VSPARTICLE and Plug Power achieve breakthrough tech for iridium barrier, paving way to the production of $1/kg green hydrogen

Breakthrough nanoporous layer technology demonstrates 10x improvement in iridium utilization, an expensive bottleneck preventing cost-competitive green hydrogen
This technology will enable scalable and durable PEM electrolysers, paving the way to bring green hydrogen to cost parity with standard hydrogen

DELFT, The Netherlands – October 14, 2025 – VSPARTICLE, a pioneer in advanced nanomaterial manufacturing, today announced the peer-reviewed validation of its nanoporous catalyst layer technology, confirming its potential to overcome the critical iridium bottleneck in proton exchange membrane (PEM) electrolyzers.

The collaborative project with Plug Power Inc. (NASDAQ: PLUG) and the Center for Clean Hydrogen, directed by Professor Yushan Yan at the University of Delaware, achieved outstanding performance while using up to 90% less Iridium.

These results, detailed in the Electrochemical Society (ECS) Meeting in Chicago, surpass the DOE's 2026 targets for iridium utilization and performance. This data confirms a viable pathway to green hydrogen production at $1 per kilogram, a cost that is competitive with hydrogen derived from steam methane reforming (SMR), which currently costs between $1.50 - $2.50/kg according to the International Energy Agency.

“This data, combined with the scalability of our technology, turns this fundamental constraint into a scalable solution,” said Aaike van Vugt, CEO of VSPARTICLE. “Our dry deposition process isn't just an alternative to spray coating; it's a fundamental redesign of how we manufacture electrode that uses iridium with near-optimal efficiency. This is the missing link the industry has been searching for to scale PEM electrolysis to the multi-gigawatt level without facing an iridium shortage.”
“The performance at 0.4 mg/cm² is exceptional,” stated Dr Thomas Valdez, Senior R&D Manager, Plug Power. “In our evaluation, VSPARTICLE's electrodes demonstrate the durability and high current density required for commercial systems. This level of iridium utilization is essential for Plug to achieve our cost-reduction and deployment goals.”

Evaluating Porous Transport Electrode Fabricated Via Spark Ablation in a PEM Water Electrolyzer

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Transforming Electrolyser Economics with Precision Engineering

PEM electrolysers are favoured for their ability to respond dynamically to intermittent renewable energy. However, their reliance on iridium, one of the rarest platinum group metals (PGMs) with an annual global production of only 7-8 tonnes, has been a major barrier to scale. Traditional catalyst coating methods are inefficient, often requiring 1-2 mg/cm² of iridium.

VSPARTICLE's technology addresses this by creating a highly uniform, nanoporous structure without PFAS-based ionomers or solvents. This not only maximizes the electrochemical surface area (ECSA) of the precious metal but also simplifies the manufacturing process and enables more efficient recycling.

The convergence of this technological leap with the ongoing decline in renewable electricity prices — which have fallen by 90% in the last decade for solar PV (source: IRENA) — creates a compelling economic case for green hydrogen, potentially achieving the DOE's "Hydrogen Shot" goal years ahead of schedule.

Momentum Toward Industrial Adoption and Market Impact

VSPARTICLE is scaling its in-house coating capacity to support pilot and early commercialprojects with multiple top-tier PEM electrolyzer manufacturers. Several partners havescheduled integration and commercial-scale testing programs to begin in 2026.

“This work directly addresses the most significant materials challenge in PEM electrolysis,” said Dr. Yushan Yan, founding director of Center for Clean Hydrogen. “The combination of ultra-low loading and proven performance and durability de-risks the manufacturing of next-generation electrolysers. Widespread adoption of this technology could prevent an iridium supply crisis and fundamentally transform the economics of green hydrogen production. This catalyst layer deposition technology is also promising for AEM electrolysis.”

About VSPARTICLE

VSPARTICLE is a leading innovator in nanoparticle generation and deposition systems, empowering researchers and industries to create the next generation of functional materials. With its groundbreaking, modular technology platform, VSPARTICLE has democratized access to high-quality, customizable nanomaterials.

By enabling the precise and scalable production of complex nanostructures, the company has become an indispensable partner for leaders in sectors such as energy storage, sensor technology, and catalysis. This commitment to excellence and innovation has now propelled VSPARTICLE to become the #1 manufacturer for state-of-the-art nanoporous layers, setting a new industry standard for performance, reproducibility, and design freedom. VSPARTICLE's solutions are accelerating the transition from lab-scale discovery to industrial-scale production, shaping a more efficient and sustainable technological future.

Media Contact:
Antonella Scimemi
antonella@burlington.cc

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