Michael Liebreich, the analyst and investor behind the ‘Hydrogen Ladder’, which organises the molecule’s use cases into an order of likely adoption, has repeated his recent calls for a reset when it comes to hydrogen and its applications.
In a keynote interview at the FT Hydrogen Summit 2025 in London, Liebreich’s growing scepticism about the direction and progress of the industry was front and centre.
“I find it hard to say, but hydrogen is not a good fuel [for some of its target use cases],” he said. “It won’t do heating; it won’t do transport. It won’t even do ammonia. It is just too expensive.”
Liebreich’s provocative words to a room of committed hydrogen industry players argued that politics was at work, with policymakers having become attached to hydrogen as an article of faith, in his description.
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