Key takeaways
- Top pick: thyssenkrupp nucera, best for: Developers of gigawatt-scale green hydrogen projects. Thyssenkrupp nucera signed a contract to install more than 2 GW of electrolysis for Air Products at NEOM.
- Also near the top: NEOM Green Hydrogen Company, best for: Buyers of green ammonia at export scale; and Siemens Energy, best for: European industrial projects choosing PEM electrolysis.
- How it was ranked: 10 deep tech companies compared. Each verdict is below.
Best Green Hydrogen Companies: Top 10 Ranked. thyssenkrupp nucera ranks first, with a Lister Score of 96.7.
thyssenkrupp nucera leads on electrolyser capacity delivered, including more than 2 GW for the NEOM project in Saudi Arabia, which is the largest green hydrogen plant built globally.
Siemens Energy is the most proven PEM supplier for European industrial projects, and
Nel is a long-established choice for alkaline and PEM electrolysers.
Best Green Hydrogen Companies in 2026, compared| RANK | ENTRY | BEST FOR | SCORE | FROM |
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| 1 |  thyssenkrupp nucerathyssenkrupp nucera signed a contract to install more than 2 GW of electrolysis for Air Products at NEOM. | Developers of gigawatt-scale green hydrogen projects | 96.7 | Custom |
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| 2 |  NEOM Green Hydrogen CompanyAir Products says the NEOM complex is designed to produce up to 600 tonnes of carbon-free hydrogen per day. | Buyers of green ammonia at export scale | 95.6 | Custom |
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| 3 |  Siemens EnergySiemens Energy delivered the first nine of 12 PEM stacks for Air Liquide's 200 MW Normand'Hy plant in 2025. | European industrial projects choosing PEM electrolysis | 94.3 | Custom |
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| 4 |  NelNel says its Heroya alkaline electrolyser plant opened with an initial production capacity of 500 MW a year. | Industrial buyers wanting a choice of alkaline or PEM | 93.0 | Custom |
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| 5 |  John Cockerill HydrogenJohn Cockerill says its European gigafactory in Aspach and Seraing targets up to 1 GW of electrolysers a year. | Large projects wanting alkaline stacks with global manufacturing | 91.7 | Custom |
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| 6 |  Plug PowerPlug Power was selected to supply a 275 MW GenEco electrolyser system for Hy2gen's Courant project in Quebec. | Industrial projects that want electrolysers and fuel cells from one supplier | 90.4 | Custom |
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| 7 |  LONGi HydrogenLONGi says it shipped four alkaline electrolysers to ACWA Power's 20 MW pilot project in Uzbekistan. | Solar-powered hydrogen projects wanting lower-cost alkaline units | 89.1 | Custom |
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| 8 |  TopsoeTopsoe opened its SOEC factory in Herning with an initial capacity of 500 MW a year. | Ammonia and fuels plants with spare heat to use | 87.8 | Custom |
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| 9 |  ITM PowerITM Power signed a 20 MW electrolyser supply contract with MorGen Energy, with notice to proceed on 16 February 2026. | UK and European projects choosing PEM electrolysis | 86.4 | Custom |
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| 10 |  Electric HydrogenElectric Hydrogen secured a $100 million corporate credit facility in 2024. | US developers of large green hydrogen and e-fuels projects | 85.0 | Custom |
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How to choose
Start from what you need it for. Where each entry fits best:
- thyssenkrupp nucera (#1): Developers of gigawatt-scale green hydrogen projects
- NEOM Green Hydrogen Company (#2): Buyers of green ammonia at export scale
- Siemens Energy (#3): European industrial projects choosing PEM electrolysis
- Nel (#4): Industrial buyers wanting a choice of alkaline or PEM
- John Cockerill Hydrogen (#5): Large projects wanting alkaline stacks with global manufacturing
- Plug Power (#6): Industrial projects that want electrolysers and fuel cells from one supplier
- LONGi Hydrogen (#7): Solar-powered hydrogen projects wanting lower-cost alkaline units
- Topsoe (#8): Ammonia and fuels plants with spare heat to use
- ITM Power (#9): UK and European projects choosing PEM electrolysis
- Electric Hydrogen (#10): US developers of large green hydrogen and e-fuels projects
Each entry's full verdict is below.
The ranking, in detail
01
Large-scale alkaline water electrolysis
thyssenkrupp nucera, listed in Frankfurt and majority owned by thyssenkrupp, makes alkaline water electrolysis plants built from standard 20 MW modules. It supplied more than 2 GW of electrolysers to the NEOM green hydrogen project and has supplied Stegra's green steel plant in Sweden.
PROS- Proven at gigawatt scale
- Standard modules speed up project delivery
CONS- Built for very large projects
- Order flow depends on project financing
- Best for
- Developers of gigawatt-scale green hydrogen projects
- Where it falls short
- Order flow depends on project financing.
- Pick something else if
- you need guaranteed immediate availability regardless of funding status.
96.7
02
Gigawatt-scale green hydrogen and ammonia producer
NEOM Green Hydrogen Company, a joint venture of ACWA Power, Air Products and NEOM, is building a 2.2 GW electrolysis plant in Saudi Arabia powered by solar and wind. Construction is complete and commissioning is under way, with first product expected in 2027.
PROS- Largest green hydrogen plant built
- Backed by Air Products and ACWA Power
CONS- Not yet in commercial production
- Output sold through Air Products
- Best for
- Buyers of green ammonia at export scale
- Where it falls short
- It is not yet in commercial production.
- Pick something else if
- you need immediate supply.
95.6
03
PEM electrolysers from a Berlin gigafactory
Siemens Energy makes PEM electrolyser stacks at its factory in Berlin. In 2025 it delivered the first stacks for Air Liquide's 200 MW Normand'Hy project in Port-Jerome, France.
PROS- Backed by a large energy equipment group
- Automated stack production in Berlin
CONS- Hydrogen is a small part of the group
- Price not published
- Best for
- European industrial projects choosing PEM electrolysis
- Where it falls short
- It does not publish prices for its electrolyzer stacks.
- Pick something else if
- you need transparent upfront pricing.
94.3
04
Alkaline and PEM electrolysers
Nel, listed in Oslo, makes alkaline and PEM electrolysers and runs an automated alkaline electrolyser factory at Heroya in Norway.
PROS- Offers both main electrolyser types
- Long operating history
CONS- Competes with lower-cost Chinese makers
- Price not published
- Best for
- Industrial buyers wanting a choice of alkaline or PEM
- Where it falls short
- Competes with lower-cost Chinese makers.
- Pick something else if
- you need transparent pricing or lower costs.
93.0
05
Pressurised alkaline electrolysers
John Cockerill Hydrogen, part of Belgian engineering group John Cockerill, makes pressurised alkaline electrolysers in Belgium, France and China, and is building a factory in the Houston area.
PROS- Factories in Europe, China and the US
- Large stack sizes
CONS- US factory still being built
- Price not published
- Best for
- Large projects wanting alkaline stacks with global manufacturing
- Where it falls short
- Buyers cannot see the price because it is not published.
- Pick something else if
- you need transparent pricing upfront.
91.7
06
GenEco PEM electrolysers and hydrogen supply
Plug Power, listed on Nasdaq, makes GenEco PEM electrolysers, fuel cells and hydrogen supply equipment. In 2026 it won a 50 MW electrolyser order for Orica's Hunter Valley hydrogen hub in Australia.
PROS- Large recent electrolyser orders
- Broad hydrogen product range
CONS- History of heavy financial losses
- Price not published
- Best for
- Industrial projects that want electrolysers and fuel cells from one supplier
- Where it falls short
- Buyers cannot see current pricing because the company does not publish its prices.
- Pick something else if
- you need transparent upfront pricing before committing to a supplier.
90.4
07
ALK G-series alkaline electrolysers
LONGi Hydrogen is the electrolyser business of Chinese solar maker LONGi. Its ALK G-series alkaline electrolysers come in standard sizes from 1,200 to 3,000 Nm3 of hydrogen per hour.
PROS- Backed by a major solar manufacturer
- Standardised large units
CONS- Fewer reference projects outside China
- Price not published
- Best for
- Solar-powered hydrogen projects wanting lower-cost alkaline units
- Where it falls short
- It has fewer reference projects outside China.
- Pick something else if
- you need proven international track records.
89.1
08
Solid oxide electrolyser cells
Topsoe, the Danish chemicals and catalysis company, makes solid oxide electrolyser cells (SOEC), which use heat as well as electricity to split water, at a factory in Herning, Denmark.
PROS- High efficiency when heat is available
- Deep chemicals process expertise
CONS- SOEC is less proven at scale
- Price not published
- Best for
- Ammonia and fuels plants with spare heat to use
- Where it falls short
- SOEC technology is less proven at scale.
- Pick something else if
- you need a proven large-scale solution.
87.8
09
PEM electrolyser modules from Sheffield
ITM Power, based in Sheffield and listed in London, makes PEM electrolyser modules for industrial and energy projects. In February 2026 it received notice to proceed on a 20 MW project for MorGen Energy.
PROS- Long track record in PEM
- Strong UK project pipeline
CONS- Smaller orders than the largest rivals
- Price not published
- Best for
- UK and European projects choosing PEM electrolysis
- Where it falls short
- It does not publish its pricing, making cost comparison difficult.
- Pick something else if
- you need transparent upfront pricing.
86.4
10
100 MW HYPRPlant electrolyser systems
Electric Hydrogen, based in Devens, Massachusetts, makes the HYPRPlant, a 100 MW PEM electrolyser system designed to cut project costs. Its first plant went to Infinium's Roadrunner e-fuels project in Texas.
PROS- Very large single-system size
- US manufacturing
CONS- Few plants delivered so far
- Price not published
- Best for
- US developers of large green hydrogen and e-fuels projects
- Where it falls short
- Few plants delivered so far.
- Pick something else if
- you need proven delivery volume or transparent pricing.
85.0
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Frequently asked questions
What are the best Green Hydrogen Companies?
thyssenkrupp nucera ranks first on Lister. thyssenkrupp nucera, listed in Frankfurt and majority owned by thyssenkrupp, makes alkaline water electrolysis plants built from standard 20 MW modules. It supplied more than 2 GW of electrolysers to the NEOM green hydrogen project and has supplied Stegra's green steel plant in Sweden.
What are the top 10 Green Hydrogen Companies?
1. thyssenkrupp nucera; 2. NEOM Green Hydrogen Company; 3. Siemens Energy; 4. Nel; 5. John Cockerill Hydrogen; 6. Plug Power; 7. LONGi Hydrogen; 8. Topsoe; 9. ITM Power; 10. Electric Hydrogen.
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