SOFC & Green Hydrogen Market Analysis 2025: Future Trends

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’s Green Hydrogen Pivot: 2025 Market Analysis →

Thermax has strategically repositioned itself as a pivotal system integrator within India’s burgeoning green hydrogen economy, moving decisively from internal development to commercial deployment between 2023 and 2025. This transformation is anchored by a dual-technology strategy, highlighted by a landmark 2024 agreement with Ceres Power for a global license on its high-efficiency Solid Oxide Electrolyser Cell (SOEC) technology and a subsequent 2025 partnership with HydrogenPro for exclusive rights to its proven alkaline electrolysis solutions. The company has since inaugurated an SOEC pilot plant in Pune and signaled ambitions to capture a 10-20% share of the domestic electrolyzer market. While these foundational partnerships drove significant positive market sentiment that peaked in Q3 2024, market activity in 2025 has trended towards a ‘show me’ environment. This indicates investor focus has pivoted from rewarding strategic announcements to demanding tangible project execution, placing the onus on Thermax to convert its strong strategic positioning into material contracts and revenue streams.

Doosan’s 2025 SOFC Strategy: Mass Production Analysis →

Over the 2023-2025 period, Doosan executed a decisive strategic pivot toward the commercial-scale manufacturing of Solid Oxide Fuel Cell (SOFC) technology, moving from development to mass production. This shift was solidified by a key internal consolidation in 2024 and culminated in the launch of its new 50MW SOFC factory in July 2025. The company achieved significant milestones, securing the world’s first DNV environmental certification for a marine SOFC stack in March 2024, which it leveraged into a major August 2025 partnership with Shell and KSOE for marine systems. Doosan is also targeting the stationary power market for AI data centers, evidenced by an April 2025 collaboration with KOSPO. Despite affiliate HyAxiom securing a $150 million private placement in 2023, Doosan’s ambitious strategy now confronts critical counterparty risk following the reported financial instability of its core technology partner, Ceres Power, in late 2025. The company is now positioned to capture market share from Bosch’s 2025 exit but faces the crucial challenge of converting its industrial capacity into commercial sales while managing this significant partner dependency.

Wechai Power SOFC Strategy: 2025 Analysis & Outlook →

Wechai Power has experienced a period of significant volatility between 2023 and 2025, transitioning from a technology leader in the Solid Oxide Fuel Cell (SOFC) market to a company facing strategic reassessment. The period began with a landmark achievement in Q1 2023: the global commercial launch of its high-power, metal-supported SOFC system, developed in partnership with Ceres Power and boasting an electrical efficiency exceeding 60%. However, this momentum was abruptly halted by two critical setbacks: the collapse of a planned manufacturing joint venture with Bosch and Ceres Power in January 2024, followed by Bosch’s complete withdrawal from the SOFC sector in February 2025. These events created a strategic void and stalled commercial progress, with zero tangible sales registered since its launch. While a successful 100kW SOFC system demonstration for the State Power Investment Corporation in Q1 2025 showed continued technical capability, Wechai Power‘s market perception has shifted from innovation to stagnation. The company is now in a period of recalibration, needing to secure new partnerships and generate commercial sales to mitigate significant execution risk.

Delta Electronics Hydrogen Strategy: 2025 Outlook & Analysis →

Executing a significant strategic pivot, Delta Electronics has aggressively entered the green hydrogen market, shifting its focus from a nascent interest in Direct Air Capture to becoming a key player in Solid Oxide (SOFC/SOEC) technology. This transition was marked by a series of major milestones, beginning with a critical technology transfer agreement with UK-based Ceres Power in January 2024. The company rapidly built its R&D capabilities, inaugurating Taiwan’s first megawatt-grade hydrogen lab in December 2024 and establishing a key industrial partnership with China Steel Corporation. Demonstrating strong internal confidence, Delta Electronics committed NT$6.95B in July 2025 for a commercial-scale manufacturing facility. Despite this momentum, market activity has been purely pre-commercial, with a period of strategic silence in Q2 2025 following a reported 26% revenue decline at partner Ceres Power in H1 2025. Now at a critical inflection point, the company is targeting an ambitious 10MW of trial production by its 2026 target, a goal that will test its ability to convert substantial investment into commercial reality amid notable market and partner-related risks.

Denso’s 2025 Commercialization: Green Hydrogen & SOEC →

Global automotive manufacturer Denso is strategically pivoting into the clean technology sector, with a focused ambition to become a leader in the hydrogen economy. The company is leveraging its manufacturing expertise to commercialize Solid Oxide Fuel Cells (SOFC) for decentralized power and, more critically, Solid Oxide Electrolysis Cells (SOEC) for high-efficiency green hydrogen production. This strategic progression is marked by a clear evolution from internal plant pilots in 2023 to significant public demonstrations in 2025, highlighted by a landmark SOEC project with energy major JERA at a Nagoya thermal power plant. A cornerstone of this strategy is the pivotal partnership with UK-based Ceres Power, for which a manufacturing license agreement was signed in 2024 and the technology transfer completed in 2025. This focus is underpinned by substantial financial commitments, including a $67 billion investment in zero-emissions R&D and a €6.3 billion electrification sales target by FY2025. Denso’s activities demonstrate a deliberate shift from technology validation toward its 2025 commercialization goal, positioning it as a key future supplier for Japan’s industrial decarbonization.

Elcogen 2025: DAC Project & Green Hydrogen Analysis →

Elcogen, a leading European specialist in Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolysis Cell (SOEC) technology, has decisively transitioned from a development-stage firm to an industrial-scale manufacturer over the 2023-2025 period. This transformation culminated in the September 2025 launch of its 360 MW factory in Tallinn, Estonia, a pivotal milestone funded by significant capital infusions. Key financial achievements include a €45 million strategic investment from HD Hyundai in Q4 2023 and a landmark €140 million funding round in 2024 with participation from energy giant Baker Hughes. Strategic partnerships have been central to its market entry, with collaborations established with HD Hyundai for maritime power, Casale SA for green ammonia, and AVL for electrolyzer development. The company’s market activity has matured significantly, moving from being PR-driven to being defined by tangible commercial achievements. With its manufacturing base now secured, Elcogen’s focus pivots from financing to operational execution, with its success now dependent on converting its new production capacity into large-volume sales agreements.

Ceres Power Analysis 2025: SOFC & Green Hydrogen Future →

As a key technology licensor, Ceres Power has navigated a pivotal period focused on commercializing its Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolysis Cell (SOEC) technologies. A landmark achievement occurred in Q3 2025 when partner Doosan Fuel Cell began mass production of SOFC power systems, validating the company’s asset-light licensing model. Strategic initiatives to scale its SOEC technology for green hydrogen included a project with Shell to design a 10MW module and a demonstrator with Linde and Bosch. However, the period was also marked by significant volatility and strategic pivots. The termination of a long-standing partnership with Bosch in early 2025 contributed to a 42% share price drop and underscored partner dependency risks. In response to a 26% year-over-year revenue decline in H1 2025, the company launched a major internal restructuring and a 12-month transformation plan to reduce losses. Despite setbacks, including a failed £30m joint venture in China in 2024, Ceres Power has successfully shifted its focus from technological validation to proving the commercial viability of its partnerships with key players like Delta Electronics and Weichai.

Bloom Energy’s 2025 SOFC Tech for AI Data Centers →

Over the 2023-2025 period, Bloom Energy has decisively transitioned into a commercially scaling enterprise by strategically pivoting to serve the high-demand AI data center market. This focus culminated in landmark achievements, most notably a $5 billion AI infrastructure partnership with Brookfield announced in 2025 and a 1 GW supply agreement with American Electric Power (AEP), alongside securing major projects with clients like CoreWeave and Oracle. While capitalizing on this explosive growth, the company is concurrently diversifying into emerging verticals, advancing its Solid Oxide Electrolyzer (SOEC) technology with partners like Shell and entering the maritime sector by securing American Bureau of Shipping (ABS) approval for its Solid Oxide Fuel Cell (SOFC) technology. Anchored by a major 500 MW distribution deal with South Korea’s SK ecoplant, Bloom Energy‘s market activity shows a clear trend of securing direct, large-scale financing and offtake agreements. This has shifted its primary strategic challenge from proving market demand to flawlessly executing on its massive project backlog and scaling manufacturing to convert its market leadership into sustained profitability.

FuelCell Energy 2025: SOFC Strategy & DAC Pivot Analysis →

FuelCell Energy navigated a period of significant strategic transition from 2023 to 2025, shifting from foundational technology showcases to a more targeted commercial approach defined by a major restructuring in 2024. Key milestones include the 2023 deployment of its innovative Tri-gen system at the Port of Long Beach and securing a major $160 million contract in January 2025 for a 7.4 MW power plant in Connecticut. The company has actively pursued global expansion through strategic partnerships, such as a 2024 agreement with KHNP for the South Korean market and a 2025 deal with Malaysia Marine and Heavy Engineering (MMHE) to penetrate Asian markets. Despite these wins, market activity in 2025 was inconsistent, creating a gap between announcements and sustained execution amid intense competition from peers like Bloom Energy. In response, FuelCell Energy began pivoting toward high-growth applications like powering data centers and validated its Solid Oxide Electrolyzer Cell (SOEC) technology, yet persistent profitability challenges, highlighted by a $(9.4M) gross loss in Q2 2025, underscore the significant execution risk the company faces.

AVL’s 2025 Outlook: Leading in Green Hydrogen & SOFC Tech →

As a key technology integrator in the green hydrogen sector, AVL has strategically evolved from a preparatory R&D phase in 2023 to full-scale commercial enablement by 2025, focusing on systems integration for Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolyser Cell (SOEC) technologies. This transition is underscored by a landmark partnership established with Elcogen in 2024 and expanded in 2025 to industrialize megawatt-scale SOEC stack modules for green hydrogen production. AVL’s market activity surged with a diversification of collaborations, including advancing SOFC systems with Ceres Power and developing high-performance fuel cells with Red Bull Advanced Technologies. The company’s focus on new applications was highlighted by a successful 2025 test of a pure hydrogen marine engine. This strategic execution was significantly de-risked and validated by a crucial €24.9 million EU Innovation Fund grant awarded to partner Elcogen in late 2024, underpinning the financial viability of its scaling ambitions and cementing its deliberate pivot from R&D enablement to application-focused commercialization.

Aisin Hydrogen Fuel Cell: Innovation & Strategy 2025 →

Automotive component manufacturer AISIN is strategically pivoting into the clean technology sector, concentrating on the hydrogen and ammonia value chain with a dual-pronged approach. The company’s long-term ambitions are anchored in its research into high-efficiency Ammonia-based Solid Oxide Fuel Cells (SOFC), a project that gained significant validation by securing a grant from Japan’s New Energy and Industrial Technology Development Organization (NEDO) in November 2023. In contrast, its near-term commercial efforts culminated in the development of a market-ready portable fuel cell (FC) generator. The company’s market activity has been inconsistent; after a quiet 2024 marked by a single event in July 2024, AISIN focused all its energy on a high-impact showcase of its new generator at a Tokyo expo in Q1 2025. However, this launch was not followed by any subsequent commercial developments through 2025, highlighting a critical risk. AISIN has successfully demonstrated innovation but now faces the challenge of converting its product-readiness into sustained sales and market momentum.

Mitsubishi Power 2025: DAC & Projects Outlook →

Mitsubishi Power demonstrated significant early momentum in the hydrogen sector, shifting from foundational innovation to targeted project deployment across 2023-2024. Key milestones included the July 2023 groundbreaking of a hydrogen-ready cogeneration plant in Singapore with partners Keppel and Jurong Engineering, followed by the successful demonstration of stable combustion using a 30% hydrogen blend in November 2023. Activity peaked around Q2 2024 with the operational launch of a 400 kW Solid Oxide Electrolysis Cell (SOEC) test module, a critical step in its green hydrogen production strategy. However, despite these technological achievements, market sentiment began declining in 2024 and collapsed throughout 2025, a year defined by market stagnation and a severe lack of commercial announcements. This three-year arc from foundational progress to a dramatic slowdown indicates a struggle to convert R&D leadership into sustained commercial momentum, leaving the company at a critical strategic crossroads and facing a significant loss of stakeholder confidence.

Industry Conclusion

The Solid Oxide Fuel Cell (SOFC) and Electrolyser Cell (SOEC) sector is undergoing a pivotal and demanding transition from a research-and-development phase to industrial-scale commercialization. A dominant trend is the concrete shift toward mass manufacturing, exemplified by Doosan’s launch of a 50MW SOFC factory in July 2025, Elcogen’s inauguration of a 360 MW facility in September 2025, and significant factory investments by industrial giants Delta Electronics and Denso. Technologically, the industry is coalescing around a dual-application strategy: leveraging high-efficiency SOFC technology for reliable, decentralized power generation, and deploying SOEC technology for the production of green hydrogen. This dual capability allows companies to target two of the most critical and high-growth pillars of the energy transition simultaneously.

The collective activities of these companies are reshaping the market landscape, moving it from nascent potential to tangible industrial capacity. The entry of large, established manufacturers such as Denso, Delta Electronics, and Thermax injects significant capital and world-class manufacturing expertise, de-risking the supply chain and signaling market maturity. This has fostered the growth of powerful, interconnected ecosystems, often centered around a core technology licensor like Ceres Power. However, this intense activity has also created a bifurcated market. On one hand, clear leaders like Bloom Energy are achieving massive commercial scale, evidenced by a $5 billion AI infrastructure partnership. On the other, companies like Wechai Power and Mitsubishi Power have seen promising starts stall, creating a volatile “prove-it” environment where market sentiment rewards tangible execution over strategic announcements.

Despite the progress, the sector faces considerable challenges. The primary risk has decisively shifted from technological validation to commercial and operational execution. Companies are now judged on their ability to ramp up production, manage complex supply chains, and convert project pipelines into profitable revenue streams, a hurdle that has proved difficult for firms like FuelCell Energy. Furthermore, the financial viability of the ecosystem model is under pressure. The reported financial instability of key technology provider Ceres Power in 2025, including a 26% revenue decline, introduces significant counterparty risk for its numerous licensees, including Doosan and Thermax. This vulnerability was underscored by the market shock of Bosch‘s complete exit from the SOFC market in February 2025, a move that serves as a stark reminder of the sector’s financial fragility.

Looking forward, the sector is positioned to capitalize on powerful macroeconomic tailwinds. The most significant near-term opportunity lies in providing clean, resilient baseload power for the exponentially growing AI and data center industry, a market that Bloom Energy has successfully penetrated. The paramount long-term opportunity is the central role SOEC technology will play in the green hydrogen economy, enabling the decarbonization of hard-to-abate industries like steel, ammonia, and maritime transport, as demonstrated by pilot projects from Denso with JERA and Doosan with Shell. The ultimate success for the sector now hinges on navigating the “valley of death” between manufacturing capacity and sustained profitability. The key determinant of future leadership will be the ability to translate strategic partnerships and technological prowess into consistent, large-scale commercial contracts and establish a clear path to financial self-sufficiency.