The summer quarter of 2025 was marked by a convergence of geopolitical, industrial, and policy shocks that reshaped the trajectory of the global hydrogen and ammonia sectors. Across markets, three developments defined the quarter: regulatory disruption in the United States, an acceleration of electrolyzer investmen tdecisions in Europe’s refinery sector, and India’s landmark green-ammonia auctions.

The opening of EnvisionEnergy’s Chifeng complex, now the world’s largest green-ammonia facility, provided an additional symbolic turning point, signalling a shift of cost leadership towards Asia. A striking new driver also emerged during the quarter: the intersection between data centres, natural-gas supply, and solid oxide fuel-cell (SOFC) deployment.