The consultancy Techtour and trade group Hydrogen Europe have published a list of the top 25 hydrogen-focussed startup in Europe, as part of European Hydrogen Week, which includes a grand duchy-headquartered firm.

The ranking, based on Dealroom’s database, found that the 25 companies have collectively raised a total of €1.73bn, 90% of which in the last three years. That is a healthy figure, but it’s still a long way from the total needed to build this ambitious and promising market.

“Looking ahead to 2050, Europe needs to invest between €1,200bn and €2,600bn to fully realise the economic and decarbonisation potential of clean hydrogen,”  CEO Jorgo Chatzimarkakis said in a press statement released on 24 November. “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.”

The average funding of €69m per company raised over 4.3 investment rounds underlines the confidence in the growth prospects of the 25 companies, noted the report, made possible by the support of investors in the sector. The average amount raised per round over the last two years was well above the average of €21.9m over the lifetime of the companies. The majority of the 151 investors in the sector, however, are not from Europe.

The report also highlighted the leading role played by Germany, represented by six companies that have raised combined capital of almost €887m, or 51% of the total financing of the 25 companies, showing the importance of hydrogen for German industry. There are also startups and companies from the Netherlands, Norway and the UK, and from the US which do most of their business in Europe.

One of the 25 future stars is Boson Energy from Luxembourg. Heike Carl Zatterstrom, the firm’s communications director, stated: “Hydrogen from sustainable hydrocarbons is high on the list. As a small company active in a niche market, we are very pleased to be on this list today, alongside several of the big ‘household brands’ of hydrogen. We see this as a testament to the strength of our technology and project portfolio among major investors in the sector, who have agreed that Boson Energy belongs on the list.” The Luxembourg-based startup already made it into Red Herring's Top 100 in 2019, and made a name for itself at Vivatech, as well as in the final of the Israel Energy Tech Stars in January 2023.

The company has developed a Boson plasma-assisted gasification technology that produces hydrogen for direct local use from a wide range of non-recyclable solid waste by applying high-temperature thermochemical recycling. It can achieve a yield of around 100kg of hydrogen per tonne of waste.

The top 25 also included another company with links to Luxembourg, Germany’s Sunfire, in which Paul Wurth has acquired a 20% stake in 2019. Sunfire develops and produces high-temperature electrolysers (SOEC) and high-temperature fuel cells (SOFC). Green hydrogen is produced from green electricity in an efficient high-temperature electrolyser, using waste heat generated, for example, by industrial processes.

Originally published in French by and translated for Delano