects by leveraging its capabilities and market reach. A joint venture between Splitwaters and Oriana Power acts as EPC contractor for projects in India, including the VIBGYOR Schools green hydrogen bus project.
• Destiny EnergycoreStrategic or Co-development Partner · 15 October 2024Splitwaters signed an agreement with Singapore-based Destiny Energy to perform engineering design for an innovative e-methanol facility in Europe. The plant is projected to produce 10,000 tons of e-methanol annually using renewable power, advanced electrolyzers to generate green hydrogen, and CO2 to produce e-methanol for sustainable shipping fuel. Splitwaters will focus on process design with ease of operation, high plant availability, elevated conversion rates, and minimized energy consumption through its modular approach.
• Sun BrilliancecoreStrategic or Co-development Partner · 9 September 2024Splitwaters entered into an agreement with Sun Brilliance Group, an Australian large-scale Solar Photovoltaic Power Projects Developer and Independent Power Producer, to supply 2.5 GW of electrolyzers for the Green Urea Project in Western Australia. The project, developed by Sun Brilliance, aims to produce 3 million tons of green urea annually. Splitwaters will collaborate with Sun Brilliance to select a technology partner for green ammonia and green urea production processes. Phase 1 (300 MW) is expected to commence operations in early 2028, with total investment exceeding USD 4.5 billion.
• TopsoecoreTechnology or Integration · 6 September 2024Splitwaters partnered with Topsoe, a leading global provider of energy transition technology and solutions headquartered in Denmark with over 2,800 employees, to develop e-fuels facilities using Splitwaters' state-of-the-art alkaline electrolyzers and Topsoe's technology for backend fuels and chemicals production. Topsoe licenses process plant technology including ammonia, methanol, and other electrofuels including Sustainable Aviation Fuel (SAF). The partnership aims to streamline processes and potentially reduce CAPEX by up to 30% through modular design principles.
• Zentech Inc.strategicTechnology or Integration · 23 April 2024Splitwaters partners with Zentech Inc., a Houston, Texas-based design and consulting engineering firm with over 40 years of experience and offices in India, Central and South America, the Middle East, and Southeast Asia. Zentech serves as Splitwaters' engineering partner, providing engineering and project management expertise for green hydrogen and e-fuels projects. Zentech CEO Ramesh Maini also serves as a Board Member of Splitwaters.
• Akna EnergycoreStrategic or Co-development Partner · 3 April 2024Splitwaters was selected by Akna Energy, LLC to provide EPC services and electrolyzer equipment for a 20 MW green hydrogen plant in the United States, operational in late 2025. The facility will produce over 3 million kilograms of green hydrogen per year. Splitwaters provides a complete turnkey solution including electrolyzer supply, EPCC services, and commissioning. This is the first green hydrogen plant Akna plans to build with Splitwaters in and around the US, with more planned.

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Nel ASA: Norway-based Nel is one of the world's largest pure-play electrolyzer manufacturers, producing both alkaline and PEM systems and supplying globally to project developers — directly comparable to Splitwaters' alkaline stack product line and EPC-integrated go-to-market.
• Green Hydrogen Systems: Danish-listed alkaline electrolyzer specialist offering modular, pressure-balanced systems up to multi-MW scale — directly comparable technology choice and modular product philosophy to Splitwaters' SW-series.
• John Cockerill: Belgian industrial group with a dedicated hydrogen business supplying alkaline electrolyzers and integrated hydrogen production plants, targeting industrial decarbonization — directly overlapping with Splitwaters' alkaline electrolyzer + EPC offering.
• Asahi Kasei: Japanese chemical and industrial company with a long-standing alkaline electrolyzer business supplying large-scale hydrogen plants globally — directly comparable alkaline technology and large industrial plant delivery model.
• ITM Power: UK-listed PEM electrolyzer manufacturer and EPC contractor for green hydrogen refueling and industrial projects — comparable end-to-end equipment-plus-services business model, though Splitwaters is alkaline-focused.
• McPhy Energy: French alkaline and PEM electrolyzer manufacturer delivering equipment and integrated hydrogen production solutions to industrial and mobility customers — comparable alkaline stack product line and project integration model.
• HydrogenPro: Norwegian alkaline electrolyzer manufacturer focused on multi-MW to 100+ MW units and large industrial projects — comparable in technology choice, scale ambition, and project-based sales motion to Splitwaters.
• thyssenkrupp Nucera: German-listed alkaline electrolyzer specialist and one of the most established suppliers of large-scale green hydrogen plants, with multi-hundred-MW reference projects — directly comparable to Splitwaters' alkaline, large-scale, EPC-integrated model.

Broad incumbents

• Plug Power: US-listed vertically integrated hydrogen company building PEM electrolyzers alongside fuel cells, fueling infrastructure, and offtake — comparable broad hydrogen value-chain positioning, though PEM- rather than alkaline-focused.
• Cummins (Accelera): Cummins' Accelera segment manufactures PEM electrolyzers as part of a broader zero-emissions powertrain portfolio — overlapping in electrolyzer supply and hydrogen project participation but not focused exclusively on alkaline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/splitwaters

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

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 Splitwaters