About this episode

The episode discusses the challenges faced by the electrolyzer industry and the strategic decisions made by Next Hydrogen's CEO amidst a difficult market environment.

Empty gigawatt factories, product recalls, participation rates that never materialised, and a policy environment that has now stripped the green premium entirely. The electrolyzer industry has had a brutal few years and most of the companies that raised hundreds of millions on the back of the hydrogen hype cycle are now sitting with fixed costs they cannot sustain and field deployments they are not proud of.  Host Bridget van Dorsten speaks with Raveel Afzaal, CEO of Next Hydrogen, one of the few electrolyzer manufacturers that chose to watch from the sidelines while competitors scaled into the storm. Raveel describes the decision in blunt terms: in 2021, when cost of capital went to near zero and capital discipline evaporated, Next Hydrogen looked at the macro signals; rising inflation, rising interest rates, a market telling them their Hyundai partnership was worth a 5% share price drop, and chose to extend their runway from 18 months to five years. That meant hard capital allocation decisions, and the answer was to invest in the product, not the factory.   The conversation goes deep into a problem that rarely gets discussed publicly: the…

People in this episode

Host: Bridget van Dorsten

Guest: Raveel Afzaal

Topics covered

• green hydrogen
• electrolyzer industry
• product development
• capital allocation
• commercialization challenges

Keywords

• electrolyzer
• green hydrogen
• capital discipline
• productization
• commercialization valley of death

Mentioned in this episode

Organizations: Next Hydrogen, Hyundai

More episodes of Interchange Recharged

• Beyond combustion: Long Island's first hydrogen-powered linear generator and the fuel-flexible answer to the dispatchable emissions-free resource problem · May 5, 2026 · 40 min
• Flexibility as a service: Can Octopus's acquisition of Uplight finally make US residential VPPs work? · April 7, 2026 · 45 min
• The muscle we forgot: SMRs, hyperscalers, and why this nuclear renaissance might actually be different · March 24, 2026 · 56 min
• The grid nobody planned for: public power, hyperscalers and the race to rewire America for the AI age · March 9, 2026 · 1h 5m
• Is hyperscaler demand finally giving CCS its moment? · February 24, 2026 · 47 min
• Building the plane while it’s flying: data centers, utilities, and the new rules of power · February 10, 2026 · 44 min

Explore listener stats, chart rankings, contacts and more on the Interchange Recharged podcast page.