We initiate coverage of two electrolyser OEMs - ITM Power (ITM LN) and NEL (NEL NO) - and also feature Siemens Energy, as part of our look at the upstream hydrogen supply chain, we focus on three key themes:

 The road to 2030 and beyond – we highlight the >200x growth in electrolysers needed tomeet national / regional (eg EU) and industry targets, what needs to happen to the costs of‘green’ hydrogen in the coming years for wide adoption, and explore the dynamics of the rapid manufacturing scale-up required by electrolysers OEMs in the shift from producing 10s of MWs currently, to GWs (1000s of MWs) in the future.

 Technology battleground – we analyse electrolyser technology options (polymer electrolyte membrane (PEM) and alkaline), and explore which green hydrogen production route may benefit most from the expansion of renewable electricity.

 Valuation questions – we look at current market valuations in the context of strong sector performance in 2020, expectations of future structural growth and the path to profitability.We also feature bear / bull outlook scenarios and implied valuations.