The Hydrogen Podcast
The Hydrogen Podcast
No Hype, Just Hydrogen – The Real State of the Global Market
In today’s episode of The Hydrogen Podcast, we strip away the noise and focus on what’s real — the true economics, technology, and momentum defining hydrogen in 2025.
Every week brings another symposium, panel, or global energy summit promising the “future of hydrogen,” but behind the photos and promises, where is the real progress? Today, we separate substance from spectacle.
💬 Topics Covered:
- The gap between industry events and real project delivery
- Scotland’s stalled hydrogen projects and what they reveal about global demand
- $35 billion in new low-carbon hydrogen investments — and where it’s actually landing
- China’s $33B hydrogen megaprojects vs. the U.S. pivot toward blue hydrogen pragmatism
- Why Europe’s regulatory hurdles are now the biggest drag on growth
- The global surge in electrolyzer gigafactories and iridium-saving catalysts
- How AI data centers are quietly becoming hydrogen’s most important near-term application
- The new financial reality: follow the contracts, not the conferences
🔍 Key Takeaway:
Hydrogen’s evolution mirrors every great energy revolution — hype, correction, and maturity. The noise may be louder than ever, but the work that matters is happening far from the cameras: in storage caverns, in industrial clusters, and in grid-scale deployments built to last.
Today, lets talk about the real state of the global hydrogen market and let’s be candid: It’s autumn 2025, and my inbox and LinkedIn feeds are flooded, every hour, with posts from conferences, symposiums, and networking gatherings across every continent. But while the industry network grows, I worry that the substance—the real economic methodologies, the proven technological advancements, and the market-moving deals—are getting drowned out by the echo chamber of events. Today, we cut through it. No hype, just hydrogen
In recent months, my feeds have been dominated by polished images from hydrogen symposiums and international conferences—each promising “the future of energy today.” But as I scan the headlines, I notice a pattern: plenty of excitement, plenty of networking, but when you drill down, it’s hard to find updates that truly move the market.
Let’s be honest—there’s value in convening the sector. It helps cultivate ideas, partnerships, and ambition. But how much does this mass of events actually drive capital allocation, commercial rollout, or genuine breakthroughs? If we aren’t careful, the noise of the circuit can obscure the signal of real progress.
Take Scotland for example: despite government support and vibrant conference activity, ScottishPower paused all UK hydrogen projects. Their rationale? Lack of market demand—despite all the talk and excitement. And Europe’s challenges are mirrored across the globe, with policies often running ahead of real commercial interest.
Instead of speeches, let’s follow the money. Over $35 billion in low-carbon hydrogen investment landed in the last year. China heads the table, pouring funds into state-directed mega-projects—with over $33 billion slated for green hydrogen hubs. North America isn’t far behind, but pivots towards blue hydrogen signal a pragmatic approach: leveraging existing resources while infrastructure for renewables scales up.
Europe, keen to lead the energy transition, has seen both aggressive auctions and painful project delays. Developers voice their frustrations: regulatory bottlenecks outpace technical ones. Permitting for large infrastructure remains daunting, and local opposition can scuttle even the most celebrated ventures.
Despite setbacks, the market isn’t static—it’s evolving. There are now over 500 hydrogen projects under construction or operational worldwide. From fuel to feedstock, hydrogen is quietly becoming embedded in diverse sectors: steel, chemicals, transport, grid balancing. The transition from “ambition” to “delivery” is happening between headlines.
Amid the conference din, the pace of technical progress continues. In October, a groundbreaking catalyst was announced—reducing iridium use in electrolyzers by 80%. For listeners: iridium is precious, expensive, and notoriously rare. Cutting its use is a direct blow to commercial barriers, making green hydrogen far more scalable.
Across the globe, gigafactories for electrolyzers are opening—some almost quietly, with little media attention. Innovations in PEM (Proton Exchange Membrane) and solid oxide technologies drive down costs and improve reliability. Solar-to-hydrogen conversion efficiency hits new records almost monthly, but you’d be hard pressed to find these data points on busy conference
If hydrogen’s cycle feels familiar, it’s because it mirrors every major energy boom: hype, overpromise, “trough of disillusionment,” and slow climb to maturity. McKinsey’s latest report suggests we’re deep in the trough—but the difference with hydrogen is that this time, survivors have real projects on the ground.
Let’s take the U.S.: Utah’s Advanced Clean Energy Storage Project uses salt caverns to store green hydrogen, making seasonal energy shifting possible. Louisiana’s Gulf Coast plants, Illinois’ industrial clusters, and New York’s innovation corridor have each launched projects that bypass the panel discussions and enter real-world operation.
Europe runs Holland Hydrogen 1—one of the world’s largest electrolyzers—quietly pushing the boundary of commercial scale. Asia, meanwhile, integrates hydrogen into grid support, heavy industry, and logistics with almost no fanfare.
I want listeners to consider this: real transformation is rarely loud. It happens in contracts signed in back offices, in plants humming away far from city centers, and in supply chain agreements that get little press but secure decades of demand.
Behind the scenes, banks, private equity, insurers, and even sovereign wealth funds are doubling down, but with new caution. Gone are the days when “conference visibility” equaled momentum. Now, due diligence means data: project fundamentals, cash flow analyses, and verifiable contracts.
Let’s break down a couple headline deals. The $160 million Kimberly-Clark offtake agreement, multiple $100-million-plus investments in regional hydrogen hubs, and huge grants for start-up electrolyzer technology. End-users—especially in data centers, heavy industry, and municipal transit—are driving this new breed of contracts, more interested in delivery than discussion.
For listeners in finance: get comfortable with complexity, because hydrogen’s economics are nuanced. Margins are tight, learning curves are steep, and regulatory risks remain. But for those willing to look past the symposiums, solid deals are waiting.
It’s not the segment the event photos feature, but AI-driven data centers represent one of hydrogen’s biggest near-term applications. Power grids worldwide are stressed by rising reliability needs: enter hydrogen fuel cells, which guarantee uninterrupted operation and clean backup power.
Why aren’t more event hosts highlighting this? Perhaps it’s not as glamorous as talking about cars or aerospace. But every major cloud provider now has hydrogen pilot programs, quietly becoming the backbone for always-on computing. Power outages in Texas and California have accelerated these programs from pilot to deployment, with hydrogen offering both emissions-cutting and black-out resilience.
Policymakers face a challenge: push for transition and investment, without letting hype overtake sound economics. Europe’s hydrogen auctions, North America’s blue hydrogen pivot, and Asia’s transnational infrastructure—all are stories of negotiation, trade-offs, and patient strategy.
We sit down with grid operators and government leaders: “What does success look like for hydrogen in your jurisdiction?” Real answers often involve less glamour: regulatory reforms, hard-fought community engagement, and resilience measures that preserve grid stability.
The takeaway: politicians and public servants now realize that putting hydrogen at the heart of their transition strategy means focusing on deployment, not just “winning” the next event. On the ground, they’re negotiating terms that matter for decades—not just for the week of the next conference.
In closing, attend your conferences, network, share ideas—but don’t mistake the sounds of the room for the pulse of the sector. True hydrogen progress is measured in operating megawatts, signed purchase agreements, new patents, and commercial milestones. If you’re a market-shaper, ask tougher questions. If you’re an investor, follow the projects, not the panels.