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Investment in clean hydrogen ticked up in the first quarter of this year after generally declining since late 2024, data from the Rhodium Group show — but the overall project pipeline is still shrinking.
The sector attracted $400 million in investment between January and March, up 27% compared to the last quarter of 2025, although still down 11% year-over-year.
The majority of those funds were invested in two blue hydrogen projects: Linde’s plant in Beaumont, Texas, which plans to supply hydrogen for ammonia production used in fertilizer and aims to begin production in early 2027; and Wabash Valley Resources’ plant in Indiana, which broke ground in January. And 26% of the funding went to a green hydrogen plant in Utah — jointly developed by Chevron New Energies and Mitsubishi Power — that is nearing completion as of early this year.
Those three sites are rarities in the U.S. clean hydrogen sector, which has otherwise seen a wave of companies either abandoning projects or pivoting to other business strategies as the market outlook dimmed.
