In May 2026, Enapter launched its new Stack 250, which produces approximately 100 kilograms of hydrogen per day per stack--ten times the output of the previous-generation Stack 25. Enapter's product line ranges from the EL 4 single module (0.5 Nm³/h) to the AEM Nexus 500 (500 kW), AEM Nexus 1000 (1 MW), and AEM Nexus 2500 (2.5 MW); the Stack 250 can support hydrogen production plants at scales of 100 MW and above. Wenstone Hydrogen Energy's flagship products include a 2.5 kW system, a 10 kW WS-2000L (2,000 L/h hydrogen production), a 250 kW system, and a 1 MW system; by 2026, the company will have the capacity to supply complete 5 MW and 10 MW systems. EVE Hydrogen Energy has released 1 kW, 10 kW, 100 kW, and MW-class AEM electrolyzers; its MW-class centralized hydrogen production system achieves a hydrogen production rate of over 100 Nm³/h per cell. Horizon Fuel Cell Technologies launched the HET-A1000, the world's highest-power 5 MW AEM hydrogen production system, in 2026, with individual cell power ranging from 500 kW to 2 MW. Cipher Neutron specializes in 250-kW AEM electrolyzers, with a single stack capacity representing the company's largest configuration. Sunfire has relatively limited product information in the AEM sector, as its current focus is on alkaline (HyLink Alkaline 23, 50 MW) and SOEC technologies. EvolOH's Nautilus® stacks are deployed in 3- to 12-MW modules that comply with ISO container size standards. Greenlyzer (Hydrogen Lai Technology) has released an industrial-scale, ultra-large AEM membrane electrolyzer. Specific product models from SPF Hydrogen Energy and Alchemr have not yet been clearly disclosed in public information.
Enapter's strengths lie in its leading global market share, high degree of standardization in its modular products, and a significant advantage in cumulative shipments within the AEM sector. Its weaknesses include relatively low power output in past products and a financial loss in 2025. Wenstone Hydrogen Energy's strengths include full independent intellectual property rights for membranes, catalysts, membrane electrodes, and control systems, a ten-year product warranty, and an operational lifespan of 50,000 hours. As a startup, it has relatively limited long-term, large-scale validation data. EVE Hydrogen Energy's strengths include launching the world's first 100-kW AEM electrolyzer, completing MW-scale stack testing, and developing its proprietary Alkymer® series of anion-exchange membranes. However, its 100-kW and MW-scale products are still in the early stages of commercialization. Horizon Fuel Cell Technologies' strengths lie in launching the world's highest-power 5-MW AEM hydrogen production system, with a laboratory electrolysis efficiency as high as 95%. Commercial validation of the 5 MW system is not scheduled to begin until the first half of 2025. Cipher Neutron claims a stack efficiency approaching 90% (HHV), and its products are free of iridium and PFAS. As a startup, its market validation and ability to scale up production remain to be seen. Sunfire's strengths lie in its status as a well-known European electrolyzer manufacturer with deep technical expertise, while also developing both AEM and SOEC technologies. Details of its publicly disclosed AEM products are less clear than those for SOEC and alkaline routes. EvolOH plans to build the world's largest AEM electrolyzer factory with an annual production capacity of 3.75 GW; its design emphasizes low-cost, large-scale production without the use of precious metals. The company is still in the capacity-building phase. Greenlyzer has focused on AEM R&D since 2009; its core membrane electrode has operated stably for over 10,000 hours at 1 A/cm². Its capabilities in large-scale manufacturing and cost control remain to be further validated by the market. SPF Hydrogen Energy is listed in industry reports as one of the world's top three AEM manufacturers. Public information about the company is relatively scarce. Alchemr focuses on developing AEM electrolyzers that can directly utilize seawater and has received funding from the U.S. Department of Energy. Its technology is currently in the R&D and pilot stages.
Enapter's representative products include the EL 4 (2.4 kW), AEM Flex 120 (up to 480 kW), AEM Nexus 500 (500 kW), AEM Nexus 1000 (1 MW), AEM Nexus 2500 (2.5 MW), and Stack 250. Wenstone Hydrogen Energy's flagship products include a 2.5 kW AEM system, the 10 kW WS-2000L, a 250 kW AEM system, and a 1 MW AEM system. EVE Hydrogen Energy's flagship products include 1 kW, 10 kW, 100 kW, and MW-class AEM electrolysers, with DC power consumption as low as 4.2 kWh/Nm³. Horizon Fuel Cell Technologies' flagship product is the HET-A1000 5 MW AEM hydrogen production system. Cipher Neutron's flagship product is a 250 kW AEM electrolyzer, producing hydrogen at a pressure of up to 30 bar and a purity of 99.999%. Sunfire has not publicly disclosed the models of its AEM products. EvolOH's flagship product is the Nautilus® stack, deployed in 3- to 12-MW modules. Greenlyzer's flagship product is an industrial-scale, ultra-large AEM electrolyzer. Specific product models from SPF Hydrogen Energy and Alchemr have not yet been disclosed.
AEM electrolyzer manufacturers primarily serve the steel production, cement manufacturing, ammonia production, aluminum production, hydrogen power generation, and large-scale power-to-heat applications sectors. Enapter's Stack 250 is specifically designed for large-scale 100 MW hydrogen production plants, particularly to meet the demands of large-scale projects in the Asian market. Its modular design allows each stack to independently adjust its load, enabling optimal utilization of intermittent solar and wind power. Enapter leads the global market in cumulative shipments of its modular products. Wenstone Hydrogen Energy's AEM electrolyzers are primarily aimed at on-site hydrogen production at hydrogen refueling stations, where the cost of on-site hydrogen production can be kept between 10 and 15 yuan per kilogram. EVE Hydrogen Energy made its debut at the World Hydrogen Summit in the Netherlands in 2026; its MW-class centralized hydrogen production system targets large-scale green hydrogen substitution in high-carbon industries in Europe, such as chemicals and steel. Cipher Neutron's AEM electrolyzers have a proven track record of stable operation in the North American market; its products do not use platinum group metals (including platinum, iridium, and ruthenium), giving them a cost advantage. EvolOH has launched a commercial hydrogen project at a 3M facility; its S440 system, built around the Nautilus® stack, can operate behind the meter and track intermittent power loads. AEM electrolyzer manufacturers are rapidly scaling up from the kilowatt to the megawatt level, with the market projected to reach $9.692 billion by 2032, representing a compound annual growth rate of 84.3%.
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