COMPANY PROFILE / HYDROGEN ENERGY
Linde
An industrial gas company that calls itself the world's largest: it makes, liquefies and moves hydrogen and designs the plants, and clean energy is about two thirds of its large-project backlog
Linde comes up in hydrogen discussions as a company that holds much of the hydrogen supply chain. It has both a gas business and an engineering business that designs and builds hydrogen plants and liquefaction equipment, within one group. Its 10-K describes the company as the largest industrial gas company worldwide, says most of the hydrogen it produces today is derived from natural gas (SMR or ATR), and says it also has technologies for low-carbon and renewable hydrogen. An investor presentation shows that, of a large-project backlog of about $10 billion, clean energy (which Linde defines as hydrogen and CCS only) accounts for about 65%. What the documents do not give is hydrogen-only revenue, or the customers and sizes of individual large projects. This profile concentrates on the hydrogen-related business: what Linde has, what can be confirmed and what cannot, as far as primary sources allow.
- Linde in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the hydrogen field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Linde in 30 seconds, and where it stands in hydrogen
Linde is best understood not as "a hydrogen specialist" but as "one of the largest hydrogen producers among industrial gas companies, building up large hydrogen projects with contracts behind them" Our calculation. Its large-project backlog is the estimated capital cost of plants under construction that are supported by long-term supply agreements, and it was about $8.1 billion at the end of June 2026 Sourced. The chart gives clean energy as about 65%, but the documents reviewed do not say which projects those are Not yet confirmed.
2. The logo and how the name is written
A note on names: the parent company is Linde plc. The gas business is called Linde (or Linde Gas) and the division that designs and builds plants is Linde Engineering. The logo image was taken from the company's official website. In this profile, hydrogen liquefaction, refueling and plant design refer mainly to Linde Engineering's work.
Official website: https://www.linde.com/3. Where the company sits in the hydrogen field
4. Scale
Linde is one of the world's largest industrial gas companies and is large overall, so company-wide figures are shown briefly here and hydrogen-related figures follow in the next chapter. The fiscal year is the calendar year.
| Item ($ million) | 2025 | 2024 |
|---|---|---|
| Sales | 33,986 | 33,005 |
| Operating profit (reported) | 8,923 | 8,635 |
| Operating profit (adjusted) | 10,137 | 9,720 |
| Net income attributable to Linde plc | 6,898 | 6,565 |
| Capital expenditure | 5,261 | 4,497 Our calculation |
| R&D expense | 147 | 150 |
In 2026, second-quarter (April to June) sales were $9,289 million (up 9% year on year), operating profit was $2,554 million, and first-half capital expenditure was $2,780 million Sourced. By end market, the company's presentation puts chemicals and energy at 21% of sales, the segment that includes refinery and chemical customers with large hydrogen demand (excluding Engineering sales, based on 2025 public filings).
Sales and profit for hydrogen gas are not disclosed as separate figures in the 10-K or 10-Q. Sales are shown by region (Americas, EMEA, APAC) and for Engineering, with no product breakdown. The 2024 capital expenditure figure is this article's back-calculation, subtracting the $764 million increase from the 2025 figure ($5,261 million). This article does not estimate the hydrogen share Not yet confirmed.
5. Resources committed to hydrogen
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | 65,177 employees company-wide (end of 2025). Hydrogen headcount is not disclosed. R&D is carried out mainly in Pullach (Germany), Tonawanda (New York), Burr Ridge (Illinois) and Shanghai | Sourced / partly not disclosed |
| Money (R&D and capex) | R&D expense was $147 million in 2025 (company-wide; the hydrogen portion is not disclosed). Capital expenditure was $5,261 million, mainly for new plants and production equipment (about 60% in the Americas and 21% in Asia-Pacific). Hydrogen-only capex is not disclosed. The company cites an energy-transition investment opportunity pipeline of about $50 billion, which is not a contracted amount | Sourced / partly not disclosed |
| Assets held | The company's website cites about 1,000 km of hydrogen pipeline, the world's largest liquid hydrogen capacity and distribution system, a high-purity hydrogen salt cavern in Texas, close to 200 hydrogen fueling stations, 80 electrolysis plants and more than 150 SMR and PSA units. The "close to 200" and "80" figures are identical to those in a December 2020 press release, so when they were last updated is not known | Sourced (company description) |
| Acquisitions, investments, joint ventures, divestments | A December 2020 release mentions the electrolyzer joint venture ITM Linde Electrolysis GmbH. Its later status could not be confirmed in the documents reviewed. Acquisitions in 2025 were $412 million (mainly in EMEA and APAC); no hydrogen-only breakdown is given | Sourced / present status not found |
| Universities, research institutes, public funding | The website says in general terms that, in carbon capture, Linde takes part in numerous R&D alliances to leverage government funding. No specific hydrogen grant or university name was found in the documents reviewed | Not found |
Status of key projects
| Project | Location | Scale | Stage | Date and source |
|---|---|---|---|---|
| Large sale-of-gas projects (backlog) | Americas 71%, Asia-Pacific 24%, EMEA 5% (company chart) | About $8.1 billion (estimated capital cost, end of June 2026) | Under construction (backed by long-term supply agreements) | No customer or project names in the documents (references 1, 2, 3) |
| Public sLH2 pilot refueling station | Wörth am Rhein, Germany | 400 kg/hour fueling, 4 tonnes of liquid hydrogen storage, more than 8 tonnes per day with refilling | Operating | Opened 7 February 2024 (reference 7) |
| 35 MW PEM electrolyzer (green liquid hydrogen) | Niagara Falls, New York, U.S. | 35 MW; described as Linde's largest electrolyzer | The website says "to be built" and "expected to start up by 2025". Whether it started up could not be confirmed | Company website (undated; reference 5) |
| 24 MW PEM electrolyzer | Leuna, Germany | 24 MW | The website says "constructing". Present status could not be confirmed | Company website (undated; reference 5) |
| 24 MW PEM electrolyzer for ammonia (Yara) | Porsgrunn, Norway | About 10,000 kg/day of hydrogen and 41,000 tonnes of CO₂ avoided per year (company statement) | The website says "will construct and deliver". Present status could not be confirmed | Company website (undated; reference 5) |
| High-purity hydrogen salt cavern | Texas, U.S. | Could not be confirmed | Operating (over ten years, per the company) | Company website (undated; reference 4) |
According to Linde's website, the key components of its hydrogen liquefiers are aluminum plate-fin heat exchangers and expansion turbines with dynamic gas bearings, both made in the company's own production centers. Small plants use a closed helium refrigeration circuit inside a vacuum-insulated cold box; large ones use a hydrogen Claude process in which cooling is combined with ortho-para conversion Sourced. Because hydrogen is handled at -253°C, low-temperature toughness of metals, insulation and boil-off control matter. For storing large volumes of gas, underground options such as salt caverns are available, and for steel pipelines hydrogen embrittlement enters the design (general background; the company documents reviewed do not give this level of material specification) Not yet confirmed. On the electrolyzer side, the website describes alkaline cells (a porous diaphragm and a liquid electrolyte) and PEM cells (a solid polymer membrane), and lists corrosive electrolyte, low current density and gas crossover as drawbacks of the alkaline type. See our explainers on liquid hydrogen, alkaline water electrolysis and PEM water electrolysis.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 10 December 2020 | Agreed with Daimler Truck to co-develop next-generation hydrogen refueling (sLH2) for heavy-duty fuel cell vehicles. The same release mentions the electrolyzer joint venture ITM Linde Electrolysis GmbH, and described close to 200 fueling stations and 80 electrolysis plants | Extending into both transport and electrolysis |
| 7 February 2024 | Presented sLH2 with Daimler Truck and opened the public pilot station at Wörth am Rhein. The method is to be made openly available as an ISO standard | Moving the joint development toward a standard |
| 2025 | Capital expenditure of $5,261 million (up $764 million), mainly for backlog projects. Hydrogen production accounted for 12.3 million tonnes CO₂e of direct emissions | Indicates the scale of hydrogen production |
| December 2025 | Large-project backlog of about $10 billion (sale of gas $7.3 billion, sale of plant $2.7 billion), with clean energy at about 65% | The weight of clean energy |
| June 2026 | Sale-of-gas backlog rose to about $8.1 billion; the June 2026 edition of the investor presentation was published | The backlog is growing |
7. What comes next
The primary sources also describe the following policies Not yet confirmed.
- Direction: the investor presentation's strategy has three pillars (maximize the base, accelerate growth, leverage technology), with the energy transition as one growth opportunity. It says discussions continue on several blue and green hydrogen projects
- Liquid hydrogen refueling: together with Daimler Truck, Linde aims to make sLH2 the standard for transport
- New technologies: the technology chart shows SOEC, ammonia cracking and direct air capture after electrolysis (a company chart, not a commitment to commercialize)
Revenue, profit, headcount and R&D spending for hydrogen alone; the customers, locations, sizes and completion dates of the clean energy projects in the backlog; the present status of the electrolyzers at Niagara Falls, Leuna and Porsgrunn; the status of ITM Linde Electrolysis GmbH; the latest values of the website's counts (200 and 80); and any specific hydrogen public funding. None of these is stated in the 10-K, 10-Q, investor presentation, website pages or press releases reviewed, or the relevant date is unknown.
8. What the company is aiming for in hydrogen
The table separates what the company says it is aiming for from what this article infers. Inference marks this article's own reading of primary sources.
| What can be read | Primary evidence | Category |
|---|---|---|
| It offers gas supply and plant engineering together | The website says combining Linde Engineering and Linde Gas gives a one-stop-shop; the 10-K says Engineering's technology covers the whole chain of hydrogen production, liquefaction, storage, distribution and application | Sourced |
| It expects clean hydrogen sales to grow | 10-K: it anticipates continued growth in clean hydrogen sales owing to increased focus on decarbonization projects | Sourced (company outlook) |
| It builds up large projects backed by long-term supply contracts | The backlog is defined as investment supported by a long-term supply agreement; on-site contracts typically run 10-20 years with minimum purchase requirements | Sourced (definition) / Inference (the same policy applies to clean hydrogen) |
| It standardizes hydrogen liquefaction and refueling to hold the entry point for transport | The 2024 release says sLH2 is available through an ISO standard and calls on others to adopt it | Sourced (stated intent) / Inference (the aim) |
The reading that "clean hydrogen too is pursued mainly through contracted projects" rests on the definition of the backlog. The investor presentation describes the sale-of-gas backlog as investment supported by a long-term supply agreement, and its chart shows about 65% of the backlog as clean energy Sourced. So the clean hydrogen projects inside the backlog can at least be read as projects with long-term supply agreements. The contract terms for individual projects (minimum volumes, price formulas, duration) are not published, and it cannot be confirmed how many projects without contracts exist outside the backlog Not yet confirmed.
9. Map of partnerships in hydrogen
Of Linde's hydrogen partnerships, only three can be confirmed from the documents reviewed: joint development of refueling technology with Daimler Truck, the electrolyzer joint venture (ITM Linde Electrolysis) and the electrolyzer for Yara Sourced. From Daimler Truck's side the sLH2 development and the February 2024 public station can also be confirmed (see our Daimler Truck profile). The counterparties of the large backlog projects, about 65% of them clean energy, are not named in the documents. Project names that appear in press reports are not used here because they cannot be confirmed in primary sources.
10. Technologies, products and services
Linde has businesses in hydrogen production, liquefaction, storage, transport and refueling. Performance figures are the company's statements, shown with their conditions and scale.
| Item | What company documents say | Conditions, scale, source |
|---|---|---|
| Hydrogen production | SMR and ATR of natural gas (most of today's output); low-carbon (blue) hydrogen with carbon capture; renewable (green) hydrogen by electrolysis. It also recovers and purifies hydrogen from chemical and petrochemical by-product streams | As described in the 10-K. Output is not disclosed. More than 150 SMR and PSA units and more than 80 installed electrolyzers are website statements (undated) |
| Hydrogen liquefaction | Designs liquefiers from 0.25 tonnes/day to more than 34 tonnes/day per train. Aluminum heat exchangers and expansion turbines with dynamic gas bearings are made in-house | The company's description of design experience. "World's largest liquid hydrogen capacity" is the company's own assessment |
| Hydrogen storage and transport | Cryogenic tanks from 3,000 to more than 100,000 liters, about 1,000 km of pipeline, the largest hydrogen trailer fleet and a high-purity hydrogen salt cavern in Texas | Website statements (undated) |
| sLH2 refueling | Refueling with subcooled liquid hydrogen. The company says investment is a half to a third, operating cost a fifth to a sixth, and energy consumption about one thirtieth of gaseous hydrogen refueling | Manufacturer's stated values (Linde Engineering, 2024) for the pilot station: 400 kg/hour fueling and 0.05 kWh/kg energy consumption. The comparison basis is as given in the source |
| Electrolyzers | Alkaline and PEM. PEM examples are in the 24-35 MW class (U.S., Germany, Norway) | Website examples (undated). No performance figures are given |
| Plant design and construction | Plants for air separation, hydrogen, synthesis gas, olefins and natural gas. The technology portfolio covers hydrogen production, liquefaction, storage, distribution and application | As described in the 10-K (Engineering division) |
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Project details are hard to see from outside | The backlog composition (clean energy about 65%) is shown in a chart, but customers, locations, sizes and completion dates are not in the documents reviewed, so it is hard to verify | Sourced |
| Dated website information | The hydrogen counts (about 200 fueling stations, 80 electrolysis plants) are the same as in December 2020. The electrolyzer project descriptions are undated, so operation cannot be confirmed | Sourced |
| Dependence on customers' capital spending | The backlog rests on customers' large investments (chemicals, 62%), and the 10-K names chemicals and energy among end markets exposed to economic cycles | Sourced |
| Emissions from natural-gas hydrogen | Of 16.4 million tonnes CO₂e of direct emissions in 2025, hydrogen production was 12.3 million tonnes (about 75%). Tighter carbon regulation could affect costs and demand (the 10-K notes uncertainty over GHG regulation) | Sourced / Inference (size of any effect) |
| Status of the joint venture unknown | The present status of the electrolyzer joint venture (ITM Linde Electrolysis) could not be confirmed in the documents reviewed | Not yet confirmed |
| Fate of the standard | Adoption of sLH2 depends on vehicle makers and station operators. The company is at the stage of calling on others to adopt it | Sourced / Inference |
| Capital burden and delivery | Capital expenditure was $5,261 million in 2025 and $2,780 million in the first half of 2026. The 10-K says failure to complete new plants on time, on budget and to performance requirements could cause loss of revenue and litigation, and guarantee facilities of about $3.5 billion mainly cover customer contract performance | Sourced |
| Handling and regulation of hydrogen | Producing, storing and moving hydrogen is subject to laws and standards. The 10-K lists operational hazards at plants among its risks. This article is not handling advice | Sourced (company statement) |
12. Glossary
- SMR / ATR
- Steam methane reforming and autothermal reforming, which make hydrogen from natural gas. Adding carbon capture gives blue hydrogen.
- PSA
- Pressure swing adsorption, a method of separating hydrogen from a gas stream and raising its purity.
- Liquid hydrogen (LH₂) / sLH2
- Hydrogen cooled to -253°C. sLH2 is a method of fueling with liquid hydrogen slightly below its boiling point. See our explainer on liquid hydrogen.
- On-site supply
- Supplying gas under a long-term contract from a plant built near the customer. Contracts typically run 10-20 years and include minimum purchase requirements.
- Backlog (sale of gas)
- The estimated capital cost of large plants under construction, supported by long-term supply agreements.
- CCS / CCUS
- Carbon capture and storage (or utilization). Linde notes that it uses "clean energy" only for hydrogen and CCS.
- Ortho-para conversion
- A catalytic step in hydrogen liquefaction that converts between the two nuclear-spin forms of hydrogen so that heat is not released later in storage.
- Salt cavern
- A cavity formed in an underground salt layer, used to store large volumes of hydrogen.
- Scope 1
- Direct emissions from a company's own plants. Hydrogen production is a large share for Linde.
13. References
- Linde Form 10-K for the year ended 31 December 2025 (filed 25 February 2026). Business overview, how hydrogen is produced, supply modes, sales and profit, headcount, R&D, capital expenditure and the large-project backlog. https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm
- Linde Form 10-Q for the quarter ended 30 June 2026 (filed 31 July 2026). Second-quarter and first-half results, capital expenditure and the large-project backlog. https://www.sec.gov/Archives/edgar/data/1707925/000162828026051289/lin-20260630.htm
- Linde Investor presentation "Why Linde" (June 2026 edition; figures mostly as of December 2025). Sales by end market, backlog composition, the definition of clean energy, the technology chart and greenhouse gas emissions. https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf
- Linde Company website, "Our Hydrogen Expertise". Description of hydrogen production, liquefaction, storage and transport assets and counts (page undated). https://www.linde.com/clean-energy/our-h2-expertise
- Linde Company website, "Electrolysis for Green Hydrogen Production". Alkaline and PEM electrolysis explained, with featured projects in the U.S., Germany and Norway (page undated). https://www.linde.com/clean-energy/our-h2-technology/electrolysis-for-green-hydrogen-production
- Linde Company website, "Liquefying Hydrogen for Storage & Transport". Configuration and capacity of hydrogen liquefaction plants (page undated). https://www.linde.com/clean-energy/our-h2-technology/liquefaction
- Linde Engineering Press release "Safe, Fast and Simple: Daimler Truck and Linde Set New Standard for Liquid Hydrogen Refueling Technology" (7 February 2024). The sLH2 refueling method and the public pilot station. https://www.linde-engineering.com/news-and-events/press-releases/2024/safe-fast-and-simple-daimler-truck-and-linde-set-new-standard-for-liquid-hydrogen-refueling-technology
- Linde Press release "Linde and Daimler Truck to Collaborate on Hydrogen Refueling Technology" (10 December 2020). The agreement to co-develop and the mention of an electrolysis joint venture. https://linde.com/news-media/press-releases/2020/linde-and-daimler-truck-to-collaborate-on-hydrogen-refueling-technology
- Linde Company website (source of the logo image). https://www.linde.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Linde plc is an Irish company with principal offices in Woking (U.K.) and Danbury (U.S.), listed on Nasdaq (LIN); fiscal year ends 31 December | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm |
| 2025 sales of $33,986 million ($33,005 million in 2024), operating profit of $8,923 million (adjusted $10,137 million), net income attributable to Linde plc of $6,898 million, 65,177 employees, R&D expense of $147 million, capital expenditure of $5,261 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm |
| Second quarter of 2026 (April-June): sales of $9,289 million (up 9%), operating profit of $2,554 million; first-half capital expenditure of $2,780 million | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1707925/000162828026051289/lin-20260630.htm |
| Sales by end market: chemicals and energy at 21% (excluding Engineering sales; based on 2025 public filings, per the company) | Sourced | A figure in the company's presentation. Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| Sale-of-gas backlog of large projects under construction (estimated capital cost): about $7.3 billion at the end of December 2025 and about $8.1 billion at the end of June 2026 | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm Reference 2 https://www.sec.gov/Archives/edgar/data/1707925/000162828026051289/lin-20260630.htm |
| Total large-project backlog of about $10 billion (sale of gas $7.3 billion plus sale of plant $2.7 billion, December 2025); clean energy at 65% (pie chart) | Sourced | The presentation does not say which backlog the chart describes. This article reads it as the sale-of-gas backlog from the layout. Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| Definition of clean energy: Linde notes that it uses the term only for hydrogen and CCS (carbon capture and storage) | Sourced | Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| Clean energy in the sale-of-gas backlog of about $4.7 billion | Our calculation | Our calculation: $7.3 billion x 65% (the chart's share), rounded. |
| Most hydrogen Linde produces today is derived from natural gas (SMR or ATR); it also has technologies for low-carbon hydrogen (with carbon capture) and renewable hydrogen (electrolysis) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm |
| Scope 1 emissions in 2025 of 16.4 million tonnes CO₂e, of which hydrogen production accounts for 12.3 million tonnes; hydrogen production is therefore about 75% | Sourced | Emissions are the company's reported figures; the share is our calculation (12.3 / 16.4). Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| Liquid hydrogen capacity and distribution described as the largest in the world, about 1,000 km of hydrogen pipeline, and a high-purity hydrogen salt cavern in Texas | Sourced | Company description; page undated. Reference 4 https://www.linde.com/clean-energy/our-h2-expertise |
| "Close to 200 hydrogen fueling stations and 80 electrolysis plants" | Sourced | The website figures are identical to the December 2020 press release; when they were last updated is not known. Reference 4 https://www.linde.com/clean-energy/our-h2-expertise Reference 8 https://linde.com/news-media/press-releases/2020/linde-and-daimler-truck-to-collaborate-on-hydrogen-refueling-technology |
| Liquefiers designed from 0.25 tonnes/day to more than 34 tonnes/day per train; aluminum plate-fin heat exchangers and expansion turbines with dynamic gas bearings made in-house | Sourced | Company description of design experience. Reference 6 https://www.linde.com/clean-energy/our-h2-technology/liquefaction |
| Electrolyzer projects described: a 35 MW PEM unit in Niagara Falls (U.S.), a 24 MW PEM unit in Leuna (Germany) and a 24 MW PEM unit for Yara in Porsgrunn (Norway); their present status | Sourced | The website's descriptive text (undated). Niagara Falls is described as expected to start up by 2025. Current status could not be confirmed. Reference 5 https://www.linde.com/clean-energy/our-h2-technology/electrolysis-for-green-hydrogen-production |
| More than 80 alkaline electrolyzers installed | Sourced | Company description; page undated. Reference 5 https://www.linde.com/clean-energy/our-h2-technology/electrolysis-for-green-hydrogen-production |
| sLH2: co-developed with Daimler Truck. Public pilot station at Wörth am Rhein opened on 7 February 2024: 400 kg/hour fueling, 4 tonne storage, more than 8 tonnes per day with refilling, 0.05 kWh/kg energy consumption | Sourced | Manufacturer's stated values for the pilot station, with conditions as in the source. The multiples against other methods (investment 1/2-1/3, operating cost 1/5-1/6) are the company's statements. Reference 7 https://www.linde-engineering.com/news-and-events/press-releases/2024/safe-fast-and-simple-daimler-truck-and-linde-set-new-standard-for-liquid-hydrogen-refueling-technology |
| 10 December 2020 agreement with Daimler Truck on next-generation hydrogen refueling technology; mention of the electrolysis joint venture ITM Linde Electrolysis GmbH | Sourced | The joint venture's current status could not be confirmed. Reference 8 https://linde.com/news-media/press-releases/2020/linde-and-daimler-truck-to-collaborate-on-hydrogen-refueling-technology |
| Technology roadmap (SOEC after electrolysis, liquefaction scale-up from 50 to 200 tonnes/day, ammonia cracking and others) | Not yet confirmed | The company's chart; the only time marker is a 2024 line. Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| Linde cites an energy-transition investment opportunity pipeline of about $50 billion globally | Not yet confirmed | A company estimate; not a contracted amount. Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| Expectation of continued growth in clean hydrogen sales | Not yet confirmed | Company outlook. Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm |
| Revenue, profit, headcount and R&D spending for hydrogen alone | Not yet confirmed | No hydrogen-only breakdown in the 10-K. This article does not estimate it. Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm |
| Customer names, locations and sizes of the projects in the backlog | Not yet confirmed | Not stated in the documents reviewed. Could not be confirmed. Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| Capital expenditure for 2024 of $4,497 million | Our calculation | Our calculation: back-calculated from the 10-K's "$5,261 million in 2025, up $764 million from 2024". |
| The risk of not completing new plants on time, on budget and to performance requirements, and about $3.5 billion of guarantee facilities mainly for customer contract performance | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm |
| General explanation of heat exchangers, salt caverns and hydrogen embrittlement as materials issues | Our calculation | Commentary (general background; kept separate from what the company documents state). |
| The framing "one of the largest hydrogen producers among industrial gas companies, growing large projects only with contracts behind them" | Our calculation | This article's framing, interpreted from the definition of the backlog (references 1 and 3). |
| The four company types and the example company names | Our calculation | This article's classification; example companies are drawn from this series. |
| The reading that clean hydrogen is being pursued mainly through projects with long-term supply contracts | Inference | This article's interpretation of the backlog definition (backed by long-term supply agreements). Reference 1 https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm Reference 3 https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/events-and-presentations/why-linde-presentation.pdf |
| The reading that it aims to secure the entry point of transport hydrogen by standardizing liquefaction and refueling | Inference | This article's interpretation of the intent behind making sLH2 an ISO standard. Reference 4 https://www.linde.com/clean-energy/our-h2-expertise Reference 7 https://www.linde-engineering.com/news-and-events/press-releases/2024/safe-fast-and-simple-daimler-truck-and-linde-set-new-standard-for-liquid-hydrogen-refueling-technology Reference 8 https://linde.com/news-media/press-releases/2020/linde-and-daimler-truck-to-collaborate-on-hydrogen-refueling-technology |
Last updated 8 October 2026 / Troy Technical
Every figure in this article comes from Linde's filings with the U.S. Securities and Exchange Commission, its investor presentation, website and press releases. No research-firm estimates or press-based figures have been used. The company's outlooks and performance values are the company's own statements and have not been independently verified. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. Handling hydrogen is subject to laws and standards, and this article is not handling advice.