business model of Hydgen

Category	Details
How Hydgen Started	Founded in 2024 as a spin-off from National University of Singapore’s Graduate Research Innovation Programme (NUS GRIP 2.0). Co-founded by Dr. Manippady Krishna Kumar (COO), Dr. Goutam Kumar Dalapati (CTO), and Dr. Michael Gryseels (Chairman). Originated from academic research at A*STAR, Singapore’s Agency for Science Technology and Research.
Present Condition	Raised $6.49 million across 3 funding rounds (latest $5 million in October 2025). Operates dual headquarters in Singapore and Mangalore, India. Currently offers 1kW-100kW modular systems with 250kW under development. Active pilot projects in India, Singapore, and Southeast Asia, with several partners moving to commercial scale.
Future of Hydgen & Industry	India’s green hydrogen market projected to grow from $5.59 billion (2024) to $25-34 billion by 2030 (CAGR 20-40%). National Green Hydrogen Mission targets 5 million metric tons annually by 2030. Hydgen expanding to Japan, Europe, and Middle East markets. Industry expected to create 600,000+ jobs and attract $88 billion investments.
Opportunities for Young Entrepreneurs	Electrolyzer manufacturing market could reach $5 billion by 2030 and $31 billion by 2050. Opportunities in on-site hydrogen production systems, storage solutions, transportation infrastructure, fuel cell applications, and green hydrogen testing facilities. Government providing subsidies, tax breaks, and R&D funding under National Green Hydrogen Mission.
Market Share of Hydgen	Hydgen ranks 21st among 97 active competitors in hydrogen electrolyzer space. Top competitors include Verdagy, ITM Power, and H3 Dynamics. Positioned in emerging AEM technology segment, which represents next-generation solution between traditional alkaline and premium PEM systems. Currently focused on small-to-mid-scale industrial applications.
MOAT (Competitive Advantage)	Proprietary AEM technology eliminating expensive platinum-group metals (65% lower stack costs, 75% lower catalyst costs vs PEM). Triple innovation in catalyst, membrane, and bipolar plate designs. Produces 99.9% pure hydrogen. Modular, scalable systems from 1kW to 250kW. On-site production eliminates logistics costs. First team to scale AEM to industrial levels while maintaining cost leadership.
How Hydgen Makes Money	Sells modular AEM and PEM electrolyzer systems to industries requiring on-site hydrogen production. Target sectors: chemicals, semiconductors, oil refining, steel, fertilizers, pharmaceuticals, mobility (fuel cells), and lab-grown diamonds. Revenue from equipment sales, installation, and likely ongoing maintenance contracts. Business model focuses on replacing delivered grey hydrogen with on-site green hydrogen production.