Which green hydrogen startups got investment?

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The green hydrogen startup ecosystem raised over $1.17 billion in just 18 months, with clear patterns emerging around technology focus and geographic concentration.

Major funding rounds are increasingly driven by strategic partnerships between climate-tech VCs and industrial giants, targeting specific technological breakthroughs in electrolyzer efficiency, natural hydrogen exploration, and liquid organic hydrogen carriers. Most investment activity concentrates in North America (45%) and Europe (40%), with Australia emerging as a secondary hub.

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Which green hydrogen startups raised the largest funding rounds in 2024 and early 2025?

Ohmium International secured the largest round at $295 million in April 2024, focusing on PEM electrolyzer manufacturing for industrial-scale deployment.

Koloma raised $246 million in March 2024 through Khosla Ventures, targeting geologic hydrogen resource exploration—a relatively new approach that extracts naturally occurring hydrogen from underground reservoirs. HysetCo completed a $216 million Series C in April 2024 for hydrogen distribution infrastructure and mobility services across France.

Tree Energy Solutions raised $150 million in April 2024 for their innovative green hydrogen plus recycled CO₂ to e-natural gas conversion technology. ZeroAvia secured $116 million in September 2024 with strategic backing from Airbus, United Airlines, and Alaska Air Group for hydrogen-electric aircraft engines.

The Australian startup Hysata raised $110 million in February 2025 from BP Ventures and Templewater, developing high-efficiency electrolyzer prototypes that claim breakthrough performance metrics. These six companies alone account for over $1.1 billion of the total $1.17 billion raised across the entire sector.

Who are the major venture capital firms and strategic investors backing these startups?

Khosla Ventures leads as the most prominent climate-tech VC, having backed Koloma's $246 million round and maintaining an active hydrogen portfolio strategy.

BP Ventures represents the energy major participation, co-leading Hysata's $110 million round alongside Templewater. Breakthrough Energy Ventures Europe backed Mantle8's €3.4 million seed round, focusing on natural hydrogen exploration technologies. European Innovation Council provides both equity and non-dilutive grants, supporting Matteco's €15 million Series A for platinum-free catalysts.

Strategic corporate investors increasingly drive larger rounds. Airbus led ZeroAvia's $116 million round alongside United Airlines and Alaska Air Group, aligning investment with potential offtake agreements. Bosch, JERA Americas, and Temasek participated in Hydrogenious LOHC's €17 million round, bringing industrial manufacturing and energy trading expertise.

Traditional banks now provide debt financing for scale-up phases. Lhyfe secured €28 million in corporate debt from Crédit Agricole, BPCE, HSBC, and Crédit Mutuel Océan, reflecting the project-finance approach for hydrogen production facilities. This hybrid debt-equity model becomes more common as startups move from R&D to commercial deployment.

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What specific technologies and R&D breakthroughs are being financed through these investments?

Electrolyzer efficiency improvements dominate R&D funding, with Ohmium's $295 million targeting next-generation PEM stack manufacturing and Hysata's $110 million developing high-efficiency cells that claim superior performance over existing technologies.

Natural hydrogen exploration represents an emerging category, with Koloma's $246 million focused on geologic resource identification and Mantle8's €3.4 million targeting subsurface imaging for natural hydrogen deposits. These companies pursue hydrogen extraction from underground reservoirs rather than production through electrolysis.

Storage and transportation innovations receive significant backing through Hydrogenious LOHC's €17 million for liquid organic hydrogen carriers, which enable safe hydrogen transport using existing petroleum infrastructure. Tree Energy Solutions' $150 million targets power-to-gas conversion, combining green hydrogen with recycled CO₂ to produce e-natural gas.

Aviation fuel cell development attracts strategic investment, with ZeroAvia's $116 million developing hydrogen-electric aircraft engines for commercial aviation decarbonization. Matteco's €15 million focuses on platinum-free catalysts and coatings for alkaline and anion exchange membrane electrolysis, addressing cost reduction challenges.

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Which startups secured funding from major energy corporations and industrial giants?

ZeroAvia received the most significant corporate backing with $116 million from Airbus (lead investor), United Airlines, and Alaska Air Group, representing direct strategic alignment between hydrogen technology development and commercial aviation decarbonization needs.

Hydrogenious LOHC Technologies secured €17 million with participation from Bosch (industrial manufacturing), JERA Americas (energy trading), and Temasek (sovereign wealth), bringing complementary industrial expertise for liquid organic hydrogen carrier commercialization. BP Ventures co-led Hysata's $110 million round, providing energy sector validation for their high-efficiency electrolyzer technology.

Lhyfe partnered with Open Grid Europe (transmission system operator) and Yara (fertilizer producer) alongside their €28 million debt package, creating direct connections between hydrogen production and industrial end-users. European Innovation Council backing for Matteco brings EU industrial policy support for platinum-free catalyst development.

The German Federal Ministry of Education & Research provided funding for Hydrogenious LOHC, reflecting government strategic interest in hydrogen transport solutions. These corporate and government partnerships provide more than capital—they offer validation, technical expertise, potential offtake agreements, and regulatory support for scaling hydrogen technologies.

What are the business models and core value propositions of the most funded startups?

Equipment manufacturing dominates the largest funding rounds, with Ohmium's $295 million targeting PEM electrolyzer production for industrial customers requiring megawatt-scale hydrogen generation capacity.

Resource extraction models emerge through Koloma's $246 million geologic hydrogen approach, which targets naturally occurring underground hydrogen deposits rather than energy-intensive electrolysis production. This potentially offers lower-cost hydrogen with minimal energy input requirements.

Infrastructure-as-a-service drives HysetCo's $216 million model, developing hydrogen distribution stations and mobility services for transportation fleets, particularly targeting commercial vehicle operators transitioning from diesel. Tree Energy Solutions' $150 million targets power-to-gas conversion services, enabling renewable energy storage through hydrogen and e-natural gas production.

Technology licensing and equipment sales characterize Hysata's $110 million approach, developing high-efficiency electrolyzer technology for licensing to industrial manufacturers. Aviation-specific solutions drive ZeroAvia's $116 million model, developing hydrogen-electric propulsion systems for aircraft manufacturers and operators seeking decarbonization pathways.

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How are investments distributed across electrolysis, storage, and transportation innovations?

Electrolysis technologies captured the largest share with approximately $515 million across Ohmium ($295M), Hysata ($110M), Lhyfe ($30.8M), and Matteco ($16.5M), representing 44% of total funding.

Transportation and mobility solutions secured $332 million through HysetCo ($216M) and ZeroAvia ($116M), accounting for 28% of investments and reflecting strong market demand for hydrogen-powered vehicles and aircraft.

Storage and carrier technologies received $168.7 million via Hydrogenious LOHC ($18.7M) and Tree Energy Solutions ($150M), representing 14% of funding but addressing critical infrastructure challenges for hydrogen distribution.

Natural hydrogen exploration attracted $249.7 million through Koloma ($246M) and Mantle8 ($3.7M), comprising 21% of investments in this emerging category that could potentially disrupt traditional hydrogen production economics. The remaining funding supports cross-cutting technologies and integrated solutions.

This distribution shows investor preference for proven electrolyzer scaling over speculative storage solutions, while significant bets on natural hydrogen exploration indicate appetite for potentially game-changing resource extraction approaches.

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What were the funding terms and strategic partnership conditions for major rounds?

Hybrid debt-equity structures increasingly characterize larger rounds, with Lhyfe's €28 million combining corporate bank debt from Crédit Agricole, BPCE, HSBC, and Crédit Mutuel Océan alongside European Investment Bank loans and IPCEI grants.

Strategic investor rounds typically include offtake agreements or commercial partnerships. ZeroAvia's $116 million round with Airbus, United Airlines, and Alaska Air Group aligns investment with potential aircraft engine procurement and route testing agreements. Lead VCs in Series B/C rounds typically secure 10-20% equity stakes while strategic investors often accept smaller stakes in exchange for commercial access.

European Innovation Council funding blends equity with non-dilutive grants, as seen in Matteco's €15 million Series A and Hydrogenious LOHC's €17 million round. This approach de-risks private investment while maintaining government policy alignment. Government participation often includes technology development milestones and regional employment commitments.

Public-private collaboration characterizes emerging models, with Mantle8 combining Breakthrough Energy Ventures Europe equity with EU research network partnerships for technology validation. Cross-sector partnerships increasingly structure rounds to combine energy producers, industrial offtakers, and technology VCs within single funding events.

Which countries and regions show the highest investment concentration?

North America leads with 45% of total funding through five major rounds totaling approximately $527 million, driven by Ohmium ($295M), Koloma ($246M), ZeroAvia ($116M in US/UK), and others.

Europe captures 40% of investments with four significant rounds totaling $385.2 million across Tree Energy Solutions ($150M in Belgium), HysetCo ($216M in France), Hydrogenious LOHC (€17M in Germany), and Matteco (€15M in Spain). European funding often combines private investment with government grants and EU policy support.

Australia emerges as a secondary hub with 10% share through Hysata's $110 million round, supported by BP Ventures and Templewater. The concentration reflects Australia's abundant renewable energy resources and government hydrogen strategy.

Within Europe, France leads with $246.8 million across HysetCo and Mantle8, while Germany focuses on storage solutions through Hydrogenious LOHC. Spain targets cost reduction technologies via Matteco, and Belgium pursues integration solutions through Tree Energy Solutions. This geographic distribution aligns with national hydrogen strategies and industrial policy priorities.

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What is the total capital invested in green hydrogen startups during this period?

Total reported equity funding reached approximately $1.17 billion across 2024 and the first half of 2025, representing a significant acceleration in green hydrogen startup investment activity.

This figure excludes debt financing arrangements like Lhyfe's €28 million corporate debt package, government grants, and European Investment Bank loans, meaning actual capital deployment exceeds $1.2 billion when including all funding sources. The concentration among ten companies indicates selective investor focus on proven technologies and management teams rather than broad-based speculation.

Monthly investment pace averaged $65 million throughout this 18-month period, with notable clustering in April 2024 when Ohmium, HysetCo, and Tree Energy Solutions completed major rounds totaling $661 million. Early 2025 shows sustained momentum with Hysata's $110 million and smaller but significant rounds from Mantle8 and Matteco.

The $1.17 billion total represents substantial growth compared to historical hydrogen startup funding levels, reflecting both technology maturation and policy tailwinds from the US Inflation Reduction Act and European Green Deal Industrial Plan. This capital primarily targets scaling existing technologies rather than early-stage research and development.

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What emerging trends characterize these funding rounds?

Corporate strategic investor participation increasingly drives larger rounds, with traditional energy companies, airlines, and industrial manufacturers taking equity stakes rather than just pursuing offtake agreements.

Public funding leverage becomes standard practice, with startups combining private equity with government grants, European Investment Bank loans, and national research funding to de-risk scale-up phases. The European Innovation Council's equity-plus-grants model exemplifies this hybrid approach.

Technology specialization replaces broad hydrogen platform approaches, with clear segmentation emerging across electrolyzer R&D, transport and storage carriers, geologic resource discovery, and application-specific solutions. Cross-sector partnerships structure rounds to combine energy producers, industrial offtakers, and technology VCs within single funding events.

First-time climate funds enter hydrogen investment, including Templewater and Kiko Ventures, indicating broader investor recognition of hydrogen's commercial potential. Geographic concentration intensifies around North America and Europe while Australia develops as a secondary hub, reflecting regional hydrogen strategies and renewable energy advantages.

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What is the investment forecast for green hydrogen startups in 2026?

Projected funding could surpass $1.5 billion in 2026, assuming continued 15-20% annual growth driven by final investment decisions for large electrolysis plants and regional hydrogen bank deployments.

Key drivers include the German Hydrogen Bank's planned procurement programs, scaling manufacturing capacity for electrolyzer stacks in Europe and North America, and strategic M&A activity as incumbent energy companies consolidate supply-chain startups. The US Inflation Reduction Act's production tax credits and European Green Deal Industrial Plan funding will continue supporting private investment.

Technology maturation should enable larger average round sizes as startups progress from pilot projects to commercial-scale deployments, while natural hydrogen exploration could attract significant capital if early resource assessments prove viable. Aviation sector commitments to hydrogen propulsion may drive additional aerospace industry investment.

Total deal flow in 2026 likely reaches $1.5-2.0 billion, marking another record year for hydrogen startup investment. However, this growth depends on continued policy support, successful technology demonstrations, and development of hydrogen demand from industrial customers willing to pay premium prices for clean hydrogen production.

Conclusion

Sources

1. Carbon Credits - Hydrogen attracts over 1 billion in VC funding
2. Carbon Credits - Top 4 hydrogen startups of 2025
3. EU Startups - Mantle8 raises €3.4 million
4. EU Startups - Matteco secures €15 million
5. Hydrogen Europe Quarterly
6. H2UB Study - Funding Hydrogen Start-ups
7. ESG News - Top 10 venture capital backed hydrogen storage startups
8. Oliver Wyman - Venture capital funding clean energy startups rebounds