There are now 5 or more gigafactories under construction producing electrolysers via roll-to-roll (automated) production systems, with the same or lower prices

There are now 5 or more gigafactories under construction producing electrolysers via roll-to-roll (automated) production systems, with the same or lower prices as alkaline, vastly decreased BoP costs, and all the qualities of PEM - plus proven stable efficiencies of 90%+. These gigafactories are in a race and those who fail will quickly get replaced by another electrolyser technology, production method or whatever. The Chinese will then buy up the IP and perfect whatever works, and the cycle will continue. I can guarantee: it will be like solar manufacturing in the past, with all it's pitfalls and market/policy based competition. If you type in "AEM electrolysis" in the Norwegian funded (anti) hydrogen rag, 'Hydrogen Insight' you will see that governments are now starting massive investment in new electrolyser tech of their own. The game is over for slow ramping or PGM-dependent electrolysis manufacturers. Governments will eventually see past the entrenched fossil-sponsored hydrogen lobbying and start investing in this truly gamechanging industry as the EU H2 pipeline infrastructure builds out and secure markets for offtakers are established - all within the (legally binding) conversion of the entire EU gas network. Scary for some, but this is going to happen.