Path2 Hydrogen
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.
- Company typePublic
- Founded2020
- HeadquartersBerlin, Germany
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Path2 Hydrogen firmographics
Firmographics- 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
Path2 Hydrogen industry classification
Industry- 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
Where Path2 Hydrogen is headquartered
LocationHeadquarters
- HQ city
- Berlin
- HQ country
- Germany
- HQ region
- Europe
Offices4 records
Markets served
Path2 Hydrogen business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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.
- 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
Path2 Hydrogen product offering
Product offeringCore 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
Companies that use Path2 Hydrogen
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles5 records
Path2 Hydrogen technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Path2 Hydrogen partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- MP Industries OUcoreStrategic 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)coreCollaboration 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.
- FASTECHcoreAwarded contract to jointly deliver Zero-Loss Liquid Hydrogen Controlled Storage System for Golden Empire Transit District, demonstrating collaborative approach to infrastructure deployment.
- Bosch RexrothcoreStrategic 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.corePart 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 SolutionscorePart 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 CentercoreLicensor 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 HoustonminorAcademic partner in the DOE consortium for liquid hydrogen storage demonstration, contributing research expertise to the project.
- Hyroad EnergycoreDeployment 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
Path2 Hydrogen competitors and assessment
Company assessmentDirect 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
Path2 Hydrogen social profiles
Digital presencePath2 Hydrogen financial estimates
Financial estimateRevenue estimate
Valuation estimate
Path2 Hydrogen leadership team
Management profileNumber of profiles
Profiles6 records
Path2 Hydrogen subsidiaries and ownership
Company hierarchySubsidiaries2 records
Path2 Hydrogen funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Path2 Hydrogen M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Path2 Hydrogen
What does Path2 Hydrogen do?
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.
Is Path2 Hydrogen a public or private company?
Path2 Hydrogen is a public company. It is classified as public and is currently operating.
When was Path2 Hydrogen founded?
Path2 Hydrogen was founded in 2020. It employs 11 to 50 people.
Where is Path2 Hydrogen based?
Path2 Hydrogen is headquartered in Berlin, Germany, in the Europe region.
How does Path2 Hydrogen make money?
Three revenue lines are on record. Liquid Hydrogen Equipment Sales are the primary driver. The others are integrated Hydrogen Project Development and research & Development Collaboration.
Who are Path2 Hydrogen's main competitors?
Direct peers on record are NPROXX, Hexagon Composites, Nel ASA, McPhy Energy and Chart Industries. Broad incumbents are Plug Power, Air Liquide, Air Products and Chemicals and Linde plc. ITM Power is listed as an emerging player.
Does Path2 Hydrogen have an API?
No public API is recorded for Path2 Hydrogen.
What industry is Path2 Hydrogen in?
Path2 Hydrogen's product category is Hydrogen Infrastructure Equipment. Its primary akta.pro industry code is EUAFAEAB, Liquid Hydrogen (LH2) Storage & Cryogenic Tank Systems, with a secondary code of IMAEACAB, Hydrogen (Industrial & Mobility). Its NAICS code is 325120 and its SIC code is 3533.