COMPANY PROFILE / HYDROGEN ENERGY
Johnson Matthey
A materials company that makes the catalysts and membranes inside fuel cells and PEM electrolyzers, from platinum group metal chemistry and recycling
Johnson Matthey (JM) is a UK materials and chemicals company whose core businesses are vehicle emissions catalysts and the refining and recycling of platinum group metals (PGMs). Its direct link to hydrogen is the Hydrogen Technologies business, which makes catalyst coated membranes (CCMs) and membrane electrode assemblies (MEAs), the core components of fuel cells and electrolyzers. Its sales were £71 million in the year to March 2026, about 2.8% of group sales excluding precious metals. In that year JM wrote down most of the assets of Hydrogen Technologies, and on 17 July 2026 it completed the sale of its Catalyst Technologies business to Honeywell, a business that included low-carbon hydrogen process technology. Drawing on the annual report, results materials, official press releases and the company's product pages, this article sets out what could be confirmed and what could not, and explains from a materials engineer's view what matters in membranes, catalysts and recycling.
- At a glance: JM and its place in hydrogen energy
- Logo and naming
- Where the company sits in hydrogen energy
- Company scale
- Resources committed to hydrogen
- Track record
- Plans
- What the company is aiming for in hydrogen
- Partnership map for hydrogen
- Technologies, products and services
- Risks
- Glossary
- References
- Claim-to-source audit
1. At a glance: JM and its place in hydrogen energy
(JM)The company says it has operated for over 200 years
2 Gresham StreetContact address in the annual report (5th Floor, 2 Gresham Street, London EC2V 7AD)
Ticker JMATLevel 1 ADRs in the US. The market segment was not checked for this article
(fuel cell and PEM electrolysis parts)Centred on CCMs and MEAs for PEFC and PEM electrolysis. It does not build systems
CCMs and MEAsPlatinum at the cathode and iridium at the anode in electrolysis (the company's description)
JM is often described as a materials supplier to hydrogen, but within the group Hydrogen Technologies is a small business, about 2.8% of sales Our calculation. The unit reached an underlying break-even run rate in the fourth quarter of FY2025/26. Even so, the company said the outlook for fuel cell and electrolyzer markets had weakened and wrote down most of the unit's assets (£88 million, plus £33 million of fuel-cell-catalyst-related assets in its PGM Services business) Sourced. The annual report says management's 2026 demand forecast is about 55% lower than the 2025 forecast. At the same time, JM says that in October 2025 it signed a new six-year supply agreement that, with other committed business, secures "substantial sales" into 2028/29 (the customers are not named). So JM's hydrogen business has the materials know-how and the plants, but is in a phase of waiting for demand from equipment makers to arrive. The company itself frames the business as preserving growth optionality for when the market recovers Not yet confirmed.
2. Logo and naming
The logo is the corporate logo published in the header of the company's official website (matthey.com), the letters "JM" with the name Johnson Matthey, taken as it is. It has not been recreated with generated images.
Naming: the company is Johnson Matthey Plc (JM). Its hydrogen business is the segment the annual report calls Hydrogen Technologies; the legal entity is a subsidiary, Johnson Matthey Hydrogen Technologies Limited. Catalyst Technologies, whose sale was completed in July 2026, was a separate segment that included low-carbon hydrogen process technology; it is now part of Honeywell. PGM Services, which refines and recycles PGMs, is also a separate segment; it supplies the metal behind fuel cell catalysts.
Official site: https://matthey.com/3. Where the company sits in hydrogen energy
JM's main type is materials & components. Two technologies are involved: the polymer electrolyte fuel cell (PEFC) and PEM electrolysis. JM's materials for alkaline, AEM (anion exchange membrane) or solid oxide systems could not be confirmed as Hydrogen Technologies products. The table sorts materials and uses by what company sources let us confirm.
| Material / use | Where it sits at JM | Primary sources found | Status |
|---|---|---|---|
| MEAs and CCMs for fuel cells (PEFC) | The core of Hydrogen Technologies. The annual report describes the unit as making "performance-defining components" for fuel cells and electrolyzers, including CCMs. The product page offers 7-layer (with gas diffusion layer), 5-layer (sealed, without GDL) and 3-layer (CCM) forms | Annual report; product pages | Sourced |
| CCMs for PEM electrolysis | The growth area, but small. The company says electrolyzer sales "doubled, albeit from a small base" in FY2025/26, driven by catalyst sales to strategic partners. The amount is not disclosed | Annual report; product pages | Sourced |
| Raw metal for fuel cell catalysts (PGM Services) | A separate segment. In FY2025/26 it wrote down £33 million of assets, including expansion projects linked to Hydrogen Technologies that are no longer needed | Annual report (financial statement notes) | Sourced |
| Recycling of fuel cells and electrolyzers | An established route recovers PGMs from whole stacks and returns them. JM is developing HyRefine to recycle PGMs and ionomer together; after 5-litre lab demonstrations it is moving to 50-litre pilot trials | Official recycling page | Sourced |
| Hydrogen production catalysts and low-carbon hydrogen process technology (Catalyst Technologies) | Sale agreed on 22 May 2025 and completed on 17 July 2026 (to Honeywell, enterprise value £1,325 million). It is no longer a JM business | Three official announcements | Sourced |
| Fuel cell systems, electrolyzers, hydrogen production and transport | Not confirmed in company sources. JM is a component maker; customers build the equipment | - | Not yet confirmed |
4. Company scale
JM is a listed company and its consolidated results are disclosed in its annual report. The table below gives the scale of the whole group briefly, followed by the Hydrogen Technologies segment Sourced. The financial year runs April 2025 to March 2026 (FY2025/26), and Catalyst Technologies is shown separately as a discontinued operation.
| Item (consolidated, year to March 2026, continuing operations) | Detail |
|---|---|
| Revenue (including precious metals) | £12,573 million (prior year £11,022 million). Precious metal sales make up most of it and follow metal prices |
| Sales excluding precious metals | £2,555 million (prior year £2,831 million): Clean Air £2,123 million, PGM Services £420 million, Hydrogen Technologies £71 million, less £59 million of intra-group eliminations |
| Operating profit | Underlying £340 million (prior year £299 million); reported £161 million (prior year £454 million, which included gains on business disposals) |
| Employees | Monthly average 10,037 (prior year 10,644), of which Hydrogen Technologies 368 (prior year 432) |
| Businesses | Clean Air (vehicle emissions catalysts), PGM Services (refining, recycling, PGM products) and Hydrogen Technologies. The sale of Catalyst Technologies was completed in July 2026 |
| Headquarters and listing | London (2 Gresham Street). Ticker JMAT. ADRs (Level 1) in the US |
| Hydrogen Technologies (segment) | Year to March 2025 | Year to March 2026 |
|---|---|---|
| Sales | £60 million (down 15%) | £71 million (up 18%) |
| Underlying operating result | Loss of £39 million | Loss of £19 million (first half: loss of £18 million; second half: loss of £1 million) |
| Reported operating loss | £184 million | £108 million |
| Employees (monthly average) | 432 | 368 |
| Share of group sales excluding precious metals | - | About 2.8% (Our calculation 71 ÷ 2,555) |
| Share of group employees | - | About 3.7% (Our calculation 368 ÷ 10,037) |
According to the company, the 18% rise in Hydrogen Technologies sales in FY2025/26 came mainly from revenue recognized because fuel cell customers changed their volume commitments; sales volumes of fuel cell components actually fell Sourced. The company also attributes the smaller loss (£39 million to £19 million) to the cost cuts made in FY2024/25 and to this extra revenue. The £71 million is not split between fuel cells and electrolyzers; the report says only that electrolyzer sales doubled from a small base Not yet confirmed.
5. Resources committed to hydrogen
The annual report and results materials disclose only part of what Hydrogen Technologies spends and employs. The table covers four points (people, money, outside deals, universities and public funding) and shows what could and could not be confirmed.
| Item | What could be confirmed | Status |
|---|---|---|
| People (R&D sites, headcount) | Hydrogen Technologies averaged 368 employees in FY2025/26, down from 432. In its FY2024/25 results the company said it had cut headcount by more than 30%. Manufacturing is at UK sites (official page), and the dedicated MEA plant is in Swindon, UK. The split of R&D staff is not disclosed | Sourced / not disclosed |
| Money (R&D, capex) | Group R&D spend was £140 million (excluding Catalyst Technologies; 4% of sales excluding precious metals), with the report saying only that it fell in Clean Air and Hydrogen Technologies. Hydrogen Technologies' own R&D and capex are not disclosed. In May 2025 the company set a plan of no more than £5 million of capex a year for the unit (company plan). Impairments were £134 million in FY2024/25 and £88 million in FY2025/26 (plus £33 million in PGM Services) | Sourced / not disclosed (unit figures) |
| Outside deals (investments, acquisitions, joint ventures, divestments) | July 2021: acquired the assets and intellectual property of Oxis Energy, a UK company in administration, to expand electrolysis CCM production. January 2023: strategic partnership with Plug Power. July 2023: investment agreement with Shanghai's Jiading District for a CCM plant. February 2025: agreement with Bosch on CCMs. Sold Catalyst Technologies to Honeywell (completed 17 July 2026). No investment in start-ups and no joint-venture company could be confirmed | Sourced / not confirmed (stakes, JVs) |
| Universities, research institutes, public funding | Across the group, government funding of £29 million was deducted from R&D spend in FY2025/26 (£31 million the year before). Public funding specific to Hydrogen Technologies, and named projects such as NEDO or the Clean Hydrogen Partnership, could not be confirmed. JM signed an MoU with Hystar (Norwegian, a spin-out from SINTEF) on CCM supply in 2021, and works with Syensqo on ionomer recycling (HyRefine) | Sourced / not confirmed (named projects) |
Status of main projects
JM does not build equipment, so its projects are mainly about manufacturing capacity. Of the plans announced in 2023, very few have a current status that company sources let us confirm.
| Project | Location | Scale | Stage | Date and source |
|---|---|---|---|---|
| CCM plant co-invested with Plug Power | US | 5 GW (to grow to 10 GW) | Concept (announced as "likely to begin production in 2025"). The FY2024/25 results record "cessation of construction of a plant in the US" (£11 million impairment) but do not say whether this is that plant | Joint release of 31 January 2023; FY2024/25 results |
| New gigafactory at Royston, UK | UK | 3 GW (5 GW with existing 2 GW) | Concept. Its current status could not be confirmed | Joint release of 31 January 2023 |
| CCM plant in Shanghai's Jiading District | China | Initially 5 GW, 22,000 m² | Investment agreement (announced as due to operate in 2025). In February 2025 JM decided to exit the fuel cell market in China (£18 million impairment). The FY2025/26 audit report describes a shift in focus to "capitalise on the Chinese market in the near term." The plant's current status could not be confirmed | Release of 12 July 2023; FY2024/25 and FY2025/26 results |
| CCM production at the former Oxis Energy site | UK (near Oxford) | Tens of thousands of CCM parts a year (hundreds of MW) | Acquisition completed (July 2021). Current operation could not be confirmed | Release of 28 July 2021 |
| HyRefine (recycling PGMs and ionomer from CCMs) | Brimsdown, UK | From 5-litre lab scale to 50-litre pilot trials | Pilot trials being prepared or run (no date on the official page) | Official recycling page |
6. Track record
| When | What happened | Why it matters |
|---|---|---|
| 1839 and the 1960s | The company says it supplied the platinum when William Grove demonstrated a fuel cell in 1839, and electrocatalysts for the Apollo missions in the 1960s | A long history in fuel cell materials (the company's account) |
| July 2021 | Acquired the assets and IP of Oxis Energy (UK, in administration) to expand electrolysis CCM production | More capacity for electrolysis |
| November 2021 | MoU with Hystar of Norway (a SINTEF spin-out) on CCMs for PEM electrolysis | Development tie-up with an electrolyzer maker |
| January 2023 | Long-term strategic partnership with Plug Power. JM to supply catalysts, membranes and CCMs, with a concept of co-investing in a 5 GW CCM plant in the US ("likely to begin production in 2025"). JM planned 2 GW of existing capacity plus a 3 GW plant at Royston (5 GW in all) | Expansion planned for large expected demand |
| July 2023 | Investment agreement with Shanghai's Jiading District for a CCM plant (initially 5 GW, due to operate in 2025) | Plan for local production in China |
| FY2024/25 | Cut Hydrogen Technologies headcount by over 30%. £134 million impairment (including stopping construction of a US plant and exiting the fuel cell market in China). Said the green hydrogen market had "slowed significantly" since late 2023. Three new partnerships, including Bosch | Plans scaled back; customers diversified |
| 6 February 2025 | Agreement with Bosch to develop and produce CCMs for fuel cell stacks. JM's CCMs are intended for Bosch's fuel cell power module for commercial vehicles | Long-term cooperation on automotive fuel cell parts |
| 22 May 2025 | Agreed to sell Catalyst Technologies to Honeywell (initial enterprise value £1,800 million) | Group refocused on emissions catalysts and PGMs |
| October 2025 | New six-year supply agreement with a major fuel cell and electrolyzer maker (not named), plus committed business with a leading stationary fuel cell producer in Asia (not named). The company says the two together secure substantial sales into 2028/29 | Better volume visibility |
| 23 February 2026 | Sale terms amended (enterprise value cut to £1,325 million) and the long stop date extended | Reflects a weaker market (the company's explanation) |
| FY2025/26 | Hydrogen Technologies reached an underlying break-even run rate in the fourth quarter. But with the demand forecast about 55% below the prior year's, the company impaired £88 million and wrote inventory down by £36 million | Results improved, but asset values were cut sharply |
| 17 July 2026 | Sale of Catalyst Technologies completed. About £1,000 million to be returned to shareholders (an £800 million special dividend and a £200 million buyback) | The process-technology side of hydrogen left the group |
7. Plans
break-evenCompany outlook. It also targets positive cash flow in FY2026/27
secured into 2028/29The October 2025 six-year deal plus the Asian stationary fuel cell commitment (amounts not disclosed)
growth in Europe and ChinaThe company says this needs legislation to be finalised. Automotive fuel cells are not growing outside China
£250 million a year by FY2027/28The new PGM refinery is due to operate in calendar 2027. No new large hydrogen investment plan was found
The annual report describes the outlook for Hydrogen Technologies as "continuing efficiency measures and incrementally growing the business through new opportunities in the electrolyser market," and says it is keeping the R&D resources needed so that, "when the market for green hydrogen picks up again," JM has the relationships, products and capabilities in place Not yet confirmed. Company sources contain no new large capacity expansion plan, and no plan for a new acquisition or investment in hydrogen.
None of the following appears in primary sources Not yet confirmed.
A sales or GW target for Hydrogen Technologies alone / a split of sales between fuel cells and electrolyzers / the names of the six-year contract's customer and its value / the current status of the Royston and Shanghai plants / stated platinum or iridium loadings (g/kW or g/MW) / actual R&D and capex for Hydrogen Technologies alone / any plan to sell or exit Hydrogen Technologies (the company has announced none).
8. What the company is aiming for in hydrogen
This section includes points the company does not state directly. It sets out inferences that the primary sources support, with the evidence.
| What can be read from the sources | Primary evidence | Status |
|---|---|---|
| The near-term goal is to balance profit and cash flow, not to expand the hydrogen business | Annual report: break-even and positive cash flow in FY2026/27 are the top priority, with R&D and overheads cut; capex plan of no more than £5 million a year (May 2025) | Sourced (company policy) |
| It values catalysts for electrolyzers (especially iridium-based anodes) and ties with strategic partners | Annual report: electrolyzer sales doubled on catalyst sales to strategic partners, and it says it is "strengthening key partnerships." The product page names platinum and iridium as the main CCM materials | Sourced (company description) |
| It is shifting customers toward long-term contracts with a few large buyers, to cope with demand swings | Six-year supply agreement (October 2025), Bosch agreement (February 2025), Plug Power partnership (January 2023). Most customers are not named | Inference |
| Hydrogen Technologies is held as an option for when the market returns, not as a growth pillar of the group | The group sold Catalyst Technologies, is returning cash and is concentrating on emissions catalysts and PGMs. Capex is going to the new PGM refinery (about £230 million group capex planned for FY2026/27). The report speaks of keeping "growth optionality" in hydrogen | Inference |
| It wants a closed loop that includes PGM recycling to differentiate its hydrogen materials | Product page: 70% recycled PGM content on average (company claim). It is developing HyRefine for PGMs and ionomer. The annual report extends recycling to fuel cell and electrolyzer stacks | Sourced (company description) |
The reading that "hydrogen is an option, not a growth pillar" rests on how money and management attention are allocated. According to the annual report, group capex for FY2026/27 is expected to be about £230 million, up from about £140 million, and the increase is for completing the new PGM refinery. For Hydrogen Technologies, the stated capex plan is no more than £5 million a year (May 2025). From the Catalyst Technologies sale, about £1,000 million goes back to shareholders and the remainder to reducing debt, the company says. On the other side, Hydrogen Technologies has long-term contracts securing sales into 2028/29, and the company says it will keep the R&D staff it needs. Together these point to an allocation of "do not invest heavily, but do not give up the customer relationships and the technology." This is our reading of how the annual report's statements fit together. Whether the company has any other intention for the unit, such as a later sale or exit, cannot be confirmed from company sources Not yet confirmed.
9. Partnership map for hydrogen
A feature of JM's relationships is that the annual report names few of its hydrogen customers. The October 2025 six-year agreement and the commitment from the Asian stationary fuel cell producer are both unnamed, and the company gives no reason, so this article does not guess. By contrast, partnerships with Plug Power, Bosch and Hystar are confirmed in the company's official releases. However, whether Plug Power is the counterparty to the October 2025 six-year agreement cannot be confirmed from company sources Not yet confirmed.
10. Technologies, products and services
What follows comes from the company's official product pages, releases and annual report. Figures such as platinum group metal loading, durability hours, power density and membrane thickness do not appear on the public pages, so no performance values are given here Not yet confirmed.
| Product / service | What the company's pages say (company description) |
|---|---|
| MEAs for fuel cells | Offered as 7-layer (with gas diffusion layer), 5-layer (sealed MEA without GDL) and 3-layer (CCM). The company claims to be "the only MEA supplier" with in-house catalyst and membrane technology and manufacturing. Manufacturing is at several UK sites, with the dedicated MEA plant in Swindon, UK. It says it is building automated high-speed MEA manufacturing and inspection to meet the automotive standard IATF 16949. The FY2024/25 results report improved yields at the Swindon plant |
| Cell reversal tolerant (CRT) anode | A proprietary anode layer designed to protect the anode against degradation during fuel starvation and sub-zero starts. It uses the hydrogen oxidation reaction and the oxygen evolution reaction to protect the carbon in the anode (company description; no conditions or values disclosed) |
| CCMs for PEM electrolysis | Catalysts, platinum at the cathode and iridium at the anode, applied to a solid membrane. In 2021 the company described its CCMs as having "a much thinner, lower resistance membrane than those typically used in today's commercial PEM systems" (no thickness figures). It claims to be the only CCM supplier with in-house catalyst and membrane technologies |
| Related electrolyzer materials | Platinum plating salts are listed among its electrolyzer components |
| Recycling (PGM recovery and HyRefine) | Whole stacks are processed to recover PGMs at high purity and return them. The company claims an average of 70% recycled PGM content in its products. For HyRefine it says a purely chemical process offers "up to 80% reduction in carbon footprint" versus conventional PGM refining, and that secondary metal has "up to a 98% lower carbon footprint" than mined metal (company claims; the comparison basis was not checked). It says that in the lab recycled PGM catalysts matched the performance of fresh material and that, with Syensqo, it demonstrated a route to reuse ionomer at high yield |
| Other | Fuel processor catalysts (for making hydrogen from reformate) are listed on its product pages. Details were not checked for this article |
(1) In electrolysis, the two sides face very different conditions. A PEM electrolyzer CCM puts an acidic solid electrolyte membrane between two catalyst layers: hydrogen forms at the cathode and oxygen forms from water at the anode. JM says the catalysts are platinum at the cathode and iridium at the anode. The anode sits at high potential in acidic water, and in general few catalyst materials can survive there, which is why iridium-based catalysts are used (a general summary; JM also says it uses iridium at the anode). It is plausible that iridium is scarce, so how much is used bears directly on stack cost and on supply, but JM's sources give no loading (g/MW), so this cannot be quantified Inference. See our explainers on platinum group metals and catalysts and on PEM water electrolysis.
(2) In fuel cells, stopping, freezing and fuel starvation drive degradation. The company puts its CRT anode forward as a flagship product, to stop the carbon support in the anode degrading under fuel starvation and sub-zero starts. Automotive fuel cells start, stop and change load often. This product description shows that design for durability under such transient operation, not only initial catalyst activity, is a focus of the materials design (no values disclosed). The company also describes work on alloying platinum to raise mass activity and reduce platinum use (no alloy composition or performance values disclosed).
(3) What it means to make the membrane and ionomer in-house. JM says it makes its own membrane and can therefore choose "the best available ionomers and reinforcement materials." The types and suppliers of its ionomer and reinforcement are not in public sources. In electrolysis, a thinner membrane lowers resistance but must be balanced against gas crossover (hydrogen and oxygen mixing across the membrane) and mechanical strength. The "thinner, lower-resistance membrane" JM described in 2021 is one such design choice, but the thickness and gas permeability are not disclosed. Yield at the coating and lamination steps is reported as an improvement item at the Swindon plant, which suggests that cost and quality depend not only on material performance but also on the manufacturing skill of applying thin layers uniformly.
(4) Recycling affects both cost and security of supply. PGMs account for most of the value of these parts. If PGMs from used stacks can be recovered and returned to new catalysts, dependence on newly mined metal falls. JM claims an average of 70% recycled PGM content. HyRefine aims at a closed loop that also recycles the ionomer, which is often not recovered today. It has finished 5-litre lab demonstrations and is moving to 50-litre pilot trials, so there is no commercial-scale record yet Not yet confirmed.
For the regulatory picture on fluorinated membranes (PFSA), see our explainer on fluoropolymers and PFAS. JM's sources do not let us confirm the type of ionomer it uses or how it is responding to PFAS regulation.
11. Risks
| Risk | Detail | Status |
|---|---|---|
| Weaker market outlook | The company's 2026 demand forecast is about 55% below the 2025 forecast, and the 2025 forecast was itself about 40% below the one made in the first quarter of 2024. It describes legislative uncertainty in the US that led "some customers" to leave the market, and says implementation of RED III (the EU renewable energy directive) across member states has been slow | Sourced (company description) |
| Write-down of most assets | £134 million in FY2024/25 and £88 million in FY2025/26 (plus £33 million in PGM Services for fuel-cell-catalyst-related assets). The unit's fixed assets were written down to nil apart from £3 million of land, and inventory was cut by £36 million | Sourced |
| Quality of sales | The FY2025/26 sales rise came mainly from revenue recognized on changed volume commitments, while fuel cell component volumes fell. Electrolyzer sales doubled from a small base. No split is disclosed | Sourced |
| Customer and market concentration | Many counterparties are unnamed and the company leans on long-term contracts with a few large buyers. It says automotive fuel cells are "no longer growing outside China." Its position on China changed in the reports: an exit from the fuel cell market in 2025, and "capitalise on the Chinese market in the near term" in 2026. The current position cannot be confirmed | Sourced / not confirmed |
| Platinum and iridium prices and supply | Platinum and iridium are the main CCM catalyst materials, so price swings and supply bear on product cost and on customers' equipment cost. JM's sources give no loadings or hedging policy, so this is only a general point | Inference |
| Competition and in-house production by customers | Fuel cell and electrolyzer makers might make MEAs and CCMs themselves or buy them from other material companies. Competitor activity is not covered in company sources, and this article does not assess it | Inference |
| Commercialization of recycling technology | HyRefine is moving from 5-litre lab demonstrations to 50-litre pilot trials, and commercial scale is unproven. The carbon reduction figures are company claims | Not yet confirmed |
| Shifts in group priorities | The Catalyst Technologies sale, capex on the new PGM refinery and the agreed acquisition of Cormetech (emissions catalysts) put the group's weight on emissions control and PGMs. Resources for hydrogen have shrunk, and the company has not stated the unit's future role definitively | Sourced / Inference |
| Regulation and environment | The company says that delays in finalizing support and regulatory frameworks for hydrogen slow equipment makers' investment decisions and so delay demand for JM's components. This article does not assess individual policies | Sourced (company description) |
12. Glossary
- Platinum group metals (PGMs)
- Platinum, palladium, rhodium, iridium, ruthenium and osmium. Valuable metals widely used as catalysts.
- Catalyst coated membrane (CCM)
- An electrolyte membrane coated with catalyst layers on both faces. It is the core where the reactions take place in fuel cells and electrolyzers.
- Membrane electrode assembly (MEA)
- A CCM with gas diffusion layers and other parts stacked on it. The basic unit of a fuel cell stack.
- PEM
- Proton exchange membrane (a solid polymer membrane). It passes hydrogen ions (protons) and is used in PEFCs and PEM electrolysis.
- PEFC
- Polymer electrolyte fuel cell. It makes electricity from hydrogen and oxygen and is used in fuel cell vehicles, among other uses.
- Ionomer
- A polymer that conducts ions. It is used both as the membrane itself and as the binder inside the catalyst layer.
- Anode / cathode
- In electrolysis, oxygen forms at the anode and hydrogen at the cathode. In a fuel cell, hydrogen reacts at the anode.
- Cell reversal tolerance (CRT)
- Design that limits anode degradation when fuel runs short and the cell voltage reverses. Part of a JM product name.
- Impairment
- An accounting write-down of the book value of a business or assets when expected future earnings fall. It is not a cash outflow.
- Underlying operating profit
- The operating profit JM reports excluding items such as impairments and restructuring costs. Different from reported operating profit.
- Positive cash flow
- In JM's definition, underlying operating profit plus depreciation and amortization, less capital expenditure and working capital movements, being above zero.
- Manufacturer's stated value / company description
- A claim or performance value given by the maker itself. It cannot be compared with another product unless test conditions and versions match.
13. References
- Johnson Matthey Annual Report and Accounts 2026, "Strategic report" (published 8 June 2026). Business overview, CFO review, Hydrogen Technologies results, capex, R&D, climate scenarios. https://matthey.com/documents/161599/7603892/JMA017_Strategic-260608.pdf
- Johnson Matthey Annual Report and Accounts 2026, "Business units". Description and 2025/26 performance of Hydrogen Technologies, partnerships. https://matthey.com/documents/161599/7603892/JMA017_Business%20units-260608.pdf
- Johnson Matthey Annual Report and Accounts 2026, "Financial statements". Segment information, employee numbers, impairment notes, key audit matters. https://matthey.com/documents/161599/7603892/JMA017_Financial-260608.pdf
- Johnson Matthey Annual Report and Accounts 2026, "Chief Executive Officer’s statement". Sale of Catalyst Technologies and strategic direction. https://matthey.com/documents/161599/7603892/JMA017_Chief%20Executive%20Officer%E2%80%99s%20statement-260608.pdf
- Johnson Matthey Annual Report and Accounts 2026, "Other information". Contact address, ADR programme. https://matthey.com/documents/161599/7603892/JMA017_Other%20Information-260608.pdf
- Johnson Matthey Results for the year ended 31st March 2026 (presentation, 28 May 2026). Hydrogen Technologies run-rate break-even, impairments, results by segment. https://matthey.com/documents/d/guest/presentation-for-the-year-ended-31st-march-2026-pdf
- Johnson Matthey Preliminary results for the year ended 31st March 2025 (22 May 2025). Hydrogen Technologies headcount reduction, impairments, stopped US plant, exit from the fuel cell market in China, capex plan. https://matthey.com/documents/161599/3786695/Announcement+FY+2024-25.pdf/b7ffed4d-df93-ed1b-efa5-df27ae99f1eb?t=1769503419751
- Johnson Matthey Agreement to sell Catalyst Technologies business (22 May 2025). Sale terms (enterprise value £1,800 million) and description of the business. https://matthey.com/documents/d/guest/announcement-of-the-agreement-to-sell-catalyst-technologies
- Johnson Matthey Transaction update on Catalyst Technologies sale (23 February 2026). Amended terms (£1,325 million), extended long stop date, return of proceeds. https://matthey.com/media/2026/transaction-update
- Johnson Matthey Johnson Matthey completes sale of Catalyst Technologies to Honeywell (17 July 2026). Completion of the sale. https://matthey.com/media/2026/ct-honeywell-completion
- Johnson Matthey / Plug Power Plug Power and Johnson Matthey announce long-term strategic partnership (31 January 2023). https://matthey.com/plug-power-and-johnson-matthey-announce-long-term-strategic-partnership
- Johnson Matthey Johnson Matthey and Bosch agree long-term collaboration on development of zero-emission hydrogen technology (6 February 2025). https://matthey.com/media/2025/jm-bosch-collaboration-hydrogen-tech
- Johnson Matthey Johnson Matthey signs agreement for hydrogen investment in China (12 July 2023). https://matthey.com/4043/johnson-matthey-signs-agreement-for-hydrogen-investment-in-china
- Johnson Matthey JM and Hystar partner to develop next-generation electrolyser technology to accelerate green hydrogen production (15 November 2021). https://matthey.com/news/2021/hystar
- Johnson Matthey Johnson Matthey acquires assets to accelerate green hydrogen scale-up (28 July 2021). Acquisition of Oxis Energy assets. https://matthey.com/news/2021/oxis
- Johnson Matthey Fuel cell components (official site). MEA and CCM supply, the Swindon MEA plant, history. https://matthey.com/products-and-markets/hydrogen-solutions/fuel-cell-components
- Johnson Matthey Fuel cells technology (official site). CRT anode, in-house membranes, IATF 16949. https://matthey.com/products-and-markets/hydrogen-solutions/fuel-cell-components/fuel-cells-technology
- Johnson Matthey Membrane electrode assembly (MEA) (official site). 7-, 5- and 3-layer configurations. https://matthey.com/products-and-markets/hydrogen-solutions/fuel-cell-components/fuel-cells-technology/membrane-electrode-assembly-mea
- Johnson Matthey Catalyst coated membrane (CCM) for PEM electrolysis (official site). Platinum and iridium, how a CCM works. https://matthey.com/products-and-markets/hydrogen-solutions/electrolyser-components/catalyst-coated-membrane-ccm
- Johnson Matthey Electrolyser components (official site). Electrolysis CCMs, platinum plating salts, recycled PGM content. https://matthey.com/products-and-markets/hydrogen-solutions/electrolyser-components
- Johnson Matthey Hydrogen fuel cell and electrolyser recycling (official site). PGM recovery, HyRefine, collaboration with Syensqo. https://matthey.com/products-and-markets/pgms-and-circularity/pgm-refining-and-recycling/hydrogen-fuel-cell-recycling-and-refining
- Johnson Matthey Investors page (official site). Ticker JMAT. https://matthey.com/investors
- Johnson Matthey Official website (source of the logo image). https://matthey.com/
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Hydrogen Technologies FY2025/26 sales of £71 million (prior year £60 million), underlying operating loss of £19 million (prior year £39 million), reported operating loss of £108 million (prior year £184 million), first- and second-half losses, fourth-quarter run-rate break-even | Sourced | Reference 1, 6 https://matthey.com/documents/161599/7603892/JMA017_Strategic-260608.pdf https://matthey.com/documents/d/guest/presentation-for-the-year-ended-31st-march-2026-pdf |
| Main cause of the sales rise (revenue recognized on changed fuel cell volume commitments), lower fuel cell component volumes, doubled electrolyzer sales (catalysts), effect of cost cuts | Sourced (company description) | Reference 1 https://matthey.com/documents/161599/7603892/JMA017_Strategic-260608.pdf |
| Group revenue including precious metals of £12,573 million, sales excluding metals of £2,555 million, sales by business, underlying operating profit of £340 million, reported £161 million, R&D of £140 million, government funding of £29 million | Sourced | Reference 1, 3 https://matthey.com/documents/161599/7603892/JMA017_Strategic-260608.pdf https://matthey.com/documents/161599/7603892/JMA017_Financial-260608.pdf |
| Monthly average employees (group 10,037, Hydrogen Technologies 368, prior year 432) | Sourced | Reference 3 https://matthey.com/documents/161599/7603892/JMA017_Financial-260608.pdf |
| FY2025/26 impairments (£88 million Hydrogen Technologies, £33 million PGM Services, £36 million inventory write-down), demand forecast about 55% below the prior year's, US legislative uncertainty, slow RED III implementation, write-down of fixed assets with land retained | Sourced (company description) | Reference 3, 1 https://matthey.com/documents/161599/7603892/JMA017_Financial-260608.pdf https://matthey.com/documents/161599/7603892/JMA017_Strategic-260608.pdf |
| Description of Hydrogen Technologies (fuel cell and electrolyzer components, CCMs, MEAs), the October 2025 six-year supply agreement, the Asian stationary fuel cell commitment, sales secured into 2028/29, the green hydrogen outlook (electrolyzers growing in Europe and China, fuel cells not growing outside China) | Sourced (company description) | Reference 2 https://matthey.com/documents/161599/7603892/JMA017_Business%20units-260608.pdf |
| Expected break-even for Hydrogen Technologies in FY2026/27, positive cash flow target, group capex of about £230 million, new PGM refinery, FY2027/28 free cash flow target, agreement to acquire Cormetech | Not yet confirmed | Reference 1, 2, 4 https://matthey.com/documents/161599/7603892/JMA017_Strategic-260608.pdf https://matthey.com/documents/161599/7603892/JMA017_Business%20units-260608.pdf https://matthey.com/documents/161599/7603892/JMA017_Chief%20Executive%20Officer%E2%80%99s%20statement-260608.pdf |
| FY2024/25 Hydrogen Technologies sales of £60 million, headcount cut by over 30%, £134 million impairment, stopped US plant (£11 million), decision to exit the fuel cell market in China (February 2025, £18 million), three new partnerships, capex of no more than £5 million a year | Sourced | Reference 7 https://matthey.com/documents/161599/3786695/Announcement+FY+2024-25.pdf/b7ffed4d-df93-ed1b-efa5-df27ae99f1eb?t=1769503419751 |
| FY2025/26 audit report wording (reorganizing product lines and regions, capitalizing on the Chinese market in the near term) | Sourced (company description) | Reference 3 https://matthey.com/documents/161599/7603892/JMA017_Financial-260608.pdf |
| Agreement to sell Catalyst Technologies (22 May 2025, initially £1,800 million), amended terms (23 February 2026, £1,325 million), completion (17 July 2026), about £1,000 million returned to shareholders (£800 million special dividend and £200 million buyback) | Sourced | Reference 8, 9, 10 https://matthey.com/documents/d/guest/announcement-of-the-agreement-to-sell-catalyst-technologies https://matthey.com/media/2026/transaction-update https://matthey.com/media/2026/ct-honeywell-completion |
| Catalyst Technologies addressed markets including low-carbon hydrogen | Sourced | Reference 8 https://matthey.com/documents/d/guest/announcement-of-the-agreement-to-sell-catalyst-technologies |
| Strategic partnership with Plug Power (MEA parts supply, concept of a 5 GW CCM plant in the US, existing 2 GW and 3 GW Royston plan) | Sourced (2023 plan) | Reference 11 https://matthey.com/plug-power-and-johnson-matthey-announce-long-term-strategic-partnership |
| Agreement with Bosch (6 February 2025, CCMs for fuel cells) | Sourced | Reference 12 https://matthey.com/media/2025/jm-bosch-collaboration-hydrogen-tech |
| Investment agreement with Shanghai's Jiading District (12 July 2023, initially 5 GW, 22,000 m², due to operate in 2025) | Sourced (2023 plan) | Reference 13 https://matthey.com/4043/johnson-matthey-signs-agreement-for-hydrogen-investment-in-china |
| MoU with Hystar (15 November 2021, CCMs for PEM electrolysis, "thinner, lower resistance membrane") | Sourced | Reference 14 https://matthey.com/news/2021/hystar |
| Acquisition of Oxis Energy's assets and IP (28 July 2021), capacity of tens of thousands of CCM parts a year | Sourced | Reference 15 https://matthey.com/news/2021/oxis |
| Fuel cell MEAs (7-, 5- and 3-layer), the dedicated MEA plant in Swindon, history in 1839 and the 1960s, 70% recycled PGM content claim | Sourced (company description) | Reference 16, 18 https://matthey.com/products-and-markets/hydrogen-solutions/fuel-cell-components https://matthey.com/products-and-markets/hydrogen-solutions/fuel-cell-components/fuel-cells-technology/membrane-electrode-assembly-mea |
| CRT anode, in-house membranes with ionomer and reinforcement, platinum alloying, conformity to IATF 16949 | Sourced (company description) | Reference 17 https://matthey.com/products-and-markets/hydrogen-solutions/fuel-cell-components/fuel-cells-technology |
| Composition of the PEM electrolysis CCM (platinum at the cathode, iridium at the anode) and how a CCM works | Sourced (company description) | Reference 19 https://matthey.com/products-and-markets/hydrogen-solutions/electrolyser-components/catalyst-coated-membrane-ccm |
| Related electrolyzer materials (platinum plating salts), recycled PGM content of electrolysis products, UK manufacturing sites | Sourced (company description) | Reference 20 https://matthey.com/products-and-markets/hydrogen-solutions/electrolyser-components |
| PGM recovery from whole stacks, HyRefine (5-litre demonstrations to 50-litre pilot trials, Brimsdown, carbon reduction claims, cooperation with Syensqo) | Sourced (company description) | Reference 21 https://matthey.com/products-and-markets/pgms-and-circularity/pgm-refining-and-recycling/hydrogen-fuel-cell-recycling-and-refining |
| Ticker JMAT, US ADRs (Level 1), contact address | Sourced | Reference 22, 5 https://matthey.com/investors https://matthey.com/documents/161599/7603892/JMA017_Other%20Information-260608.pdf |
| The logo image was taken from the corporate logo published in the header of the official website | Sourced | Reference 23 https://matthey.com/ |
| A sales or GW target for Hydrogen Technologies alone, the split between fuel cells and electrolyzers, the six-year contract's customer and value, the status of the Royston and Shanghai plants, platinum and iridium loadings, the unit's own R&D and capex, start-up investments, public funding specific to the unit, the ionomer type and PFAS response | Not yet confirmed | Not stated in company sources. This article does not claim they do not exist (this article) |
| The readings that "hydrogen is an option, not a growth pillar" and that the company is shifting to long-term contracts with a few large buyers, the reason customers are not named, iridium supply constraints, the possibility of in-house production by customers | Inference | Reference 1, 2, 3, 7 https://matthey.com/documents/161599/7603892/JMA017_Strategic-260608.pdf https://matthey.com/documents/161599/7603892/JMA017_Business%20units-260608.pdf https://matthey.com/documents/161599/7603892/JMA017_Financial-260608.pdf https://matthey.com/documents/161599/3786695/Announcement+FY+2024-25.pdf/b7ffed4d-df93-ed1b-efa5-df27ae99f1eb?t=1769503419751 |
| The classification of JM as "Materials & components" and the four-type framework | Our calculation | Our own arrangement and calculation (technical explanations are general and are not values for the company's products; see the technical explainers in this series) |
| Hydrogen Technologies' share of group sales excluding precious metals (about 2.8%, 71 ÷ 2,555) and of group employees (about 3.7%, 368 ÷ 10,037) | Our calculation | Our own arrangement and calculation (technical explanations are general and are not values for the company's products; see the technical explainers in this series) |
| Technical explanations of the different conditions at the electrolysis anode and cathode, the membrane thickness and crossover trade-off, and the meaning of PGM recycling | Our calculation | Our own arrangement and calculation (technical explanations are general and are not values for the company's products; see the technical explainers in this series) |
Last updated: 6 October 2026 / Troy Technical
This article is based on JM's Annual Report and Accounts 2026, its full-year results materials, official announcements and official product pages. It uses no market-research estimates or press-based figures. Items marked "Inference" are our reading of the primary sources and are not company disclosures. Product features are the company's own descriptions, and no stated performance values are published. Company plans and targets are not yet confirmed and are not guaranteed. This article does not advise individual readers on handling or operating hydrogen, or on investment decisions.