EDF and ACB (Gec Alsthom Group) have cooperated since 1980 in the development of a large industrial electrolyser which is designed to supply hydrogen under the best possible economic conditions by using offpeak electric power. Preliminary tests on a 30 kW laboratory unit were run to determine the feasibility of industrial cells working at 30 bar, 130-degrees-C and under a 1 A cm-2 current density. First industrial tests started in 1987 on a full-scale module of 120 cells (2.4 MW). New tests were run in 1990 on an industrial electrolyser of 20 MW (eight modules). These tests showed different results from previous experience. It was therefore decided to run laboratory investigations on them and simultaneously to review the overall economic balance of the design, and possible improvements to it, by a systematic value analysis method. Some of the corresponding research and results are described: Evaluation of new polymers for cell frame manufacture. Research on diaphragms (separators). Numerical hydraulic model of the complete circuit. The updated economics of the improved design are given. New industrial tests are in progress.