CTVC is claiming that the hydrogen bubble is deflating, if not bursting. The reason - slowing investment growth and some startups going bust. I think this fairy tale is not yet over.
When a couple of startups go out of business, it is not the time yet to state the death of an industry. Startups go out of business all the time. This is usually a good thing for the industry. Ideas that are not working in practice get winnowed out, the good ones get a chance to grow.
With hydrogen, you have to be patient. The multitude of sectors where it can be applied is bewildering to investors. This makes it very difficult to separate hydrogen zombies from hydrogen unicorns.
Doing homework and technical due diligence seems to be lost on many hydrogen investors. So it will take a long time and lots of money, both private and taxpayers, before we figure out what works and what does not.
Meanwhile, have a read: https://www.ctvc.co/the-hard-truth-about-hydrogen-210/