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Brussels, Belgium, 22 November 2023


The European Hydrogen Tech25 companies cumulatively have raised an impressive €1.73 Billion of investment, of which 90% in the past 3 years.


Tech Tour and Hydrogen Europe announced today on stage in Brussels at the European Hydrogen Week the European Hydrogen Tech25 List. This List showcases and celebrates those 25 hydrogen technology companies in Europe expected with the biggest growth in revenues, further investment and impact on the energy market. The List was selected through a rigorous nomination and voting process by a Selection Panel of some 25 investors most active in the hydrogen economy. See the List of companies below as well as the Selection Panel.



William Stevens, CEO of Tech Tour, commented: "The European Hydrogen Tech25 list not only showcases the most promising hydrogen technology companies but also signals the importance of hydrogen as a key component of the future energy mix. The substantial investment raised by these companies indicate the importance of hydrogen technology as a viable sustainable solution for global energy challenges."


Jorgo Chatzimarkakis, CEO of Hydrogen Europe said: “We are thrilled to convene during the EU Hydrogen Week 2023 and mark, with the European Hydrogen Tech25 List, the significant opportunities that can be unlocked by bringing together private finance and clean hydrogen value chains. Looking ahead to 2050, Europe needs to invest between EUR 1.2 and 2.6 trillion to fully realize the economic and decarbonisation potential of clean hydrogen. Despite substantial public funding, a notable funding gap remains, underscoring the pivotal role of private finance. We're delighted to witness equity investors seizing opportunities in the expanding clean hydrogen market, where Europe takes the lead with a vibrant pool of innovative companies, as demonstrated by the achievements of our 25 winners.”


The European Hydrogen Tech25 List already attracted significant investment from a wide group of investors, many from outside the EU, in multiple and progressively bigger investment rounds. It includes companies from across Europe and across the hydrogen value chain, from green hydrogen generation to offtake. These are some of the highlights of the Data Infogram (Link) which includes the List and Selection Panel and other data and trends, outlined below.


Rising average funding and investment rounds: The average funding of €69 Million per company raised in average of 4.3 investment rounds underscores the belief in the growth prospects of the 25 companies. The average raised per round in the past 2 years has been substantially higher than the average €21.9 Million over the life of the companies. It demonstrates the hopes the investors have in these companies stepping up their commitment to the growth potential of the companies with multiple and larger rounds of investments.  


Focus on countries investing in green energy for industry: Germany's leading role in the List, represented by 6 companies having raised a combined capital of nearly €887 million or 51% of the total funding of all 25 companies, shows the importance of hydrogen to the country and its industries. The List has furthermore the Netherlands, Norway, the United Kingdom and the United States* in the Top25 ranking demonstrating that innovative entrepreneurship, as always, has an international scope and also moves to where investment is most dynamic. [*the companies have their headquarters in the US but most of their activities in Europe].


High numbers of investors, many from outside the EU: The high total of 151 unique investors as funders of the 25 listed companies points to the need to raise funding from many investors. The United States leads the ranking in number of investors followed by the United Kingdom before France and Germany, indeed indicating both the attractiveness of the companies as well as the need to raise funding from outside the EU.


Poor gender balance: Although 38% of companies have female executives, women account for just 10% of all executive positions overall. This points to a gender imbalance in the hydrogen sector, mirroring trends seen in other tech industries. Only 6.6% of the founders are serial entrepreneurs, showing that new founders have many opportunities.


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For further information, please visit or contact:

Marie Espitalier-Noël, Hydrogen Europe, at, M +262 692218878

Pavlina Zlateva, Tech Tour, at, M +359 88 775 9716