Hydrogen electrolyzer cost benchmarking and outlook

ADI assessed the cost competitiveness of alkaline, proton exchange membrane (PEM), and solid oxide electrolyzer cell (SOEC) electrolyzers, focusing on the capex variations globally. The work detailed the cost outlook of stack components like bipolar plates and catalyst-coated membranes over a 10-year period. Levelized cost of hydrogen (LCOH) modeling was used to demonstrate variations in capex in North America, Europe, and China.

The client

Global investment firm

The situation

Competitive uncertainty regarding the long-term cost dominance of Chinese alkaline electrolyzers versus Western technology.

ADI’s contributions

Contribution icon 1

Granular component breakdown

Modeled learning rates for stacks and balance-of-plant (BOP) systems to identify which components drive future cost cuts.

Contribution icon 2

Regional capability analysis

Evaluated the Chinese supply chain for critical minerals like iridium and nickel to assess long-term cost sustainability.

Contribution icon 3

Primary expert networking

Leveraged 15 interviews with stakeholders in China and Europe to validate real-world stack lives and efficiency gaps.

Contribution icon 4

LCOH scenario modeling

Compared LCOH across multiple configurations to show how electricity prices and efficiency impact total production costs.

Key outcomes

  • Decision support for co-opting Chinese manufacturing while maintaining best-in-class Western stack technology and performance.
Client Results
ADI organized a vast amount of information regarding hydrogen technologies and technoeconomics into a format that was easy to understand. Their work was instrumental in helping us make the right investment decision.
Prasenjeet Ghosh Global Head, Hydrogen Strategy and Technology Ventures, ExxonMobil

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