Core Viewpoint - The article discusses the challenges and innovations in the PEM electrolysis hydrogen production industry, particularly focusing on the reliance on iridium and the advancements made by Shuangshui Technology in reducing iridium usage while maintaining performance [1][4]. Group 1: Cost Challenges - The price fluctuations of iridium significantly impact the cost of PEM electrolysis cells, as iridium is a major component of the anode catalyst [2]. - The rising global price of iridium poses severe cost challenges for electrolysis cells, with a notable increase from 1,137.14 CNY/g on December 1, 2025, to approximately 1,800 CNY/g by February 2, 2026, marking a 58% increase in less than two months [5]. Group 2: Shuangshui Technology's Innovations - Shuangshui Technology has successfully reduced the iridium loading in membrane electrodes to 0.6 mg/cm² while achieving impressive performance, thanks to a perfect core-shell structure that enhances the utilization of iridium [4]. - The low iridium catalyst design demonstrates excellent dynamic response and stability, with minimal voltage decay during rapid switching tests and a low degradation rate of 3.2 μV/h over 2,750 hours of constant current testing [6][8]. Group 3: Economic Benefits of Low Iridium Technology - The optimization of iridium loading from 1.0 mg/cm² to 0.6 mg/cm² can lead to a direct cost reduction of approximately 24% in the total material cost of the membrane electrode, based on the high iridium price of 1,800 CNY/g [17]. - Further advancements to a 0.4 mg/cm² iridium loading could reduce total costs by over 36% compared to the standard 1.0 mg/cm² process, providing strong financial stability against future iridium price spikes [17]. Group 4: Future of Green Hydrogen - Shuangshui Technology's low iridium technology is positioned to eliminate cost barriers in the green hydrogen industry, paving the way for a new era of cost-effective PEM hydrogen production [18].