In June 2021, the U.S. Department of Energy announced the first of a series of department wide Energy Earthshots™ designed to accelerate breakthroughs of more abundant, affordable, and reliable clean energy solutions within the decade. The Hydrogen Shot™ seeks to reduce the cost of clean hydrogen (H2) production to $1 per 1 kilogram in 1 decade (“1 1 1”). As one in a series of Hydrogen Shot reports and assessments, this report, Hydrogen Shot: Water Electrolysis Technology Assessment, focuses primarily on current electrolyzer status and research, development, and demonstration needs to achieve $1/kg H2 based on current information and analysis. Updated assessments with more detailed analysis will follow as the technologies advance.