Investment volumes directed to hydrogen projects need to increase drastically for the market to take off. Investors were interviewed for their perspectives on the emerging market, risk management and evaluation criteria applied to hydrogen investments and what needs to be done to attract more investors. The conclusion of the investor interviews is that hydrogen investments are perceived as high-risk investments and that investors that are able to invest in hydrogen in this nascent phase are more risk tolerant. The investment is made to learn more about the technology and the main driver is the belief that hydrogen could contribute to achieving necessary greenhouse gas emissions. . Considerable uncertainty surrounds the hydrogen investments of today, making it difficult for investors to approach the investment case in the same way as they do the more established technologies. The informants therefore requested a more predictable and stable policy landscape to accelerate hydrogen investments.