September 10th, 2025 | 07:10 CEST
Hydrogen – New paths through the funding jungle: ITM Power, NEL, First Hydrogen
Europe has ambitious goals for the hydrogen economy, but its implementation is often hampered by complex regulations and bureaucratic funding processes. "We have ambitious goals in Europe, but implementation is stalling because we are getting lost in the details of the rules. Instead of triggering investment, we are creating complexity," criticizes Jorgo Chatzimarkakis from the Hydrogen Europe association in an interview with Telepolis. Many projects are still on hold due to unclear approvals or subsidy details. While large energy corporations can navigate the bureaucratic jungle, agile specialists are looking for niche opportunities. We shed light on the business models of NEL, ITM Power, and First Hydrogen.
time to read: 3 minutes | Author: Nico Popp
ISIN: ITM POWER PLC LS-_05 | GB00B0130H42 , NEL ASA NK-_20 | NO0010081235 , First Hydrogen Corp. | CA32057N1042
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Author
Nico Popp
At home in Southern Germany, the passionate stock exchange expert has been accompanying the capital markets for about twenty years. With a soft spot for smaller companies, he is constantly on the lookout for exciting investment stories.
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ITM Power: Entering the funding jungle with an open mind
British hydrogen specialist ITM Power has made a virtue out of necessity. The Company, which was in deep crisis just three years ago, has since blossomed into a sought-after partner for industrial companies like Linde, Yara, Deutsche Bahn, and Uniper when it comes to installing electrolysers. Instead of just waiting for funding approvals, ITM is proactively looking for ways to overcome market barriers and secure financing. ITM Power CEO Dennis Schulz is also a member of the board of the industry association Hydrogen Europe, where he represents the interests of the hydrogen industry in the political arena. ITM is focusing on major partnerships, scaling, and learning effects that arise during ongoing discussions with regulatory authorities. This step-by-step approach is gradually making the Company more attractive to additional partners. However, ITM Power is still in the red. Analysts, however, already see the Company as being in a turnaround phase.**
NEL: Weak figures despite strong partners
Investors are also hoping for a turnaround in the shares of Norwegian hydrogen specialist NEL. The Company was once seen as a beacon of hope for the European hydrogen industry. In the meantime, disillusionment has set in. Although the Norwegians are trying to bring together supply and demand for hydrogen by building electrolysers and investing in hydrogen networks and refueling stations, the market slump of recent years is still having an impact. In the second quarter, NEL's revenue fell by 40% – but partnerships with General Motors, Samsung Engineering, and Saipem suggest that NEL will get back on track.
First Hydrogen: Close to customers with fleet solutions
Based on the Hydrogen-as-a-Service model, the Canadian-British company First Hydrogen strives to be as close as possible to potential customers. Among other things, First Hydrogen equips delivery vehicles with fuel cells and has convinced potential customers through real-world testing. Since the Company is also active in the production of green hydrogen and offers refueling solutions, large vehicle fleets in particular are potential partners. A total of 16 major fleet operators participated in the test runs, and the response to these practical trials was consistently positive.
In order to offer customers comprehensive solutions and remain open to new technologies, First Hydrogen is also evaluating the use of small modular reactors. This so-called SMR technology is considered a beacon of hope worldwide. Even the EU classifies nuclear power as a climate-neutral technology. The small power plants are considered safer than their large counterparts and can be used in decentralized locations, such as industrial parks. SMRs could help bridge dark doldrums in the production of green hydrogen. Together with the University of Alberta, First Hydrogen is advancing research into SMRs. While research in this area will take some time, First Hydrogen's plans for hydrogen-powered vehicles are already well advanced – the first series is scheduled to go into production in 2026. A next generation of vehicles with a range of up to 1,000 km is even planned to follow in 2028.
First Hydrogen and the mini reactors
It seems as if the cards are currently being reshuffled among companies in the hydrogen sector: former market leaders such as NEL are reaching their limits. Nevertheless, many established companies are benefiting from existing customer loyalty and strong brand recognition. Ultimately, however, customers are more likely to be convinced by solutions that fit seamlessly into existing structures. First Hydrogen's Hydrogen-as-a-Service approach could be just the right solution for large fleet operators. In addition, First Hydrogen is open to new technologies with its commitment to mini reactors (SMRs) – even though the topic is still viewed with skepticism in Germany. Since March 2025, First Hydrogen has also had a branch in Germany to tap into the local market. If the Company succeeds in overcoming regulatory hurdles, Germany, as a country of small and medium-sized enterprises, offers strong potential to attract new customers.
Conflict of interest
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In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
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