Johnson Matthey reins in hydrogen tech investment as demand cools

Slowdown evident across entire green hydrogen value chain but sector still seen as long-term growth engine, UK-based technology company says

Johnson Matthey has significantly scaled back investment in its green hydrogen technology  business in response to a “palpable” slowdown across the entire value chain. The UK-based firm’s hydrogen technology unit is expected to account for 10% of total group capital expenditure over the three-year period to 2026–27, down from previous guidance of 30%, the company said in its 2023–24 full-year earnings report. That implies investment of up to £90m ($144.5m) in the hydrogen technology business over that period. Sales in the hydrogen technology business rose 31% to £71m but growth slowed in the second half of the year as the market began to soften and customers reduced inventory levels. The bus