Baker Hughes Buys Chart, Next Hydrogen Breaks Records, and Plug Power’s 2027 Outlook

In today’s episode of The Hydrogen Podcast, Paul Rodden unpacks three game-changing moves shaping the hydrogen sector right now:

💼 Baker Hughes’ $13.6 Billion Acquisition of Chart Industries
What this mega-deal means for hydrogen liquefaction, cryogenics, and modular plant innovation.

🚛 Next Hydrogen’s Record-Setting Onsite Fueling Station in Ontario
How a clean hydrogen hub is cutting costs and diesel in the logistics sector—at less than $5/kg fuel delivered.

📈 Plug Power’s Strategic Outlook to 2027
From GenEco electrolyzers to hydrogen production scale-up, can Plug finally cross the profitability line?

This episode connects the dots between M&A, cutting-edge tech, and the economics of scale in hydrogen infrastructure, giving investors and industry watchers a full-spectrum update.

Transcript

Today, we’ll cover some of the industry’s biggest recent moves—starting with Baker Hughes’ landmark acquisition of Chart Industries, followed by a deep dive into Next Hydrogen’s record-setting onsite fueling station in Ontario, and a forward-looking assessment of Plug Power’s prospects through the end of the decade. We’ll be integrating the latest economic and technical data every step of the way.  All of this on todays hydrogen podcast.

Let’s open with a transaction poised to reshape the global landscape for hydrogen and gas infrastructure. On July 28, 2025, Baker Hughes announced a definitive agreement to acquire Chart Industries in a cash-and-debt deal valued at $13.6 billion, or $210 per share—a premium of 22% to Chart’s most recent closing price. Chart, already a global powerhouse, operates 65 manufacturing facilities across four continents, with more than 50 after-sales/service locations, and reported $4.2 billion in revenue with $1 billion EBITDA over the previous fiscal year.

From a strategic standpoint, this move is about vertical and horizontal integration for energy transition markets. Baker Hughes is targeting engineered molecule management—including hydrogen, LNG, carbon capture, and more—as a path to fueling both legacy and clean energy infrastructure. Chart’s technological portfolio is impressive: over 1,200 active patents, world-leading cryogenic technology critical to the storage and transport of hydrogen and other cryogens, and expertise in modular plant construction for green and low-carbon process industries.

The deal also has powerful financial implications. Not only does it immediately increase the scale and diversity of Baker Hughes’ revenue base, but the company forecasts the deal to be accretive to earnings per share and margin expansion within the first year post-closing. The combined entity is targeting net leverage of 2.25x at closing and expects to rapidly deleverage to the 1.0–1.5x range within 24 months, freeing up cash for shareholder returns—up to 80% of free cash flow, according to recent guidance. This is crucial, as consolidation in the space gives these companies pricing leverage, broader supply chain control, and improved ability to invest in large-scale capital projects, particularly in the United States and emerging markets where hydrogen project finance is accelerating.

Technologically, this partnership fuses Baker Hughes’ process automation, deep well, and emission reduction technologies, with Chart’s equipment for hydrogen liquefaction, transport, and fueling. Chart’s Gen 2 and Gen 3 hydrogen fuel and storage modules are already in operation at dozens of industrial and mobility sites. By bringing these under one roof, the combined group aims to cut project costs, speed deployment through modularization, and de-risk hydrogen delivery chains—key to opening up new production, export, and end-use markets.

Industry analysts compare this merger to the recent mega-combinations in the hydrocarbon and renewables space, viewing it as a harbinger of a more consolidated, innovation-driven era for the hydrogen value chain.

Now let’s shift to the operational front, where real hydrogen ecosystems are taking shape. In late July, Next Hydrogen Solutions successfully energized Ontario’s largest onsite, clean hydrogen fueling station at a distribution center in Mississauga, a project regarded as a technological and commercial milestone for the region’s logistics sector.

This fueling hub is powered by Next Hydrogen’s proprietary second-generation electrolyzer design, which can deliver up to 650 kilograms of clean hydrogen daily—enough, for context, to support a fleet of over 130 fuel cell forklifts, each refueled in less than three minutes. The station is tightly integrated with renewable power flows and uses robust power electronics and cell stack designs to withstand dynamic operation—vital given the intermittency of grid-tied renewables in Ontario.

From a technology perspective, Next Hydrogen’s electrolyzer operates at high current densities, which enables rapid response to variable power, a lower system footprint, and minimal water consumption per kilogram of hydrogen produced—approximately 9L/kg, outperforming much of the competition. The compressors and dispensers are in-house systems, paired with advanced controls for pressure management and real-time demand tracking.

Economically, the project’s format—onsite production and dispensing—eliminates the two largest traditional cost drivers for hydrogen: transportation (which can add up to $4/kg in delivered cost for tube trailer shipments) and storage. Economic analyses from the deployment suggest customers are seeing fuel delivered at the site for less than $5 per kilogram, a dramatic drop from the $10–$14/kg range often quoted for imported, tanker-trucked hydrogen in mature markets like California.

There’s also a strong decarbonization angle. The hydrogen generated here replaces several thousand liters of diesel annually and supports a zero-emission fleet, qualifying end-users for carbon credits and preferred supplier status with major logistics providers. With Canada aiming to double its installed hydrogen electrolyzer capacity by 2027, Next Hydrogen’s landmark project is a template for regional fuel hubs across North America.

Operational data from the first two months show system availability above 98%, with capacity factors tracking in the high 60–70% range as demand ramps. The site is already generating interest from OEMs and regional authorities eyeing upgrades to municipal fleets.

To round out our episode, let’s analyze Plug Power’s trajectory—the North American market leader, whose story is tightly interwoven with both the hydrogen build-out and the challenges of reaching profitability in this still-maturing sector.

Over the past year, Plug Power has significantly expanded its U.S. hydrogen supply network. Its Louisiana plant now produces 15 metric tons per day of liquid hydrogen, with plans to boost network capacity above 200 tons/day by 2027. This expansion allows Plug to both supply its own fuel cell customers (in material handling, transport, and stationary markets) and to cut its own delivered hydrogen costs through direct supply chain control. The move toward network scale is key to reaching the company’s goal of lowering system-level hydrogen costs (including generation, liquefaction, logistics, and dispensing) to below $4/kg by late 2026.

On the technology front, Plug’s GenEco electrolyzer division is one of the fastest-growing segments globally, posting a 575% year-over-year revenue increase, and signing large contracts in Europe and Asia. Their PEM stack technology is capable of running at high current densities and dynamic modulation, making it a go-to choice for green hydrogen plants pairing with large-scale wind and solar deployments.

The numbers highlight Plug’s aggressive path: Q2 2025 revenues are expected to reach between $170–$180 million, with the company targeting annualized run rates exceeding $750 million by the end of 2025. Operational milestones suggest that by 2027, Plug could achieve positive operating income for the first time, driven by increased electrolyzer sales, higher plant utilization, and improved margin in hydrogen delivery contracts.

Market sentiment reflects both excitement and caution. Plug Power’s stock is forecast to average around $10.73 in 2025, according to leading analyst polls, with more optimistic scenarios stretching to $18–$19 amid strong hydrogen growth. By 2030, targets range widely—the consensus view centering around $4–$6, acknowledging execution risk but also huge upside if global hydrogen adoption accelerates and cost targets are hit.

Plug’s future will hinge on controlling costs, executing at scale, and capturing growing demand not just from traditional material handling clients like Amazon and Walmart, but also from the growing market for distributed, green hydrogen production—particularly as global policies increasingly tilt toward on-site generation and use.

This week’s episode has demonstrated how the hydrogen sector is evolving on multiple fronts. With billion-dollar acquisitions like Baker Hughes and Chart, world-class onsite innovations from Next Hydrogen in the heart of Ontario’s logistics sector, and Plug Power’s relentless scaling efforts, we’re witnessing the formation of not just a market, but a mature, globally-competitive industry. The economics are changing, technology platforms are maturing, and hydrogen is moving from vision to reliable, commercial reality.

Alright, that’s it for me, everyone.  If you have a second, I would really appreciate it if you could leave a good review on whatever platform you listen to. Apple podcasts, Spotify, Google, YouTube, etc. That would be a tremendous help to the show. And as always if you ever have any feedback, you are welcome to email me directly at info@thehydrogepodcast.com. So until next time, keep your eyes up and honor one another.