TECHNOLOGY
Hydrogen & Fuel Cells Deals
Hydrogen production (electrolytic, blue), distribution infrastructure, and fuel-cell power deals. Includes IRA 45V-driven project financings.
8
Tracked Deals
7.0 GW
Total Capacity
$5.43B
Disclosed Value
2023–2026
Period
Top Deals
By disclosed value| Date | Asset / Counterparties | Size | Value |
|---|---|---|---|
| Jan 16, 2025 | Up to 6 green hydrogen production and liquefaction facili… Plug Power → U.S. Department of Energy (DOE Loan Programs Office) | — | $1.66B |
| May 14, 2024 | Up to 6 green hydrogen production and liquefaction facili… Plug Power → U.S. Department of Energy (Loan Programs Office) | — | $1.66B (conditional) |
| Jun 24, 2024 | Baytown low-carbon hydrogen + ammonia complex — ~1 BCFD l… ExxonMobil → Air Liquide (~$850M capex on industrial gas) | — | ~$850M (Air Liquide capex) |
| May 24, 2023 | Bloom Energy 3.00% green convertible senior notes due 2028 Bloom Energy → Public bond investors | — | $632.5M ($550M base + $82.5M overallotment) |
| Oct 3, 2023 | Electric Hydrogen — green hydrogen production (PEM electr… Electric Hydrogen (EH2) → Fortescue (lead), Fifth Wall, Energy Impact Partners; bp Ventures, Oman Investment Authority, Temasek, Microsoft Climate Innovation Fund, United Airlines Sustainable Flight Fund | 1.2 GW | $380M (Series C) |
| Apr 26, 2023 | Ohmium PEM electrolyzer manufacturing — green hydrogen pr… Ohmium International → TPG Rise Climate (lead), Hanover Technology, Energy Transition Ventures, Fenice Investment Group | — | $250M (Series C) |
| Sep 1, 2025 | 3 US natural gas generation plants — equity interest tran… JERA Americas → Tenaska, Tyr Energy | 3.0 GW | — |
| Apr 14, 2026 | Bloom Energy / Oracle 2.8 GW solid oxide fuel cell power … Bloom Energy → Oracle Corporation | 2.8 GW | — |
Most Active Firms
Top Buyers / Financiers
Top Sellers / Developers
| # | Firm | Deals | Value |
|---|---|---|---|
| 1 | Bloom Energy | 2 | $633M |
| 2 | Plug Power | 2 | $3.32B |
| 3 | JERA Americas | 1 | — |
| 4 | ExxonMobil | 1 | $850M |
| 5 | Ohmium International | 1 | $250M |
Technology Mix
Deal Type Mix
- Power Purchase & Offtake2
- Project Finance2
- Strategic & Growth Capital2
- Project & Portfolio M&A1
- Corporate Debt & Capital Markets1
Activity by Year
Recent Deals
Latest 8- Bloom Energy / Oracle 2.8 GW solid oxide fuel cell power partnership — AI dat…Apr 14, 2026
Power Purchase & Offtake · Multi-state · 2,800 MW
- 3 US natural gas generation plants — equity interest transfer, 3,005 MW totalSep 1, 2025
Project & Portfolio M&A · Multi-state · 3,005 MW
- Up to 6 green hydrogen production and liquefaction facilities across the US (…Jan 16, 2025
Project Finance · GA, LA, NY, TN, TX · $1.66B
- Baytown low-carbon hydrogen + ammonia complex — ~1 BCFD low-carbon hydrogen +…Jun 24, 2024
Power Purchase & Offtake · TX · ~$850M (Air Liquide capex)
- Up to 6 green hydrogen production and liquefaction facilities — first project…May 14, 2024
Project Finance · NY, TX · $1.66B (conditional)
- Electric Hydrogen — green hydrogen production (PEM electrolyzer manufacturing…Oct 3, 2023
Strategic & Growth Capital · MA · $380M (Series C) · 1,200 MW
- Bloom Energy 3.00% green convertible senior notes due 2028May 24, 2023
Corporate Debt & Capital Markets · CA · $632.5M ($550M base + $82.5M overallotment)
- Ohmium PEM electrolyzer manufacturing — green hydrogen production technologyApr 26, 2023
Strategic & Growth Capital · CA · $250M (Series C)
Related
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