HYRO

What HYRO does

HYRO Energy Limited is a UK-based green hydrogen production joint venture between RES, the world's largest independent renewable energy developer, and Octopus Energy Generation, which manages over 3.2 GW of green energy assets. Founded with the backing of two Octopus-managed funds — the listed Octopus Renewables Infrastructure Trust (ORIT) and the private Sky Fund (ORI SCSp) — HYRO develops, produces, and supplies green hydrogen to energy-intensive industrial businesses seeking to decarbonise hard-to-electrify processes. Its target customer base includes paper mills, steel producers, fertiliser manufacturers, and other industrial sites currently reliant on grey hydrogen or fossil fuels.

The company's core product is green hydrogen produced via Proton Exchange Membrane (PEM) electrolysers powered by renewable electricity, with stated openness to evaluate Anion Exchange Membrane (AEM) and Solid Oxide Electrolyser (SOEC) technologies on a project-by-project basis. Hydrogen is produced at co-located facilities and delivered directly to customer sites, displacing fossil-fuel-derived inputs in manufacturing. HYRO's inaugural project is a 15 MWe co-located electrolyser supplying Kimberly-Clark's Northfleet, Kent paper mill, where green hydrogen will feed a hydrogen-ready boiler producing steam and heat for Andrex and Kleenex manufacturing.

HYRO's business model combines two revenue streams: industrial hydrogen offtake sales and UK government support through the Hydrogen Production Business Model (a Contract-for-Difference mechanism) and Hydrogen Allocation Round subsidy contracts. The company has publicly committed to developing 700 MW of electrolyser capacity by 2030 with £3bn of planned investment, and was among the first recipients of a Hydrogen Allocation Round 1 award. As of the source data, HYRO operates with a 9-person team from offices in Kings Langley and London.

Name

HYRO

Legal name

HYRO ENERGY LIMITED

Website

https://hyro.energy

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

HYRO is a UK green hydrogen producer, jointly owned by RES and Octopus Energy Generation, that supplies PEM-electrolyser-produced hydrogen to energy-intensive industrial businesses for hard-to-electrify processes such as paper, steel, ammonia, and sustainable aviation fuel.

Ownership category

akta.pro rank

Product category

Green Hydrogen Production

akta.pro primary industry

Hydrogen (Industrial & Mobility) (IMAEACAB)

akta.pro secondary industries

Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC), Hydrogen Production Supply & Offtake (Green/Blue H2) for Utility Blending (EUAJAJAF), Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)

Keywords

• Green hydrogen production
• PEM electrolysers
• Industrial decarbonisation
• Renewable energy supply
• Hydrogen allocation round

Headquarters

HQ city

Kings Langley

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Green Hydrogen Sales: HYRO generates revenue by producing and supplying green hydrogen to industrial businesses for use in manufacturing processes. The hydrogen is sold as a feedstock or fuel替代 grey hydrogen or fossil fuels in hard-to-electrify industrial processes.
2. Government Subsidy Contracts (HPBM): HYRO receives government subsidies through the Hydrogen Production Business Model (HPBM), a Contract for Difference mechanism that pays the difference between production costs and sale prices. This is supplemented by Hydrogen Allocation Round (HAR) subsidy contracts.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

HYRO produces and supplies green hydrogen to UK industrial businesses by splitting water through PEM electrolysers powered by renewable electricity from wind and solar sources. The hydrogen is supplied on-site to energy-intensive manufacturers to replace grey hydrogen and fossil fuels in hard-to-electrify processes such as paper manufacturing, fertiliser production, iron and steel production, sustainable aviation fuel, and medium/high temperature heating. HYRO also develops bespoke project solutions and benefits from UK government HPBM/HAR Contract for Difference subsidy contracts.

Product overview

HYRO is a green hydrogen production company providing green hydrogen solutions for energy-intensive industrial businesses. As a joint venture between RES and Octopus Energy Generation, HYRO produces green hydrogen through PEM electrolyser technology for hard-to-electrify processes. The company supplies hydrogen for displacing grey hydrogen in industrial processes, replacing fossil fuels in manufacturing (such as steel production and fertiliser/ammonia production), and providing bridging solutions from natural gas to electrification for medium and high temperature heating applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Green Hydrogen Production and Supply

Quantifiable outcome

• 15 Mt/CO2 possible reduction in industrial emissions in the UK by using green hydrogen

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• REScoreStrategic or Co-development PartnerRES is the world's largest independent renewable energy developer, having delivered 23GW of renewable energy generation across 11 countries. RES is one of two joint venture partners in HYRO, contributing decades of renewables development experience and expertise.
• Octopus Energy GenerationcoreStrategic or Co-development PartnerOctopus Energy Generation manages over 3.2 GW of green energy assets worth £6bn across over 15 countries. It is the generation arm of Octopus Energy Group and is one of two joint venture partners in HYRO, providing access to cheap green electricity and deep expertise in supplying renewable energy to large businesses through PPAs.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Air Products: Global industrial gases leader and one of the largest hydrogen producers worldwide, actively developing green and blue hydrogen projects for industrial customers. Provides incumbent competition for industrial green-hydrogen offtake contracts.
• bp (hydrogen): Integrated energy major with hydrogen projects including HyGreen Teesside, competing directly for UK HAR allocations and industrial hydrogen offtake contracts.
• Johnson Matthey: UK-headquartered chemicals and sustainable technologies major with a hydrogen technologies portfolio (electrolysers, fuel cells, catalysts). Competes in overlapping UK and European industrial-decarbonization projects at much larger scale.
• Equinor (Hydrogen): Norwegian integrated energy major developing blue and green hydrogen projects in the UK and Europe, including HAR-adjacent industrial hubs. Competes for both subsidy allocations and industrial offtake contracts.
• Linde: World's largest industrial gases company with an extensive hydrogen merchant supply network and growing clean hydrogen project pipeline, directly competing for UK and European industrial hydrogen customers.
• Shell (hydrogen): Integrated energy major investing in UK and European green hydrogen production hubs and HAR allocations. Competes for industrial offtakers and renewable power supply agreements at a much larger scale.

Direct peers

• ITM Power: UK-based PEM electrolyser manufacturer and project developer also targeting HAR-backed green hydrogen production for industrial offtakers. Closest direct competitor on technology, geography, and UK industrial-decarbonization use cases.
• Nel ASA: Norwegian PEM and alkaline electrolyser manufacturer supplying technology and project development services to green hydrogen producers. Directly comparable as a technology and project platform competing for similar customers.
• Thyssenkrupp nucera: German electrolyser technology company supplying PEM and alkaline systems for large-scale green hydrogen projects globally. Direct competitor for industrial-scale green hydrogen project EPC and technology supply.

Emerging players

• Cummins (Accelera): US-based power technology major with an Accelera hydrogen business covering PEM electrolysers and fuel cell systems. Competes in overlapping industrial and mobility hydrogen applications, primarily outside the UK.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hyroenergy

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 HYRO