M&A activity

Download PDF
Office workers resized

The rapid development of the hydrogen economy is now beginning to drive significant M&A activity as new entrants seek to acquire the necessary skills, technologies, products, and systems they need in order to be future key players in the green hydrogen value chain.

Any developer of water electrolysis systems – and especially technologies that improve their operating efficiency – are now coming under the spotlight. Likewise, any company involved in the design, development and manufacture of fuel cell systems (and technologies for refuelling stations) is now on the radar, as are those which specialise in hydrogen storage solutions and energy transportation.

Clearwater International’s experience and knowledge of the market tells us that these are markets which are rapidly consolidating and those players interested in the market will need to move fast in the months and years to come. Market-enticing factors such as strong government support will also further drive M&A activity, especially in Europe which – until recently – had not seen the levels of M&A witnessed in North America in the sector.

strong government support will also further drive M&A activity

Providers of fuel cell technology have also generated substantial liquidity through IPOs in recent years in order to finance their strategic plans and growth opportunities. For instance, Canadian-based fuel cell company Loop launched a $100m IPO in 2021, while other stock-listed pure play hydrogen players include Power Cell, Cell Impact, Impact Coatings, Ceres and Ballard.


A recent example of a deal in the green hydrogen sector was HydrogenPro’s acquisition of Advanced Surface Plating, a Danish provider of advanced electrode technology that improves the operating efficiency of electrolysers. This is the type of technology that is needed to make green hydrogen fully competitive, with hydrogen produced from fossil sources. HydrogenPro, a Norwegian electrolyser manufacturer, aims to become a leading provider of electrolysers for renewable energy projects globally.

the green hydrogen market is now expanding rapidly, notably driven by energy companies

Another interesting deal saw Gaztransport & Technigaz (GTT) acquire Areva H2Gen, a French manufacturer of electrolysers. GTT say the green hydrogen market is now expanding rapidly, notably driven by energy companies which want to make their energy production greener, and by numerous national development plans.

Trilantic North America and Climate Adaptive Infrastructure acquired a stake in Intersect Power, one of North America’s largest developers of utility-scale renewable energy.

Recent transactions

  • TDL Partners, a US developer of green hydrogen and ammonia production, storage facilities, and associated transportation assets, is to acquire through its subsidiary EverWind Fuels, a terminal in Nova Scotia, Canada, from NuStar Energy.
  • BioHEP Technologies acquired Next Hydrogen, a Canadian developer of water electrolysis technology and provider of green hydrogen solutions.Trilantic North America and Climate Adaptive Infrastructure acquired an undisclosed stake in Intersect Power. The deal allows Intersect to scale its core solar and energy storage business in North America and will expand is business further into green hydrogen.
  • South Korea-based SK Holdings acquired a 10.2% stake in Plug Power Inc., the US-based company engaged in providing alternative energy technology that focuses on the design, development, commercialisation, and manufacture of fuel cell systems for the industrial off-road market.
  • Xebec Adsorption acquired HyGear Technology and Services, a Dutch developer of on-site hydrogen generators, from Oost NL.
  • Gaztransport & Technigaz acquired Areva H2Gen, a French manufacturer of electrolyzers using Proton Exchange Membrane (PEM) technology, from AREVA, ADEME and Smart Energies.
  • Plug Power acquired Giner ELX, a US renewable energy storage solutions company that provides PEM hydrogen generators, grid-level renewable energy storage solutions and hydrogen generation systems for fuel cell vehicle refuelling stations.
  • HL Acquisitions Corporation acquired Fusion Welcome-Fuel, a Portuguese company engaged in producing green hydrogen using concentrated photovoltaics.

To read more about M&A activity, download a copy of the Green Hydrogen Clearthought here.

View all publications