Path2 Hydrogen

What Path2 Hydrogen does

Path2 Hydrogen AG is a publicly-listed German management holding company (FRA: PTHH, formerly HBD1) focused on building an integrated hydrogen infrastructure platform. The company is headquartered in Munich with operational offices in Berlin, Titusville (Florida), and Calgary, and was renamed from Philomaxcap AG in October 2025 following the March 2025 acquisition of GenH2 Corp., a US-based liquid hydrogen technology firm established in 2020. Its core operating subsidiary, GenH2 Corp., develops cryogenic liquid hydrogen infrastructure systems rooted in NASA Kennedy Space Center-derived innovations, including the Zero-Loss Controlled Storage system that uses active refrigeration to eliminate the 20-40% boil-off losses typical of conventional LH2 storage, the LS20 mobile liquid hydrogen unit, the Cryostat CS900 simulation test platform, the CS500 calorimeter, and iCAT cryogenic storage tanks.

Path2 Hydrogen generates revenue through one-time equipment sales of standardized liquid hydrogen liquefaction, storage, and transfer systems, supplemented by professional services revenue from integrated project development with EPC partners (notably MP Industries in Europe) and collaborative R&D with research institutions such as FEnEx CRC and ARENA in Australia. The customer base is concentrated in hard-to-decarbonize sectors: long-haul transportation (Hyroad Energy, Golden Empire Transit District), aviation and aerospace (UAV operators), data centers and industrial fuel cell applications, and academic energy research. Pricing is quote-based and not publicly disclosed, reflecting project-by-project commercial scoping.

The strategic posture is one of vertical integration. The company is pursuing acquisition of ProtonH2 Inc. (Calgary-based geologic hydrogen producer) to add upstream production capabilities and target sub-$1/kg hydrogen economics, while expanding geographically into EMEA (led by VP of Sales Simon Hearsey) and Australia. Strategic partnerships with Bosch Rexroth (industrial automation), MP Industries (EPC for Europe), Shell/CB&I/NASA (DOE consortium), and FASTECH (deployment) form an execution ecosystem. The team includes NASA Hall of Fame inventors Dr. Martha Williams and James Fesmire, supported by CEO Josh McMorrow (former Atotech CEO; $5B NYSE IPO 2021) and a financial-services-heavy supervisory board.

Name

Path2 Hydrogen

Legal name

Path2 Hydrogen AG

Website

https://path2hydrogen.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Path2 Hydrogen AG (FRA: PTHH) is a publicly-listed German holding company that, through its GenH2 subsidiary, develops NASA-derived zero-loss liquid hydrogen liquefaction, storage, and transfer systems for transportation, aviation, and industrial customers, with an option to acquire ProtonH2 for upstream geologic hydrogen production.

Ownership category

akta.pro rank

Product category

Hydrogen Infrastructure Equipment

NAICS

Industrial Gas Manufacturing (325120)

SIC

Oil & Gas Field Machinery & Equipment (3533), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Liquid Hydrogen (LH2) Storage & Cryogenic Tank Systems (EUAFAEAB)

akta.pro secondary industries

Hydrogen (Industrial & Mobility) (IMAEACAB), Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM), Hydrogen Storage Terminals, Depots & Bulk Logistics (Siting, Loading/Unloading) (EUAFAEAI), Cryogenic Liquid Hydrogen Storage for Power-to-X Hubs (LH2 Tanks, Boil-off Mgmt) (EUAFAFAG)

Keywords

• Liquid hydrogen storage
• Hydrogen infrastructure systems
• Cryogenic hydrogen equipment
• Hydrogen liquefaction technology
• Clean hydrogen production

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Liquid Hydrogen Equipment Sales: Sale of standardized hydrogen liquefaction, storage, and transfer equipment including the Cryostat series, LS20 mobile systems, and Zero-Loss Controlled Storage units.
2. Integrated Hydrogen Project Development: Joint development of integrated hydrogen projects in partnership with MP Industries, combining Path2's upstream-to-midstream technology with MPI's EPC and operations expertise for commercial-scale hydrogen deployments.
3. Research & Development Collaboration: Collaborative research projects with universities and research institutions such as FEnEx CRC, Australian Renewable Energy Agency, and others for advanced hydrogen liquefaction technology development.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Path2 Hydrogen AG is a publicly-listed holding company that develops and deploys liquid hydrogen infrastructure systems through its wholly-owned subsidiary GenH2 Corp. The company designs, manufactures, and sells equipment for liquid hydrogen production, zero-loss cryogenic storage, liquefaction, and transfer, serving aviation, transportation, industrial, and research customers. Its portfolio integrates upstream geologic hydrogen production (via ProtonH2) with midstream liquefaction and storage hardware.

Product overview

Path2 Hydrogen AG is a publicly-traded management holding company (FRA: PTHH) focused on advancing the hydrogen infrastructure economy. The company's portfolio is anchored by its 100%-owned subsidiary GenH2 Corp., a technology leader in liquid hydrogen infrastructure systems. GenH2's product lineup centers on its proprietary Zero-Loss Controlled Storage technology, which eliminates 20-40% boil-off losses through active refrigeration. Supporting this core technology are the LS20 Mobile Liquid Hydrogen System for on-site hydrogen generation, the Cryostat CS900 LH2 Simulation Test Platform for performance validation, and the CS500 calorimeter and Macroflash test instruments for materials research. Path2 Hydrogen is also pursuing the acquisition of ProtonH2 to add geologic hydrogen production capabilities to its portfolio. Together, these products provide an integrated value chain from upstream production (via ProtonH2) through midstream liquefaction, storage, and transfer (via GenH2's Zero-Loss systems), enabling sustainable and scalable hydrogen solutions for hard-to-decarbonize industries including aviation, transportation, and data centers.

Differentiator

Problem solved

Functional benefit

Brands

• GenH2: Technology leader in liquid hydrogen infrastructure systems for advanced clean energy, including Zero-Loss Controlled Storage and hydrogen liquefaction technology.
• ProtonH2

Products and services

• Zero-Loss Controlled Storage System Patented liquid hydrogen storage system that uses active refrigeration to maintain subcooled state, preventing evaporation and eliminating the need for venting. Sold to enterprises, transit agencies, and industrial customers for hydrogen refueling and storage applications.
• LS20 Mobile Liquid Hydrogen System Compact, fully integrated mobile liquid hydrogen solution designed to produce small quantities of liquid hydrogen on-site. Targeted at researchers and industry professionals running pilot projects and product testing.
• Cryostat CS900 LH2 Simulation Test Platform Advanced simulation test platform for validating performance of liquid hydrogen liquefaction, storage, and transfer systems. Generates real-world performance data without boil-off losses. Used by research institutions and engineering teams.
• CS500 Calorimeter Commercial cryostat used for thermal performance material testing at cryogenic temperatures with liquid hydrogen. Sold to universities and research institutions.
• Macroflash Test Instrument Testing instrument used in collaboration with universities for advanced liquid hydrogen technology research. Part of GenH2's R&D test platform ecosystem.
• iCAT Cryogenic Hydrogen Storage Tanks Advanced cryogenic hydrogen storage tanks designed for industrial applications in transportation and energy storage, featuring integrated advanced refrigeration systems.
• Mixed Refrigerant Cryogenic Refrigeration System Helium-neon blended mixed refrigerant system developed for hydrogen liquefaction research. Supports validation of thermodynamic models and process simulations under cryogenic operating conditions.

Quantifiable outcome

• Eliminates 20-40% hydrogen losses typical of conventional liquid hydrogen storage systems
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• MP Industries OUcoreImplementation/ SI/ Consulting Partner · 15 April 2026Strategic partnership to jointly develop a pipeline of hydrogen and renewable energy projects across European markets. Path2 contributes upstream production (ProtonH2) and midstream liquefaction/storage technology (GenH2), while MP Industries serves as EPC contractor and provides long-term operations and maintenance services. The partnership aims to deliver integrated hydrogen projects at commercial scale.
• Future Energy Exports CRC (FEnEx CRC)coreStrategic or Co-development Partner · 1 January 2026Collaboration to develop a Mixed Refrigerant cryogenic refrigeration system for hydrogen liquefaction research at the Kwinana Energy Transformation Hub in Western Australia. The helium-neon blended system will enable validation of thermodynamic models and process simulations under cryogenic operating conditions.
• FASTECHcoreStrategic or Co-development PartnerAwarded contract to jointly deliver Zero-Loss Liquid Hydrogen Controlled Storage System for Golden Empire Transit District, demonstrating collaborative approach to infrastructure deployment.
• Bosch RexrothcoreStrategic or Co-development PartnerStrategic partnership announced in April 2025 for collaboration on hydrogen infrastructure solutions, combining GenH2's liquid hydrogen technology with Bosch Rexroth's industrial automation and hydraulic systems expertise.
• Shell International Exploration and Production Inc.coreStrategic or Co-development PartnerPart of a U.S. Department of Energy consortium including Shell, CB&I Storage Solutions, NASA Kennedy Space Center, and University of Houston to demonstrate feasibility of large-scale liquid hydrogen storage, aiming to establish a stable and scalable global hydrogen supply chain.
• CB&I Storage SolutionscoreStrategic or Co-development PartnerPart of the DOE consortium for large-scale liquid hydrogen storage demonstration, bringing storage tank expertise to the collaboration with GenH2, Shell, NASA, and University of Houston.
• NASA Kennedy Space CentercoreTechnology or IntegrationLicensor of cryogenic technology including cryostat designs and hydrogen handling innovations. Several founding team members have deep connections with NASA, and the company maintains technology transfer and licensing relationships with the agency.
• University of HoustonminorStrategic or Co-development PartnerAcademic partner in the DOE consortium for liquid hydrogen storage demonstration, contributing research expertise to the project.
• Hyroad EnergycoreStrategic or Co-development PartnerDeployment of liquid hydrogen Controlled Storage system in a cutting-edge refueling station project in Texas, dedicated to decarbonizing long-haul transportation through hydrogen infrastructure.

Scale indicators4 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• NPROXX: Specialist in Type IV composite hydrogen storage tanks for heavy-duty mobility and stationary infrastructure. Peer in hydrogen storage solutions for transit, trucking, and refueling end-markets.
• Hexagon Composites: Norwegian manufacturer of Type IV composite pressure vessels including hydrogen storage tanks for mobility and stationary applications. Directly comparable in hydrogen storage hardware deployment.
• Nel ASA: Norwegian hydrogen technology company producing electrolyzers, fueling stations, and related infrastructure. Comparable in hydrogen equipment and infrastructure projects, with Nel focused on gaseous H2 and electrolysis vs. Path2/GenH2 on liquid hydrogen.
• McPhy Energy: French hydrogen production and storage equipment supplier specializing in electrolyzers and connected storage for industrial, mobility, and energy applications. Direct peer in the hydrogen equipment value chain.
• Chart Industries: Global manufacturer of cryogenic equipment and hydrogen liquefaction/storage systems serving industrial gas, LNG, and clean energy markets. Direct competitor in LH2 storage tanks and cryogenic infrastructure where Path2/GenH2 operates.

Broad incumbents

• Plug Power: End-to-end hydrogen solutions provider covering production, storage, distribution, and fuel cells for mobility and stationary power. Adjacent competitor in hydrogen infrastructure and end-use deployments.
• Air Liquide: World-leading industrial gas company with major hydrogen production, liquefaction, storage, and pipeline operations globally. Provides integrated hydrogen solutions for many of the same end-markets Path2 targets.
• Air Products and Chemicals: Major hydrogen producer and infrastructure operator including LH2 supply, fueling stations, and large-scale green hydrogen projects. Competes broadly with Path2 across LH2 logistics and infrastructure.
• Linde plc: Global industrial gases and engineering major with extensive hydrogen production, liquefaction, storage, and distribution operations. Operates broadly in the hydrogen value chain overlapping Path2's LH2 infrastructure focus.

Emerging players

• ITM Power: UK-based PEM electrolyzer manufacturer scaling green hydrogen production for industrial, mobility, and energy applications. Complementary emerging player in the broader hydrogen equipment ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/path2hydrogen
• Facebookfacebook.com/profile.php?id=61572879924131
• Xx.com/Path2Hydrogen
• LinkedInlinkedin.com/company/path2hydrogen

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Path2 Hydrogen