SOFC Industry Analysis 2025: Top Solid Oxide Fuel Cells

Industry Activity Overview

The following charts provide a comprehensive view of media signals and commercial activities across all companies in the Solid Oxide Fuel Cells sector.

Solid Oxide Fuel Cells Industry Analysis 2025: Comprehensive Company Overview

This comprehensive analysis examines the leading companies in the Solid Oxide Fuel Cells sector, providing detailed insights into their strategies, technologies, and market activities throughout 2023-2025.

Thermax SOEC & Electrolyzer Strategy: 2025 Analysis →

Over the 2023-2025 period, Thermax strategically evolved from an established engineering company into a significant solutions provider for India’s emerging green hydrogen economy. Its market entry was defined by a series of high-profile partnerships, most notably a transformational global licensing agreement with Ceres Power in 2024 for advanced Solid Oxide Electrolyser Cell (SOEC) technology. This was complemented by the inauguration of an SOEC pilot plant in Pune in June 2025 and an exclusive partnership with HydrogenPro in August 2025 to deploy mature alkaline electrolysis solutions for the near-term market. This dual-technology strategy underpins the company’s ambition to capture 10-20% of India’s future electrolyzer market. While these strategic announcements initially spurred strong positive sentiment, a notable trend of “announcement fatigue” has emerged. By 2025, the market focus has decisively shifted from rewarding strategic planning to demanding tangible project execution, transitioning the company’s primary challenge from market-entry risk to operational and commercial delivery.

Doosan SOFC 2025: Solid Oxide Fuel Cell Market Analysis →

Over the 2023-2025 period, Doosan executed an aggressive strategic pivot to become a leader in the Solid Oxide Fuel Cells (SOFC) market, targeting stationary power and maritime applications. This culminated in the landmark launch of its 50MW SOFC mass production factory in South Korea in July 2025, building on key milestones like achieving a world-first DNV certification for its marine SOFC stack in March 2024. The company’s strategy is deeply rooted in partnerships, including collaborations with Shell for marine systems and a critical technology licensing agreement with Ceres Power. While a December 2024 internal business consolidation streamlined its focus and affiliate HyAxiom secured a $150 million placement in 2023, Doosan’s market presence remains characterized by high-profile announcements rather than consistent commercial deals. The company now enters a critical “prove-it” period, where its success hinges on converting manufacturing capacity into sales, a challenge compounded by significant counterparty risk following reports of financial instability at its key partner, Ceres Power, in late 2025.

Wechai Power SOFC & Solid Oxide Fuel Cells: 2025 Analysis →

Weichai Power has experienced a volatile boom-and-bust cycle centered on its strategic push into high-efficiency Solid Oxide Fuel Cell (SOFC) technology. The company generated significant momentum in early 2023 with the global launch of its SOFC product and the achievement of EU CE certification for its 120kW system, signaling international ambition. However, this progress was abruptly halted by a major strategic setback in early 2024 with the collapse of its critical manufacturing joint venture with Bosch and technology partner Ceres Power. This failure, compounded by Bosch’s subsequent exit from the SOFC market in 2025, has left Weichai Power in a period of strategic reassessment. Despite delivering a 100kW demonstration system to the State Power Investment Corporation in China in early 2025, the company has failed to secure any tangible commercial sales, creating a significant gap between its technological potential—with a claimed efficiency over 60%—and its actual market execution. Its future is now contingent on forging new partnerships to regain momentum and commercialize its technology.

Delta Electronics SOFC: 2025 Solid Oxide Fuel Cell Outlook →

Delta Electronics has executed a significant strategic pivot, emerging from a period of internal planning in 2023 to become a formidable new entrant in the clean hydrogen sector with a clear focus on Solid Oxide technologies. Its market entry was cemented by a crucial technology transfer agreement with UK-based Ceres Power in January 2024, providing the foundational stack for its Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolyser Cell (SOEC) systems. The company rapidly advanced its R&D capabilities throughout 2024, culminating in the inauguration of Taiwan’s first megawatt-grade hydrogen lab in December 2024. A major commitment to future manufacturing was made in July 2025 with a NT$6.95 billion investment in a dedicated production facility. Despite this aggressive investment, a partnership with China Steel Corporation for a 10MW trial targeted for 2026, and bursts of PR activity, Delta Electronics recorded zero commercial sales through 2025. Now at a critical inflection point, the company must translate its substantial capital outlay and technical progress into tangible commercial outcomes to validate its ambition of becoming a key solutions provider in the Asian market.

Denso SOFC 2025: Future of Solid Oxide Fuel Cells →

Over the 2023-2025 period, automotive supplier Denso executed a strategic pivot into the green hydrogen economy, leveraging its manufacturing expertise to champion Solid Oxide Cell technology. This transition was marked by a clear progression, beginning with internal SOFC and SOEC pilot programs in 2023, backed by a significant $67 billion R&D investment for zero emissions. Momentum accelerated in 2024 with a critical manufacturing license agreement with UK-based Ceres Power and a landmark partnership with Japanese utility leader JERA. This groundwork culminated in 2025 with the launch of Japan’s first large-scale SOEC hydrogen production demonstration at a JERA thermal power plant, a high-impact project targeting 80% efficiency. While still in a pre-commercial phase, Denso has decisively sharpened its focus on SOEC technology, further supported by a strategic investment in AI firm Blaize. The company has successfully established a commanding presence in Japan’s domestic decarbonization landscape, moving from technology validation to industrial-scale demonstration ahead of its planned 2025 target for commercialization.

Elcogen’s 2025 SOFC & Solid Oxide Fuel Cells Analysis →

Elcogen has rapidly evolved from a development-stage firm into an industrial-scale manufacturer, establishing itself as a key European producer of solid oxide cell technology. This transition culminated in the landmark opening of its new 360 MW manufacturing facility in Tallinn in September 2025, representing a 36-fold increase in production capacity. This achievement was underpinned by a clear strategic timeline that saw the company secure pivotal partnerships in 2023 and raise substantial capital in 2024, including a €45 million investment from HD Hyundai and a funding round of over €140 million with participation from Baker Hughes. Its market activity shows a distinct pivot towards tangible milestones and a growing focus on hard-to-abate sectors, driven by collaborations with industry leaders like Casale SA for green ammonia and AVL for MW-scale electrolyzers. Having successfully de-risked its commercialization path with significant strategic and public funding, Elcogen’s focus now shifts from construction and fundraising to the operational challenge of ramping up production and securing large-scale sales volumes.

Ceres Power SOFC 2025: Fuel Cell & Hydrogen Analysis →

Ceres Power has navigated a volatile period from 2023-2025, transitioning from technology validation to market execution for its proprietary solid oxide platform. The company’s asset-light licensing model secured major manufacturing agreements with partners including Delta Electronics, DENSO, and Thermax, culminating in a landmark achievement in July 2025 when Doosan Fuel Cell commenced mass production in South Korea. This progress was supported by efforts to scale its Solid Oxide Electrolyser Cell (SOEC) technology through key development projects, such as a 10MW module with Shell and a 100MW system concept with AtkinsRéalis. However, this period was also marked by significant shocks, notably the collapse of a planned Chinese joint venture in early 2024 and the critical termination of its partnership with Bosch in February 2025. These setbacks exposed partner dependency risks and contributed to severe financial pressure, with a 26% revenue decline reported in H1 2025. Consequently, Ceres launched a 12-month business transformation plan, shifting its strategic focus from external expansion to internal consolidation and proving the commercial viability of its licensing model.

Bloom Energy SOFC 2025: Analysis of AI & Partnerships →

Between 2023 and 2025, Bloom Energy successfully executed a strategic pivot to become a dominant provider of on-site power for the energy-intensive AI data center market, transitioning from foundational development to commercial scale. This trajectory is highlighted by increasingly significant agreements, beginning with a 500 MW sales deal with SK ecoplant in 2023 and a pivotal 1 GW supply agreement with American Electric Power (AEP) in 2024 alongside key partnerships with Intel and CoreWeave. The strategy culminated in 2025 with a transformative $5 billion infrastructure partnership with Brookfield to deploy its core Solid Oxide Fuel Cell (SOFC) technology globally. While experiencing explosive, AI-driven market pull, the company also advanced its Solid Oxide Electrolyzer (SOEC) technology in a large-scale demonstration with NASA and initiated a carbon capture partnership with Chart Industries. This surge in demand has decisively shifted Bloom Energy’s primary business challenge from creating a sales pipeline to executing on a monumental backlog, prompting plans to double its manufacturing capacity to meet its commitments.

FuelCell Energy 2025: SOFC & Solid Oxide Fuel Cell Analysis →

FuelCell Energy navigated a period of strategic transition from 2023-2025, marked by both significant technological milestones and volatile commercial activity. Key achievements include securing a $160 million contract in early 2025 to build a 7.4 MW power plant in Hartford, Connecticut, and demonstrating a first-of-its-kind “Tri-gen” system at the Port of Long Beach. The company advanced its Solid Oxide Electrolyzer Cell (SOEC) technology through successful validation at Idaho National Laboratory and deepened strategic partnerships with entities like the U.S. DOE and South Korea’s KHNP to expand its presence in the clean hydrogen market. However, the company’s market activity has been inconsistent; after a strategic restructuring in 2024, a strong start to 2025 was followed by a complete stall in new commercial events. This slowdown, coupled with a reported gross loss of $9.4 million in Q2 2025, has created strategic ambiguity, fueling speculation of a pivot toward emerging applications like powering data centers and Direct Air Capture (DAC) as the company works to achieve sustained commercial viability.

AVL SOFC 2025: Solid Oxide Fuel Cell Strategy Analysis →

Over the 2023-2025 period, AVL has cemented its role as a pivotal technology integrator, evolving from a foundational R&D partner to an execution-focused leader poised for industrial-scale deployment in the clean technology sector. This strategic shift was underscored in 2024 with the signing of a landmark commercial agreement with Elcogen to co-develop and industrialize megawatt-scale Solid Oxide Electrolyser Cell (SOEC) stack modules for green hydrogen production. Further expanding its influence, AVL advanced Solid Oxide Fuel Cell (SOFC) systems technology with partner Ceres and diversified into high-performance applications through a collaboration with Red Bull Advanced Technologies. The company’s model of de-risking development through partnerships was validated by key ecosystem investments, notably a €24.9 million EU grant awarded to Elcogen that directly supports joint scaling efforts. Having successfully validated its technology path, including testing a hydrogen engine for maritime use, AVL is now transitioning from securing partnerships to executing on commercial-scale projects, with initial revenue-generating deployments expected to emerge from these foundational agreements.

AISIN’s Solid Oxide Fuel Cell (SOFC) Strategy for 2025 →

Over the 2023-2025 period, AISIN strategically evolved from a government-backed research entity into a potential commercial vendor, pivoting from long-term R&D to market-ready product development. This transition was marked by two key milestones: first, the selection of its research on Ammonia-based Solid Oxide Fuel Cells (SOFC) for a project by Japan’s New Energy and Industrial Technology Development Organization (NEDO) in November 2023, which secured critical public funding. Second, after a period of public silence in 2024, the company made its most significant commercial step in Q1 2025 by showcasing a compact, portable hydrogen fuel cell (FC) generator at the H2 & FC EXPO in Tokyo. However, AISIN’s market presence has been inconsistent, with this high-impact product launch lacking follow-up announcements to secure market momentum. All activities remain concentrated in Japan, and the company is now at a critical inflection point where it must convert its technological innovation into tangible sales or partnerships to validate its shift from research to commercial execution.

Mitsubishi Power SOFC: 2025 Solid Oxide Fuel Cells Review →

Mitsubishi Power is navigating a critical transition into the clean energy sector, leveraging its industrial heritage to establish a hydrogen-focused ecosystem. The period began with strong foundational progress, marked by key 2023 milestones including the successful demonstration of a 30% hydrogen fuel blend in a grid-connected turbine and the groundbreaking of a hydrogen-ready plant in Singapore with partners Keppel and Jurong Engineering. Momentum from innovations like the 400 kW Solid Oxide Electrolysis Cell (SOEC) test module launched at the Takasago Hydrogen Park in 2024 proved short-lived. A subsequent failure to convert these technological achievements into large-scale commercial contracts led to a dramatic shift in market sentiment. By 2025, the company faced significant commercial stagnation and a collapse in stakeholder confidence, with the market signaling its demand for commercial deployment over further demonstration projects. Having dissipated its early momentum, Mitsubishi Power now stands at a pivotal juncture where it must secure high-impact commercial projects to restore investor faith and validate its role in the global energy transition.

Industry Conclusion

The Solid Oxide Fuel Cell (SOFC) and Electrolyser Cell (SOEC) sector is navigating a critical inflection point, transitioning from a phase of technology validation and strategic positioning to one of commercial execution and market divergence. The industry is characterized by a dual-pronged innovation focus: utilizing SOFC systems for high-efficiency, resilient stationary power and leveraging SOEC technology for large-scale green hydrogen production to decarbonize hard-to-abate industries. A dominant trend is the formation of extensive partnership ecosystems, with technology developers like Ceres Power and Elcogen licensing their core intellectual property to large industrial players. This asset-light model has enabled companies such as Doosan, Denso, Thermax, and Delta Electronics to accelerate their market entry by integrating proven solid oxide stacks with their own expertise in manufacturing, power electronics, and systems integration, creating a global network of manufacturers targeting key regional markets in Asia and Europe.

Collectively, these activities have successfully advanced the sector’s maturity, de-risked the underlying technology, and begun to establish the necessary manufacturing infrastructure for industrial scale-up. The market impact, however, is not uniform, revealing highly divergent commercial trajectories. A clear leader has emerged in Bloom Energy, which has successfully pivoted to capture the explosive demand from the AI data center market, validated by a transformative $5 billion infrastructure partnership with Brookfield. This contrasts sharply with the struggles of other established players like Weichai Power and Mitsubishi Power, whose initial momentum has stalled, leading to a collapse in market confidence. Similarly, while component manufacturer Elcogen and systems producer Doosan have achieved major milestones with the launch of a 360 MW and 50 MW mass production factory, respectively, in 2025, their success now depends on converting this capacity into sales. This bifurcation indicates the market is maturing, selectively rewarding companies that can demonstrate tangible commercial traction and a clear product-market fit.

Moving forward, the sector faces significant challenges, primarily centered on execution risk and financial viability. There is clear evidence of “announcement fatigue,” with market sentiment shifting from rewarding strategic partnerships to demanding revenue-generating contracts. The financial instability of key technology licensor Ceres Power, which reported a 26% revenue decline in H1 2025 and initiated a major restructuring, has introduced acute counterparty risk across its extensive partner network and highlighted the precarious profitability of the IP-licensing model. Furthermore, the strategic exit of industrial giant Bosch from the SOFC market in 2025 serves as a major cautionary signal about the high costs and uncertain timeline for mass-market adoption, raising investor concerns across the industry. The primary challenge for nearly all players, from Delta Electronics with its NT$6.95 billion factory investment to FuelCell Energy and its “boom-bust” commercial cycle, is to prove they can scale production cost-effectively and establish a consistent pipeline of bankable projects.

Despite these headwinds, significant opportunities remain. The insatiable demand for reliable, on-site power from AI data centers, successfully captured by Bloom Energy, provides a powerful blueprint for growth that others, including Doosan, are aiming to replicate. The global push for industrial decarbonization creates a substantial long-term market for SOEC technology, with large-scale demonstration projects like the one between Denso and JERA serving as crucial validation points for the green hydrogen economy. Emerging applications in the maritime sector and for distributed power from alternative fuels like ammonia and biogas also present new avenues for growth. Ultimately, the future of the solid oxide sector will be defined by a company’s ability to navigate the valley between technological potential and commercial profitability. Success will hinge less on innovation alone and more on flawless operational execution, securing large-scale offtake agreements, and demonstrating a clear, sustainable path to positive financial returns.