In addition to the cost of electricity, the price of hydrogen depends largely on the up-front investment cost of the electrolyzer. The lower the full-load hours, the greater the impact. Analyst BloombergNEF (BNEF) sees a number of different possible pathways for the market to develop.

Electrolyzer manufacturers are in agreement on the goal of rapidly reducing investment costs, mainly through economies of scale. Some are embracing large units, while others are betting on quantity over size. The first approach is attractive for operators of large PV plants, while the latter is better suited to operators of small systems.

Amnesty International has denounced cobalt mining in the Democratic Republic of Congo for human rights violations and the use of child labor since 2016. This has led LG Chem and other companies to insist on standards for battery cell suppliers.