Proton OnSite's line of commercial products based on proton exchange membrane (PEM) technology is competitive with delivered hydrogen in many industrial gas markets. Proton has demonstrated significant efficiency improvements and cost reductions over the past several years. Still, major advances are required in order to provide a cost-competitive hydrogen source for energy markets. Alkaline exchange membranes (AEMs) offer a potential long term pathway to lower cost electrolysis because they can operate at the high current density and high differential pressure of the PEM while using non-precious metal catalysts and base metal cell materials for low cost. Proton is currently performing on an ARPA-E project in collaboration with Penn State to develop an AEM-based regenerative fuel cell. This paper describes progress to date on the AEM electrolyzer being developed under this effort.