Toshiba PEM Electrolysis Breakthrough, 90% Less Iridium, Bekaert MEA Partnership, and Airbus Engine Project (2024-2026)

PEM Electrolyzer Bottlenecks, Toshiba Addresses Iridium Supply Chain Risk

The commercial scaling of Proton Exchange Membrane (PEM) electrolysis technology is fundamentally constrained by its dependence on iridium, a scarce and costly platinum-group metal used as a catalyst. Toshiba’s hydrogen strategy directly confronts this critical industry-wide bottleneck by focusing its research and development on creating new electrode structures that drastically reduce iridium content. This approach aims to remove a primary barrier to cost-effective, large-scale green hydrogen production, positioning the company as a key technology enabler rather than a volume producer of hydrogen.

• Prior to 2025, the high loading of iridium in PEM electrolyzer anodes presented a significant financial and supply chain risk, hindering widespread investment in the technology due to the metal’s price volatility and concentrated supply.
• In March 2026, Toshiba announced a pivotal development with a new PEM electrolysis device that uses a novel iridium-saving catalyst, reducing the required amount of the metal by 90% compared to its existing technology.
• This technological advance directly mitigates the material supply risk that has long been identified as a major obstacle to achieving gigawatt-scale PEM electrolyzer manufacturing capacity globally.
• By engineering a solution to the iridium problem, Toshiba shifts the competitive focus from securing precious metal supply chains to the performance and scalability of its proprietary catalyst and membrane electrode assembly (MEA) technology.

Toshiba’s 2 Key Hydrogen Alliances, Bekaert and Airbus (2024-2026)

Toshiba is operationalizing its technology-centric strategy through a network of targeted partnerships designed to secure manufacturing capabilities and establish its components in high-value, future-proof markets. These alliances are not merely sales channels but are integral to building a robust value chain that can support the commercial deployment of its low-iridium PEM technology. This ecosystem approach ensures that Toshiba‘s innovations can be manufactured at scale and integrated into next-generation applications.

Bekaert MEA Manufacturing Alliance

The collaboration with Bekaert, a global leader in steel wire transformation and coating technologies, is central to Toshiba‘s commercialization plan. This partnership focuses on developing a scalable manufacturing process for Membrane Electrode Assemblies (MEAs), the critical core component of PEM electrolyzers that incorporates Toshiba‘s iridium-saving catalyst technology. The goal is to establish a reliable, high-volume supply chain for these advanced MEAs to meet projected demand from the growing green hydrogen market.

Airbus Aviation Technology Collaboration

A separate collaboration with Airbus demonstrates Toshiba’s strategy of embedding its technology in long-term, high-growth sectors. The companies are working together to develop a superconducting electric motor for hydrogen-powered aircraft. This project positions Toshiba‘s advanced engineering capabilities within the future of aviation, creating a potential long-term demand for its hydrogen-related technologies beyond stationary power and industrial applications.

Table: Toshiba Hydrogen Partnership Agreements

Japan vs. Europe, Toshiba’s Geographic Hydrogen Strategy

While Toshiba‘s core hydrogen research and development is based in Japan, its commercial strategy is distinctly global, with a clear focus on integrating into the European industrial and manufacturing ecosystem. The company is leveraging its domestic technology base to build international partnerships that are essential for scaling production and accessing key growth markets. This dual-region approach balances deep technical work at home with market-driven collaboration abroad.

• Between 2021 and 2024, Toshiba‘s activities were heavily concentrated in Japan, exemplified by its involvement in the Fukushima Hydrogen Energy Research Field (FH 2 R), one of the world’s largest renewable-powered hydrogen production units.
• Starting in late 2024, the strategy visibly shifted toward Europe with the announcement of the partnership with Belgium-based Bekaert, which is critical for manufacturing MEAs for the European market.
• The ongoing collaboration with Airbus, a pan-European aerospace corporation, further solidifies Toshiba‘s position within the continent’s high-tech industrial base, targeting the aviation sector’s decarbonization efforts.
• This geographic expansion positions Toshiba not as a developer of hydrogen projects in Europe, but as a core technology supplier to the companies that are.

$173 B Market Opportunity, Toshiba’s PEM Technology Commercialization

Toshiba‘s PEM electrolysis technology is transitioning from the research and development stage to a clear path for commercial production, timed to capture a share of a green hydrogen market projected to reach USD 173.5 billion by 2035. The maturity of its technology is best measured by the shift from laboratory breakthroughs to the establishment of a manufacturing supply chain. This progression indicates that the core technology is validated and the company is now focused on the challenges of industrial-scale production.

• In the period through 2024, the primary focus was on technology development, including the creation of advanced test systems for PEM water electrolysis to accelerate R&D cycles and validate performance.
• The March 2026 announcement of the PEM device requiring only one-tenth the iridium of previous models marked a critical technology readiness milestone, resolving a fundamental materials science challenge.
• The subsequent partnership with Bekaert represents the most significant step toward commercial maturity, as it directly addresses the need to manufacture the new MEA technology at scale.
• While not yet in mass production, the technology has moved beyond the pilot stage and entered the commercialization phase, with its success now dependent on manufacturing execution rather than further scientific discovery.

SWOT Analysis, Toshiba’s Hydrogen Strategy Execution Risks

Toshiba‘s strategy to become a core technology provider for the hydrogen economy is built on its significant engineering strengths and a recent technological breakthrough. However, its success is contingent on executing a complex manufacturing scale-up and navigating a competitive market. The primary risk shifts from R&D viability to industrialization and market adoption.

Table: SWOT Analysis for Toshiba’s PEM Electrolyzer Strategy

Toshiba 2026 Outlook, Bekaert MEA Production and Market Adoption

The primary determinant of Toshiba‘s strategic success in the hydrogen sector over the next 18 months will be the operational execution of its manufacturing partnership with Bekaert. Moving from a partnership agreement to the consistent, at-scale production of low-iridium MEAs is the most critical near-term hurdle. The market will be watching for tangible signals that this transition from R&D to industrialization is successful.

• If the Toshiba–Bekaert collaboration achieves its production and cost targets, watch for announcements of MEA supply agreements with major Western electrolyzer manufacturers or hydrogen project developers in late 2026 or early 2027.
• Conversely, if there are delays or reports of manufacturing challenges, watch for competitors to intensify their marketing around the proven reliability of their existing, higher-iridium PEM stacks or more mature alkaline technologies.
• The key signal of traction will be the first commercial-scale orders for the new MEAs, which would validate both the technology’s performance and its manufacturing readiness, confirming Toshiba‘s position as a critical component supplier.

The questions your competitors are already asking

This report covers one angle of Toshiba’s hydrogen commercialization strategy. The questions that matter most depend on your work.

• Toshiba low iridium electrolyzer competitors
• Bekaert hydrogen component manufacturing scale up
• Hydrogen production without rare metals
• Airbus hydrogen plane development status

This report does not answer these. Enki Brief Pro does.

Your question, your angle, your framework. SWOT, PESTL, scenario modelling. The same niche depth, built around the decision your work actually depends on.

Run your first brief in Enki Brief Pro