Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 16

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 1
Chunk 16
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 electrolysis (IEA, Hydrogen, 2024).

Large industrial gas companies operate extensive
hydrogen production and supply networks used in refining, chemicals and other sectors. These include Linde, Air Liquide and Air Products.
Recent corporate materials highlight their end-to-end hydrogen capabilities and new clean-hydrogen projects and offtake agreements (Linde;
Air Liquide; Air Products; TotalEnergies).

At this time, our primary competition is from
companies developing and commercializing renewable hydrogen production technologies, particularly electrolysis powered by renewable electricity.
Representative companies include:

●Fusion Fuel (Nasdaq: HTOO). Develops solar-to-hydrogen systems built around its HEVO micro-electrolyzer architecture and also supplies
electrolyzer technology for third-party projects (Fusion Fuel, 2025; FT Markets).

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●Sparc Technologies (ASX: SPN) / Sparc Hydrogen JV (with Fortescue and University of Adelaide). Advancing photocatalytic water-splitting;
the SHARP pilot plant held its opening ceremony on June 24, 2025 in Adelaide (University of Adelaide; Sparc Hydrogen, 2025).

●Nel ASA (OSE: NEL; OTC: NLLSF). Now a fully dedicated electrolyzer company following the spin-off of its fueling division (Cavendish
Hydrogen) in 2024; product portfolio spans alkaline and PEM electrolysers (Nel Hydrogen; The Wall Street Journal).

●ITM Power (LSE: ITM; OTC: ITMPF). Manufactures PEM electrolysers and supplies stacks for large projects (e.g., REFHYNE II with Linde/Shell
in Germany) (ITM Power, 2025).

●Ohmium International (private). Designs modular, hyper-scalable PEM electrolysers; announced a gigafactory ramping toward ~2 GW/yr
capacity in India (Ohmium, 2025).

●McPhy Energy (EPA: MCPHY). Produces alkaline (and PEM) electrolysers and hydrogen stations; expanding manufacturing capacity in Europe
(McPhy, 2025).

When electrolysers are powered by high-carbon
electricity, their life-cycle emissions can approach or exceed those of fossil-based hydrogen; conversely, pairing electrolysis with low-carbon
power yields substantial reductions. The IEA’s 2024 review quantifies emissions intens