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The global transition to sustainable energy has renewed interest in hydrogen as a clean and versatile energy carrier.Its versatility lies in its ability to serve multiple roles, from electricity generation and industrial heating to long-duration energy storage and mobility applications.This paper evaluates the techno-economic feasibility of a hydrogen-based energy system designed to provide backup power for a newly developing industrial area. Two system configurations, i.e., compressed and liquid hydrogen, are assessed in terms of their performance and cost-effectiveness. The model captures the dynamic operation of key components, including electrolyzers, storage systems, compressors, liquefiers, gasifiers, fuel cells, batteries, and heat exchangers, using high-resolution, yearlong data on solar irradiance, electricity prices, and industrial load patterns in Eskilstuna, Sweden. A structured sensitivity analysis examines how design decisions affect economic outcomes such as net profit and the Levelized Cost of Hydrogen (LCOH).Results show that compressed hydrogen achieves an LCOH of 81 SEK/kg and a net loss of –1.985MSEK, compared to liquid hydrogen with 90S EK/kg and –2.817 MSEK. However, under current market conditions and cost structures, neither system achieves profitability.The findings provide actionable guidance for industrial stakeholders and suggest avenues for future cost reduction, value stacking, and policy support.