Why is Johnson Matthey backing hydrogen ICE?

Hydrogen has been hailed as a pivotal tool in the collective effort to decarbonise transportation, but momentum has shown signs of slowing. In June 2025, Honda announced a delay in its hydrogen fuel cell vehicle roadmap, citing “recent changes in the global hydrogen market environment.” In July, Stellantis discontinued its hydrogen fuel cell programme, having concluded the market had “no prospects of mid-term economic sustainability.”