Developing electrolysers to serve the green hydrogen value chain is a crucial market – but it is a space that has been undergoing notable change.
Today, consolidation is under way in many parts of the market, driven by horizontal and vertical integration within electrolyser production and deployment. But the signs are that this will accelerate over the next five years, to the extent that by 2030 we may find that we are 80% through this consolidation play.
In this context, in the years ahead fresh finance for speculative innovation in electrolysers is likely to become more scarce and increasingly expensive. The wave of buy-side venture-capital investor interest from the past few years is instead likely to shift to PE consolidation plays and other value-seeking deals.
The next wave of high-value electrolyser-related transactions will pivot to focus on optimising the value of what has been achieved over the past 10 years – and on what is currently in the process of being commercialised.
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