COMPANY PROFILE / HYDROGEN ENERGY
Air Liquide
An industrial gas major that sells hydrogen as a long-term supply contract rather than as equipment, and is now adding 200 MW-class electrolysis and ammonia cracking
Air Liquide comes up in any discussion of hydrogen because it is an industrial gas company that already supplies large volumes of hydrogen to refineries and chemical plants, and is now trying to make that hydrogen lower-carbon through electrolysis and CO₂ capture. In 2025 it reported revenue of €26,940 million and about 65,000 employees. Revenue for hydrogen alone is not disclosed; the only hydrogen-related share given is that hydrogen and carbon monoxide make up 37% of the Large Industries business line. Of its large renewable hydrogen projects, Normand'Hy in France (200 MW) is under construction with start-up planned for 2026, and ELYgator in the Netherlands (200 MW) reached a final investment decision in July 2025, with start-up targeted for the end of 2027. This profile sets out, from the company's own official material, what it invests in hydrogen, who it works with and how far each project has progressed. It is not advice on handling hydrogen.
What this article covers
- Air Liquide in 30 seconds, and where it stands in hydrogen energy
- The logo and how the name is written
- Where the company sits in the field
- Scale (centered on what relates to hydrogen)
- Resources committed to hydrogen energy
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen energy
- Map of partnerships in hydrogen energy
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Air Liquide in 30 seconds, and where it stands in hydrogen energy
LEGAL NAMEL'Air Liquide S.A.The articles of association give the name as "L'Air Liquide, société anonyme pour l'Étude et l'Exploitation des procédés Georges Claude". Founded in 1902, per the company
HEADQUARTERSParis, France75 quai d'Orsay, 75007 Paris
LISTINGEuronext Paris
(CAC 40 member)Compartment A, per the company
(CAC 40 member)Compartment A, per the company
CATEGORY IN THIS FIELDGases & large projects (primary)
Electrolyzers (secondary)It supplies hydrogen to customers. The main electrolysis equipment comes from a joint venture
Electrolyzers (secondary)It supplies hydrogen to customers. The main electrolysis equipment comes from a joint venture
REVENUE (2025)€26,940 millionGroup-wide. Hydrogen alone is not disclosed
LARGE INDUSTRIES REVENUE€7,110 millionHydrogen and carbon monoxide 37%, air gases 53% (2025)
EMPLOYEESAbout 65,000In 59 countries. Headcount for hydrogen is not disclosed
HYDROGEN FOCUSNatural gas reforming plus CO₂ capture
PEM electrolysis (200 MW class)Reforming is the core. Two 20 MW-class electrolyzers operate and two 200 MW-class units are under construction (2025 document)
PEM electrolysis (200 MW class)Reforming is the core. Two 20 MW-class electrolyzers operate and two 200 MW-class units are under construction (2025 document)
The one thing to grasp first
Air Liquide's hydrogen business is run on the logic of a gas company that delivers hydrogen to a customer's plant under a long contract, not that of an electrolyzer maker. The 2025 document says supply contracts in its Large Industries business generally run 15 years (20 years or more for some projects) and carry take-or-pay clauses that set a minimum purchase volume Sourced. Its large hydrogen production assets are mainly natural gas reforming units (more than 50 hydrogen and/or carbon monoxide production units), and the units it operates are mostly steam methane reformers. Hydrogen from electrolysis is still at an early stage: two 20 MW-class electrolyzers are in service (Canada and Germany) and two 200 MW-class units are under construction Sourced. Reading "Air Liquide" as "a renewable hydrogen company" therefore overstates the picture. This article reads the reality as an incumbent hydrogen supplier adding lower-carbon capacity as customers ask for it Inference.
2. The logo and how the name is written
A note on names: the legal entity is L'Air Liquide S.A. (a French joint-stock company), while the group and brand name is Air Liquide. Normand'Hy, ELYgator, Cryocap and TEAL Mobility are project, technology and joint-venture names, not names for Air Liquide itself. Airgas, its U.S. subsidiary, is also part of the group. The logo was taken from the company's official website (airliquide.com).
Official site: https://www.airliquide.com/3. Where the company sits in the field
4. Scale (centered on what relates to hydrogen)
Air Liquide is a large company covering industrial gases as a whole. Company-wide figures are kept brief, and for hydrogen only what is disclosed is given Sourced.
| Item (2025) | Value | Note |
|---|---|---|
| Group revenue | €26,940 million | +2.0% on a comparable basis; operating margin 20.7% |
| Net profit (Group share) | €3,518 million | 2025 Universal Registration Document |
| Employees | About 65,000 | 59 countries; 4.3 million customers and patients |
| Large Industries revenue | €7,110 million | 27% of group revenue. By product: air gases 53%, hydrogen and carbon monoxide 37%, cogeneration 9%, other 1% |
| Hydrogen and carbon monoxide revenue (approximate) | About €2,630 million | Our calculation €7,110 million × 37%. Includes carbon monoxide and excludes hydrogen sold in smaller volumes or to the electronics business |
| EU Taxonomy "hydrogen manufacturing" eligible turnover | €2,080.9 million | 7.7% of group revenue. Of this, Taxonomy-aligned turnover is €62.0 million (0.2%) |
| Group Innovation expenses (OECD definition) | €301 million | Group-wide. The amount for hydrogen alone is not disclosed |
A caution
Revenue for hydrogen alone is not disclosed Not yet confirmed. The 37% share for hydrogen and carbon monoxide in Large Industries includes carbon monoxide, and "eligible" under the Taxonomy (the EU's classification standard) means revenue from an activity that falls within the category, not revenue from low-carbon hydrogen. The aligned figure of €62.0 million is closer to hydrogen revenue that the company judges to meet the environmental criteria. The company also gives no hydrogen sales volume (in tonnes) in the main text. Please do not add up or compare figures that cover different scopes.
In the first half of 2026 (January to June), group revenue was nearly €14 billion (+2.6% on a comparable basis), investment decisions totaled about €3 billion (a record, per the company) and the backlog stood at €6 billion. About €1 billion of those investment decisions were in Electronics, and no hydrogen project appears among the highlights of the half-year release Sourced.
5. Resources committed to hydrogen energy
Headcount and R&D spending for hydrogen alone are not disclosed. Investment amounts are published project by project.
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | More than 5,600 employees contribute to Innovation & Technologies, with six campuses in Europe, the United States and Asia (in brief). Headcount for hydrogen alone is not disclosed. On the Executive Committee, the Group Vice President for Innovation and Technology oversees R&D and engineering as well as the Hydrogen Energy and Electronics activities | Sourced / partly undisclosed |
| Money (R&D) | Group Innovation expenses were €301 million (OECD definition). Air Liquide held more than 500 hydrogen-related patent families (about 550 for CO₂ capture and storage). R&D spending for hydrogen alone is not disclosed | Sourced / partly undisclosed |
| Money (capital investment) | Normand'Hy: more than €400 million for the electrolyzer (more than €450 million for the whole project). ELYgator: more than €500 million. La Mède (hydrogen from bio-based by-products): more than €80 million. Hydrogen packaging and delivery on the Seine Axis: €50 million. Hydrogen supply on the U.S. Gulf Coast: about US$50 million | Sourced |
| Investments, joint ventures, divestments | 25.1% of the electrolyzer-module joint venture with Siemens Energy (Siemens Energy holds 74.9%; Berlin) / TEAL Mobility, a 50/50 hydrogen-station joint venture with TotalEnergies / a 50/50 joint venture with TotalEnergies to study a 250 MW electrolyzer in Zeeland / In June 2023 it sold its 19% stake in Hydrogenics (fuel cells and water electrolysis) to Cummins; the company says Hydrogenics remains a supplier for its electrolyzer projects / ALIAD, its venture capital arm (no hydrogen-related investee was confirmed for this article) | Sourced |
| Public funding, universities, research institutes | Normand'Hy: the French government supports it with €190 million (recovery plan, IPCEI). ELYgator: the EU Innovation Fund, the Dutch IPCEI program and the Dutch OWE subsidy. The large ammonia cracking plant and a hydrogen liquefier were selected for a €110 million grant from the EU Innovation Fund (end of 2024). The ammonia cracking pilot is supported by the Flemish agency VLAIO. Air Liquide is a partner in six of the seven U.S. DOE hydrogen hubs (the amount it receives is not stated in company material). On universities, the M2are maritime methanol project involves four university partners | Sourced |
Status of major projects
| Project | Location | Scale | Stage (as confirmed on 5 October 2026) | Source |
|---|---|---|---|---|
| Normand'Hy (PEM electrolysis) | Port-Jérôme, France | 200 MW; up to 28,000 tonnes of hydrogen a year | Under construction; start-up planned for 2026. Twelve electrolysis modules are arriving in sequence (official page). No official start-up announcement was found | References 1, 2, 3, 9 |
| ELYgator (PEM and alkaline on one site) | Maasvlakte, Port of Rotterdam, Netherlands | 200 MW; 23,000 tonnes a year | Final investment decision on 23 July 2025; start-up is targeted for the end of 2027. The July 2025 press release says PEM and alkaline technologies on the same site, while part of the 2025 document says "PEM", so the descriptions differ | References 1, 5, 6 |
| Zeeland electrolyzer (50/50 with TotalEnergies) | Zeeland, Netherlands | 250 MW; up to 30,000 tonnes a year | Planning and study stage. Completion in 2029 is an "ambition", subject to final authorizations and a final investment decision | References 5, 16 |
| Trailblazer (PEM electrolysis) | Oberhausen, Germany | 20 MW | In operation (running since 2024) | Reference 1 |
| La Mède (bio-based hydrogen production) | La Mède, France | 25,000 tonnes a year | Announced November 2024; start-up planned for 2028. It uses by-products of a biorefinery as feedstock, not electrolysis | Reference 10 |
| Ammonia cracking pilot | Port of Antwerp-Bruges, Belgium | 30 tonnes a day of ammonia processed | Started up in November 2025 (the company calls it the world's first industrial-scale pilot) | References 1, 4 |
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 1902 | Founded (per the company). It describes hydrogen as one of the core molecules since its creation | About 60 years of work on hydrogen (company statement) |
| 2007 | Acquired Lurgi, a German engineering company, gaining technology for hydrogen and carbon monoxide production units, among others | The base for designing reformers in-house |
| 2019 | Announced construction in Canada of what the company described as the world's largest PEM electrolyzer | The first step toward larger electrolysis |
| 23 June 2022 | Announced a joint venture with Siemens Energy for electrolyzer modules: Air Liquide 25.1%, Siemens Energy 74.9%, headquartered in Berlin | A structure in which the main electrolysis equipment is bought from a joint venture rather than made in-house |
| 30 June 2023 | Sold its 19% stake in Hydrogenics to Cummins | Exited the shareholding while remaining a customer (company statement) |
| 14 September 2023 | Signed a memorandum of understanding (MoU) with TotalEnergies to supply hydrogen to its Gonfreville refinery, and announced more than €400 million for Normand'Hy | Secured a buyer for the electrolysis output first |
| 19 October 2023 | Became a partner in six of the seven U.S. DOE hydrogen hubs | Involvement in building U.S. hydrogen networks |
| 8 November 2023 | Opened the joint-venture electrolyzer-module factory in Berlin. At the time it was producing 1 GW a year and expected to ramp up to 3 GW a year by 2025 | Whether 3 GW was actually reached could not be confirmed in official material |
| 30 January 2024 | Announced TEAL Mobility, a hydrogen-station joint venture with TotalEnergies, aiming for more than 100 stations over the next decade | A refueling network for heavy-duty trucks |
| 2024 | Began operating the 20 MW-class PEM electrolyzer "Trailblazer" in Oberhausen, Germany (per the 2025 document) | A place to gather operating data on large electrolyzers |
| November 2024 | €50 million for a hydrogen packaging and delivery chain on the Seine Axis. Announced a renewable hydrogen production unit (25,000 tonnes a year) for TotalEnergies' La Mède biorefinery | Adding lower-carbon routes beyond electrolysis |
| 18 February 2025 | Announced ELYgator (200 MW) and a 50/50 joint venture with TotalEnergies for a 250 MW electrolyzer in Zeeland | More than €1 billion combined for the two projects if completed (company statement) |
| 23 July 2025 | Final investment decision on ELYgator, following support from the Dutch OWE subsidy scheme | The company says the regulatory and subsidy framework was key to the decision |
| 13 November 2025 | Ammonia cracking pilot (30 tonnes a day) started up in Belgium | A technical building block for moving hydrogen over long distances |
| 4 December 2025 | Renewed a hydrogen MoU with Hyundai Motor Group; the two companies co-chair the Hydrogen Council | Building hubs in Europe, South Korea and the United States |
| 15 September 2026 | At IAA Transportation, set out with Volvo Group, Daimler Truck, Toyota, Bosch, TotalEnergies and others a plan to roll out hydrogen trucks across Europe | Centered on Germany to 2030, with a call for support across Europe |
7. What comes next
Normand'HyStart-up planned for 2026Under construction. No start-up announcement found
ELYgatorStart-up targeted for end of 2027Final investment decision in July 2025
La Mède (bio-based)Start-up planned for 202825,000 tonnes of hydrogen a year
Zeeland 250 MWCompletion in 2029 is an "ambition"Subject to final authorizations and a final investment decision
TEAL MobilityMore than 100 stations over a decadeAt launch it planned about 20 stations from 2024
Strategic plan BEYOND2026 to 2030About €24 billion of industrial investment decisions (no hydrogen breakdown)
CO₂ emissions-33% by 2035 (vs 2020)Scopes 1 and 2. Carbon neutrality by 2050 is the goal
Hydrogen trucks in GermanyRoll-out by 2030Joint industry statement. Depends on subsidies and rules
BEYOND, the strategic plan announced on 5 October 2026, names four markets for growth: Electronics and AI, Energy Transition, Healthcare and Space. As part of its innovation approach, it says it will accelerate the industrialization of patented technologies including PEM electrolyzers, ammonia cracking and hydrogen liquefaction Sourced. The press release, however, gives no investment amount or revenue target for hydrogen alone Not yet confirmed.
What could not be confirmed
None of the following appears in the official material checked for this article Not yet confirmed.
An announcement that Normand'Hy has started up / the actual output of the joint-venture factory (whether 3 GW a year was reached) / headcount and R&D spending for hydrogen / hydrogen sales volume (tonnes) / the timing of a final investment decision on the 250 MW Zeeland project / the hydrogen investment amount within the BEYOND period (2026 to 2030).
8. What the company is aiming for in hydrogen energy
This section separates what the company says directly from what this article reads into it. Inference marks this article's interpretation of primary sources.
| What can be read from it | Primary evidence | Category |
|---|---|---|
| It wants to cover the whole chain from production to delivery and refueling | The 2025 document says it handles sourcing of low-carbon energy, hydrogen production, compression and liquefaction, delivery by truck and pipeline, storage and supply to end customers | Sourced (company statement) |
| It moves forward with electrolysis on projects where a customer's long-term contract comes first | Normand'Hy serves TotalEnergies (the equivalent of 100 MW of electrolysis) plus other industry and mobility customers; ELYgator also serves a TotalEnergies site. Its business model is built on contracts of 15 years or more with minimum purchase volumes | Inference |
| It builds, owns and operates electrolyzers rather than selling them | ELYgator: "build, own and operate". The main equipment is bought from the joint venture with Siemens Energy | Sourced (company statement) / Inference (it will not become an equipment maker) |
| It makes CO₂ capture on existing reformers a pillar of decarbonization alongside electrolysis | The first Cryocap™ unit has operated since 2015, and two new units were decided. "Reforming with CO₂ capture" is one of three levers for the 2035 reduction | Sourced |
| It treats hydrogen transport (ammonia cracking, liquefaction) as the next technology pillar | The ammonia cracking pilot is running. A €110 million EU Innovation Fund grant was awarded. BEYOND lists hydrogen liquefaction among technologies to industrialize | Sourced / Inference (the "next pillar" framing) |
| In mobility it focuses on heavy-duty trucks | The 2025 document lists "hydrogen mobility, notably heavy duty" as one of five future sectors of the previous plan, ADVANCE. TEAL Mobility and the joint industry statement of September 2026 | Sourced |
One inference in more detail
The reading that "hydrogen is one of the priority markets but is not presented as a stand-alone pillar" rests on how BEYOND lists its four markets. They appear as Electronics and AI, Energy Transition, Healthcare and Space, in that order, and hydrogen is not a separate item Sourced. In the 2025 document, hydrogen mobility was one of five future sectors under the previous plan, ADVANCE, whereas the new plan of October 2026 does not name hydrogen as a headline and instead mentions technologies (PEM electrolysis, ammonia cracking, hydrogen liquefaction). In the same document, Chairman Benoît Potier says the context for the energy transition has changed and tensions have risen, but the stakes remain. From this, this article reads the approach as proceeding with hydrogen on projects backed by customer contracts and subsidies Inference Not yet confirmed.
9. Map of partnerships in hydrogen energy
10. Technologies, products and services
Air Liquide's hydrogen business centers on supplying hydrogen to customers as a service, not on selling electrolyzers. The table lists the main elements described in company material Sourced.
| Element | What the material says | Source |
|---|---|---|
| Natural gas reforming (SMR, ATR) | Operates more than 50 hydrogen and/or carbon monoxide production units. It has also designed and built more than 40 autothermal reforming (ATR) and partial oxidation (POX) units for third parties. Hydrogen is purified by pressure swing adsorption (PSA) | Reference 1 |
| CO₂ capture (Cryocap™) | A proprietary technology that combines cryogenics with other methods. The first industrial-scale unit has run since 2015 (France). Two new units have been decided. Grandpuits (France) is being finished for 2026, and a large CO₂ capture unit is under construction in the Port of Rotterdam (connected to the Porthos storage infrastructure) | Reference 1 |
| PEM water electrolysis | For large units, the main equipment is usually supplied by the joint venture with Siemens Energy. It has long operated more than 40 small electrolyzers for the Electronics and Industrial Merchant businesses. Of the large units, two 20 MW-class are in service and two 200 MW-class are under construction | References 1, 3 |
| Pipelines and delivery | Pipeline networks total more than 9,500 km (all gases, not only hydrogen), for example from Rotterdam to Dunkirk in Northern Europe and from Lake Charles, Louisiana to Corpus Christi, Texas on the U.S. Gulf Coast. Supply by truck and through filling centers also exists | Reference 1 |
| Hydrogen stations and mobility | Designs hydrogen refueling stations. Builds a heavy-duty truck refueling network through TEAL Mobility (50/50 with TotalEnergies). Operates, at Fos-sur-Mer in southern France, what the company calls Europe's first high-pressure hydrogen station for long-distance trucks | References 1, 10, 12 |
| Ammonia cracking | The pilot handles 30 tonnes a day. The company says it developed proprietary technology in process safety, material testing, ammonia cracking catalysis, ammonia combustion and molecule separation. The large plant and a hydrogen liquefier were selected for EU Innovation Fund support | References 1, 4 |
| Engineering | Engineering & Technologies designs and builds air separation units, hydrogen production and purification units and CO₂ capture for the group and for third-party customers. Consolidated revenue for 2025 was €855 million | Reference 1 |
A materials engineer's view: reformer tubes, PEM cells and ammonia cracking catalysts
Company material points to three places where materials matter. (1) Reformers: a diagram in the 2025 document shows a high-temperature reformer with catalyst-filled tubes and refractory material. The company states that high-temperature processes carry particular risks of burns, fire or explosion Sourced. (2) PEM cells: the official page explains that a polymer membrane in each cell separates hydrogen from oxygen. Specifications and suppliers for the membrane, catalyst and plates are not given. (3) Ammonia cracking: the pilot announcement lists material testing and catalyst development among the company's own achievements. In each case Air Liquide appears to create value not by making the materials itself, but through selecting and testing them and designing the process Inference. For the materials basics, see our explainers on PEM water electrolysis, water electrolyzer stacks and materials, and ammonia.
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Start-up depends on rules and subsidies | For ELYgator, the company said start-up at the end of 2027 depends on implementation of the RFNBO rules and requested subsidies (February 2025). The final investment decision came after the subsidy decision (July 2025) | Sourced |
| Start-up timing not officially confirmed | Normand'Hy is planned to start in 2026, but no start-up announcement was within the material checked here. The 250 MW Zeeland project is subject to final authorizations and a final investment decision | Not yet confirmed |
| The price customers will pay for low-carbon hydrogen | The company gives an indicative carbon price at which customers lean toward low-carbon hydrogen: €100 to €250 per tonne of CO₂. If carbon pricing and similar rules are weak, demand may build more slowly | Sourced (company estimate) |
| Hydrogen mobility needs demand to materialize | The September 2026 statement asks for diesel-competitive prices, incentives to lower truck costs and toll exemptions. Applications under Germany's NOW funding program covered 800 heavy-duty trucks and more than 70 stations | Sourced (applications, not deployments) |
| Customer holds and changes | The 2025 document records that the U.S. customer ExxonMobil put a project in Baytown on hold and that the company received compensation. The document does not say whether it is a hydrogen project, so this article does not treat it as a hydrogen case | Sourced |
| CO₂ from existing reformers | Hydrogen reforming is one of the group's main sources of direct (Scope 1) emissions; reforming and cogeneration make up nearly 15% of its large production units. Reducing emissions depends on carbon prices and on CO₂ transport and storage infrastructure | Sourced |
| Concentration on one counterparty | The large electrolysis projects (Normand'Hy, ELYgator, Zeeland), TEAL Mobility and La Mède all have TotalEnergies as customer or joint-venture partner | Inference |
| Safety | The company states that high-temperature, high-pressure hydrogen processes carry risks of burns, fire and explosion, and that pressure equipment must be designed with safety devices | Sourced |
12. Glossary
- SMR / ATR
- Steam methane reforming, which makes hydrogen from natural gas and steam, and autothermal reforming, which also uses oxygen.
- PEM water electrolysis
- Splits water with a proton-conducting polymer membrane separating the cell. The company says it suits variable renewable power.
- Cryocap™
- Air Liquide's name for its cryogenic CO₂ capture technology.
- take-or-pay
- A contract clause requiring a minimum payment even if the customer takes less than a set volume.
- Ammonia cracking
- Converting ammonia, used as a hydrogen carrier, back into hydrogen and nitrogen.
- IPCEI
- Important Project of Common European Interest: an EU framework in which member states can fund approved projects.
- RFNBO
- Renewable fuels of non-biological origin: the EU category whose requirements cover renewable hydrogen, among others.
- EU Taxonomy
- The EU's environmental classification standard. "Eligible" means within the scope of a category; "aligned" means the criteria are met.
13. References
- Air Liquide 2025 Universal Registration Document (published March 2026). Business overview, Large Industries revenue mix, number of hydrogen production units, electrolyzers in service and under construction, EU Taxonomy, innovation expenses, patents, Executive Committee, future sectors under ADVANCE. https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf
- Air Liquide Air Liquide in brief 2025 (April 2026). 2025 results, employees, outline of Normand'Hy (200 MW, more than €450 million), ammonia cracking pilot. https://www.airliquide.com/sites/airliquide.com/files/2026-04/air-liquide-in-brief-2025.pdf
- Air Liquide Air Liquide Normand'Hy (official project page, checked 5 October 2026). Scale, stage, investment, description of PEM electrolysis. https://www.airliquide.com/air-liquide-normandhy
- Air Liquide Press release "World first: Air Liquide's innovative technology converts Ammonia into Hydrogen at industrial scale" (13 November 2025). https://www.airliquide.com/group/press-releases-news/2025-11-13/world-first-air-liquides-innovative-technology-converts-ammonia-hydrogen-industrial-scale-paving-way
- Air Liquide Press release "Air Liquide announces major investments to support European decarbonization" (18 February 2025). ELYgator announcement and the 250 MW Zeeland joint venture. https://www.airliquide.com/group/press-releases-news/2025-02-18/air-liquide-announces-major-investments-support-european-decarbonization-collaboration-totalenergies
- Air Liquide Press release "Air Liquide takes the final investment decision to build ELYgator" (23 July 2025). https://www.airliquide.com/group/press-releases-news/2025-07-23/air-liquide-takes-final-investment-decision-build-elygator-large-scale-electrolyzer-netherlands
- Air Liquide Press release "Air Liquide and Siemens Energy form a joint venture..." (23 June 2022). Shareholdings of 25.1% and 74.9%. https://www.airliquide.com/group/press-releases-news/2022-06-23/air-liquide-and-siemens-energy-form-joint-venture-european-production-large-scale-renewable-hydrogen
- Air Liquide Press release "Inauguration of Air Liquide and Siemens Energy Gigawatt electrolyzer factory" (8 November 2023). https://www.airliquide.com/group/press-releases-news/2023-11-08/inauguration-air-liquide-and-siemens-energy-gigawatt-electrolyzer-factory-paves-way-renewable
- Air Liquide Press release "Air Liquide takes a further step in developing the hydrogen sector in France" (14 September 2023). MoU with TotalEnergies, Normand'Hy investment, €190 million French government support. https://www.airliquide.com/group/press-releases-news/2023-09-14/air-liquide-takes-further-step-developing-hydrogen-sector-france
- Air Liquide Press release "Renewable hydrogen production: Air Liquide strengthens its partnership with TotalEnergies" (25 November 2024). La Mède hydrogen unit. https://www.airliquide.com/group/press-releases-news/2024-11-25/renewable-hydrogen-production-air-liquide-strengthens-its-partnership-totalenergies-through-new
- Air Liquide Press release "Air Liquide to invest in H2 supply chain...along Seine Axis" (15 November 2024). €50 million, contract with HysetCo. https://www.airliquide.com/group/press-releases-news/2024-11-15/air-liquide-invest-hydrogen-supply-chain-support-acceleration-low-carbon-mobility-along-seine-axis
- Air Liquide Press release "Air Liquide and TotalEnergies announce the launch of TEAL Mobility" (30 January 2024). https://www.airliquide.com/group/press-releases-news/2024-01-30/air-liquide-and-totalenergies-announce-launch-teal-mobility-joint-venture-create-leader-hydrogen
- Air Liquide Press release "Air Liquide and Hyundai Motor Group advance global partnership" (4 December 2025). https://www.airliquide.com/group/press-releases-news/2025-12-04/air-liquide-and-hyundai-motor-group-advance-global-partnership-accelerate-hydrogen-economy
- Air Liquide Press release "Air Liquide is a partner in six out of seven Hydrogen Hubs announced by the DOE in the U.S." (19 October 2023). https://www.airliquide.com/group/press-releases-news/2023-10-19/air-liquide-partner-six-out-seven-hydrogen-hubs-announced-doe-us
- Air Liquide Press release "Air Liquide sells its minority stake in Hydrogenics to Cummins" (30 June 2023). https://www.airliquide.com/group/press-releases-news/2023-06-30/air-liquide-sells-its-minority-stake-hydrogenics-cummins
- Air Liquide Press release "2025 record performance..." (20 February 2026, full-year results). ELYgator final investment decision; about US$50 million for hydrogen on the U.S. Gulf Coast. https://www.airliquide.com/group/press-releases-news/2026-02-20/2025-record-performance-and-confident-its-transformation-dynamic-air-liquide-confirms-its-growth
- Air Liquide Press release "H1 2026 Results" (28 July 2026). First-half revenue, investment decisions and backlog. https://www.airliquide.com/group/press-releases-news/2026-07-28/h1-2026-results-acceleration-second-quarter-air-liquide-combines-growth-continuous-performance
- Air Liquide Press release "BEYOND: Air Liquide accelerates lasting value creation with new strategic plan for 2030" (5 October 2026). https://www.airliquide.com/group/press-releases-news/2026-10-05/beyond-air-liquide-accelerates-lasting-value-creation-new-strategic-plan-2030
- Air Liquide Press release "Industry leaders scale full value chain for hydrogen mobility across Europe" (15 September 2026). https://www.airliquide.com/group/press-releases-news/2026-09-15/industry-leaders-scale-full-value-chain-hydrogen-mobility-across-europe
- Air Liquide Official website (source of the logo image). https://www.airliquide.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name (per the articles of association), Paris headquarters, Euronext Paris listing, founding in 1902, about 65,000 employees | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf Reference 2 https://www.airliquide.com/sites/airliquide.com/files/2026-04/air-liquide-in-brief-2025.pdf |
| 2025 group revenue of €26,940 million, net profit of €3,518 million, operating margin of 20.7% | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf Reference 2 https://www.airliquide.com/sites/airliquide.com/files/2026-04/air-liquide-in-brief-2025.pdf |
| Large Industries revenue of €7,110 million (27% of the group) and the product mix (hydrogen and carbon monoxide 37%, etc.) | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Hydrogen and carbon monoxide revenue of about €2,630 million (€7,110 million × 37%), an approximation that includes carbon monoxide | Our calculation | Our own multiplication of the figures in Reference 1. Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| EU Taxonomy "hydrogen manufacturing" eligible turnover of €2,080.9 million (7.7%) and aligned turnover of €62.0 million (0.2%) | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Supply contracts of generally 15 years (20 years or more for some projects), take-or-pay clauses, energy costs passed on to customers | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| More than 50 hydrogen and/or carbon monoxide production units; more than 40 ATR/POX units built for third parties; more than 40 small electrolyzers operated | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Large electrolyzers in service: two 20 MW-class units (Canada, Germany); two 200 MW-class units under construction; main equipment from the Siemens Energy joint venture | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Normand'Hy: 200 MW, up to 28,000 tonnes a year, more than €400 million (more than €450 million for the whole project), start-up planned for 2026, 12 modules | Sourced | Reference 2 https://www.airliquide.com/sites/airliquide.com/files/2026-04/air-liquide-in-brief-2025.pdf Reference 3 https://www.airliquide.com/air-liquide-normandhy |
| Normand'Hy: 100 MW-equivalent of supply to TotalEnergies, the other 100 MW for industry and mobility; French government support of €190 million | Sourced | Reference 9 https://www.airliquide.com/group/press-releases-news/2023-09-14/air-liquide-takes-further-step-developing-hydrogen-sector-france |
| An official announcement that Normand'Hy has started up | Not yet confirmed | Not found in the material checked for this article (References 1, 2, 3, 16 and 17). This article does not say it has or has not started. |
| ELYgator: 200 MW, 23,000 tonnes a year, final investment decision (23 July 2025), more than €500 million, start-up targeted for the end of 2027, PEM and alkaline on one site | Sourced | Reference 5 https://www.airliquide.com/group/press-releases-news/2025-02-18/air-liquide-announces-major-investments-support-european-decarbonization-collaboration-totalenergies Reference 6 https://www.airliquide.com/group/press-releases-news/2025-07-23/air-liquide-takes-final-investment-decision-build-elygator-large-scale-electrolyzer-netherlands |
| The difference in how ELYgator's technology is described between the press release (PEM and alkaline) and the 2025 document (PEM) | Our calculation | Our own comparison of References 1 and 6. Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf Reference 6 https://www.airliquide.com/group/press-releases-news/2025-07-23/air-liquide-takes-final-investment-decision-build-elygator-large-scale-electrolyzer-netherlands |
| Zeeland 250 MW (50/50 with TotalEnergies, up to 30,000 tonnes a year, completion in 2029 an ambition, subject to final authorizations and a final investment decision) | Sourced | Reference 5 https://www.airliquide.com/group/press-releases-news/2025-02-18/air-liquide-announces-major-investments-support-european-decarbonization-collaboration-totalenergies Reference 16 https://www.airliquide.com/group/press-releases-news/2026-02-20/2025-record-performance-and-confident-its-transformation-dynamic-air-liquide-confirms-its-growth |
| Trailblazer (Oberhausen, 20 MW, running since 2024) | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| La Mède: 25,000 tonnes a year, more than €80 million, start-up planned for 2028, feedstock from biorefinery by-products | Sourced | Reference 10 https://www.airliquide.com/group/press-releases-news/2024-11-25/renewable-hydrogen-production-air-liquide-strengthens-its-partnership-totalenergies-through-new |
| Ammonia cracking pilot: 30 tonnes a day, started up in November 2025, support from a Flemish agency, areas of proprietary technology | Sourced | Reference 4 https://www.airliquide.com/group/press-releases-news/2025-11-13/world-first-air-liquides-innovative-technology-converts-ammonia-hydrogen-industrial-scale-paving-way Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Large ammonia cracking plant and hydrogen liquefier: selected for a €110 million EU Innovation Fund grant (end of 2024) | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Siemens Energy joint venture: 25.1% and 74.9% shareholdings, Berlin base, factory opening, expected ramp-up to 3 GW a year | Sourced | Reference 7 https://www.airliquide.com/group/press-releases-news/2022-06-23/air-liquide-and-siemens-energy-form-joint-venture-european-production-large-scale-renewable-hydrogen Reference 8 https://www.airliquide.com/group/press-releases-news/2023-11-08/inauguration-air-liquide-and-siemens-energy-gigawatt-electrolyzer-factory-paves-way-renewable |
| Whether the joint-venture factory reached 3 GW a year | Not yet confirmed | Not found in the material checked for this article. |
| TEAL Mobility: 50/50 with TotalEnergies, more than 100 stations targeted, about 20 stations planned from 2024 | Sourced | Reference 12 https://www.airliquide.com/group/press-releases-news/2024-01-30/air-liquide-and-totalenergies-announce-launch-teal-mobility-joint-venture-create-leader-hydrogen |
| €50 million for the Seine Axis hydrogen packaging and delivery chain and the renewable hydrogen supply contract with HysetCo | Sourced | Reference 11 https://www.airliquide.com/group/press-releases-news/2024-11-15/air-liquide-invest-hydrogen-supply-chain-support-acceleration-low-carbon-mobility-along-seine-axis |
| Sale of the 19% stake in Hydrogenics to Cummins (30 June 2023) | Sourced | Reference 15 https://www.airliquide.com/group/press-releases-news/2023-06-30/air-liquide-sells-its-minority-stake-hydrogenics-cummins |
| Partner in six of the seven U.S. DOE hydrogen hubs | Sourced | Reference 14 https://www.airliquide.com/group/press-releases-news/2023-10-19/air-liquide-partner-six-out-seven-hydrogen-hubs-announced-doe-us |
| Renewal of the MoU with Hyundai Motor Group; the two companies co-chair the Hydrogen Council | Sourced | Reference 13 https://www.airliquide.com/group/press-releases-news/2025-12-04/air-liquide-and-hyundai-motor-group-advance-global-partnership-accelerate-hydrogen-economy |
| Group Innovation expenses of €301 million, more than 500 hydrogen-related patent families, more than 5,600 people in Innovation & Technologies | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf Reference 2 https://www.airliquide.com/sites/airliquide.com/files/2026-04/air-liquide-in-brief-2025.pdf |
| Headcount, R&D spending and sales volume (tonnes) for hydrogen alone | Not yet confirmed | Not found in the material checked for this article. This article does not estimate them. |
| First-half 2026 revenue, investment decisions of about €3 billion, backlog of €6 billion, about €1 billion of investment decisions in Electronics | Sourced | Reference 17 https://www.airliquide.com/group/press-releases-news/2026-07-28/h1-2026-results-acceleration-second-quarter-air-liquide-combines-growth-continuous-performance |
| About US$50 million for hydrogen supply on the U.S. Gulf Coast (2025) | Sourced | Reference 16 https://www.airliquide.com/group/press-releases-news/2026-02-20/2025-record-performance-and-confident-its-transformation-dynamic-air-liquide-confirms-its-growth |
| BEYOND: 2026 to 2030 plan, four growth markets, about €24 billion of industrial investment decisions, industrialization of PEM electrolysis, ammonia cracking and hydrogen liquefaction, -33% by 2035 (vs 2020), carbon neutrality by 2050 | Sourced | Reference 18 https://www.airliquide.com/group/press-releases-news/2026-10-05/beyond-air-liquide-accelerates-lasting-value-creation-new-strategic-plan-2030 |
| Hydrogen investment amount within the BEYOND period | Not yet confirmed | Not in Reference 18. This article does not estimate it. Reference 18 https://www.airliquide.com/group/press-releases-news/2026-10-05/beyond-air-liquide-accelerates-lasting-value-creation-new-strategic-plan-2030 |
| Joint statement of 15 September 2026 on hydrogen trucks in Europe (participants, roll-out in Germany by 2030, applications to the German program, measures requested) | Sourced | Reference 19 https://www.airliquide.com/group/press-releases-news/2026-09-15/industry-leaders-scale-full-value-chain-hydrogen-mobility-across-europe |
| M2are project (maritime methanol, four university partners) | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| The reading that electrolysis proceeds on projects where a customer's long-term contract comes first | Inference | This article's interpretation of References 1, 9 and 5. |
| The reading that it builds, owns and operates electrolyzers rather than selling them | Inference | This article's interpretation of Reference 6 ("build, own and operate") and the joint-venture description in Reference 1. |
| The reading that hydrogen is a priority market but not shown as a stand-alone pillar | Inference | This article's interpretation of References 1 and 18. |
| The reading that an incumbent hydrogen supplier is adding lower-carbon capacity as customers ask | Inference | This article's interpretation of Reference 1. |
| The risk of concentration on TotalEnergies, and the reading that it creates value by selecting, testing and designing rather than making materials | Inference | This article's interpretation of References 1, 5, 9, 10, 12 and 4. |
| Dependence on mobility demand, the indicative carbon price (€100 to €250 per tonne), and dependence on RFNBO rules and subsidies | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf Reference 5 https://www.airliquide.com/group/press-releases-news/2025-02-18/air-liquide-announces-major-investments-support-european-decarbonization-collaboration-totalenergies Reference 19 https://www.airliquide.com/group/press-releases-news/2026-09-15/industry-leaders-scale-full-value-chain-hydrogen-mobility-across-europe |
| Safety risk in high-temperature hydrogen processes; reforming and cogeneration as main sources of Scope 1 emissions | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Customer ExxonMobil's hold on the Baytown project (the document does not say whether it is a hydrogen project) | Sourced | Reference 1 https://www.airliquide.com/sites/airliquide.com/files/2026-03/air-liquide-2025-universal-registration-document-interactive.pdf |
| Air Liquide's type (gases & large projects primary, electrolyzers secondary) and the classification in Fig. 1 | Our calculation | Our own grouping; company names are examples drawn from the companies covered in this series. |
Last updated 5 October 2026 / Troy Technical
Figures in this article come from Air Liquide's 2025 Universal Registration Document (its statutory annual report), official press releases and the official project page. No research-firm estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. Company plans and targets (start-up dates, investment amounts, emission goals) are unconfirmed forward-looking statements. This article is not advice on handling or operating hydrogen, which is subject to laws and standards.