This paper analyses the life cycle costs of railway projects involving hydrogen electric multiple units. The analysis focuses on the interrelation between the selected lithium-ion battery technology, the designed energy management strategy, and the fuel cell and battery sizes. In particular, 3 lithium-ion battery technologies and 4 strategies are proposed, leading to a sensitivity analysis composed of 12 cases. For each case, an approach for the optimal sizing of the fuel cell and battery is proposed. A scenario based on a real railway line is introduced and the obtained results are compared with the performance of a traditional diesel-electric multiple unit. The results show that a reduction of the hydrogen price is required so as the hydrogenbased option becomes competitive compared to the diesel-based one. The best result of the sensitivity analysis is obtained with an off-line optimization-based strategy and LTO batteries.