Monday, March 9, 2026

Q3 2022 PitchBook Analyst Note: Hydrogen Fuel Cells Back in the Spotlight

Emerging opportunities bring hydrogen fuel cells back to the spotlightHydrogen fuel cell technology, once viewed as the future of green cars, has fallen by the wayside as lithium-ion batteries have gained traction as the primary means of powering electric vehicles. While many larger corporate and state players have made substantial investments in the space, VC activity has remained limited compared with investment into battery-powered mobility solutions.Our latest emerging tech research analyst note tracks recent VC deal activity in the hydrogen EV subsegment and explores emerging applications in trucking, aerospace, warehousing and marine vessels, sectors wherein the climate-friendly fuel has the potential to outperform its gas and electric peers.

Table of Contents

Key takeaways
1

What happened to hydrogen fuel cells?
2

Hydrogen storage schemes
3

FCEV automobile…

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