Best hydrogen stocks to watch
Consider some of the best hydrogen stocks to watch. These are ten popular companies with operations in the global hydrogen market.
Hydrogen stocks in brief
Hydrogen stocks are shares in companies which are primarily involved in the production, distribution and application of hydrogen as a fuel or energy source. They are widely considered to be growth stocks, with the hydrogen sector still in a very early phase of development.
Hydrogen stocks include pure-play companies that generate most of their revenue from hydrogen production, storage, or fuel cell technologies — in addition to diversified businesses which produce hydrogen gas.
Hydrogen is categorised into different colours, based on its production method and environmental impact. Grey hydrogen is currently by far the most common type, and is produced through steam methane reforming, which extracts hydrogen from natural gas but releases significant carbon dioxide emissions. While it’s the cheapest and most widely used method, it’s also the most carbon intensive.
Blue hydrogen follows the same process as grey hydrogen but incorporates carbon capture and storage to trap up to 90% of emissions, making it a cleaner alternative — but with additional cost. Green hydrogen, on the other hand, is completely carbon-free, as it is produced via electrolysis powered by renewable energy sources such as solar, wind, or hydro. However, it sports high production costs and complex infrastructure requirements.
Other hydrogen types include pink hydrogen, which relies on nuclear energy for electrolysis, making it a clean option but dependent on nuclear power availability. Brown and black hydrogen, produced from coal gasification, are the most polluting variants. Turquoise hydrogen is an emerging technology that uses methane pyrolysis to generate hydrogen while producing solid carbon instead of carbon dioxide, offering a low-emission alternative.
Finally, there’s white hydrogen, which refers to naturally occurring underground hydrogen deposits, which could become a viable resource if feasible extraction methods are developed in the future.
Beyond the producers, there are also hydrogen fuel cell manufacturers, which convert hydrogen into electricity through an electrochemical process. Fuel cells are used in vehicles, industrial applications, and backup power systems. Hydrogen storage companies are also increasingly popular, as are electrolyser producers, which split water into hydrogen and oxygen using electricity. Electrolysers are key for producing green hydrogen using renewable energy sources.
According to the Hydrogen Council, there have already been 680 major project proposals worth $240 billion, but only about 10% have reached a final investment decision. Interestingly, Europe leads in proposed projects — though China is ahead in electrolysers and Japan and South Korea in front with fuel cells.
What is clear is that across the world, there is significant government support for hydrogen development, both in financial and regulatory terms. And given the clean nature of the fuel, it’s also clearly attractive to ESG investors and those seeking to invest in the decarbonisation theme. More broadly, hydrogen is extremely versatile, as it can be used in fuel cells, power generation, industry, and transportation — and is expected to grow sharply into the 2030s and beyond, especially as the technology improves.
However, as with all segments, there are risks. Green hydrogen is still expensive relative to fossil fuels — and there are large infrastructure gaps, including storage, pipelines and fuelling stations. The chemical process of producing, storing, and converting hydrogen also loses energy at every stage, which remains a long-term issue. And there’s significant competition from battery technology, which will continue to compete with hydrogen for market share.
Overall though, rising corporate investment and government subsidies may seen hydrogen stocks take off in the future, especially as production and scaling costs benefit from increased investment and wider-scale adoption.
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We also offer many emerging markets-focused ETFs, including the popular Vaneck Hydrogen Economy UCITS ETF which invests globally in hydrogen stocks that derive at least 50% of their revenues from hydrogen projects or have the potential to do so.
It also invests in key players in the hydrogen ecosystem, including gas and fuel cell manufacturers. The ETF sports a relatively high total expense ratio of 0.55%, with top holdings including Bloom Energy and Nippon Sanso.
Top Hydrogen stocks to watch
The following are some of the largest hydrogen stocks in the world by market capitalisation as of March 2025. Some are pure-play hydrogen companies, while others fund their hydrogen growth through diversified operations.
Bloom Energy (NYSE: BE)
Bloom Energy designs and manufactures solid oxide fuel cells that provide power generation for commercial and industrial clients. Its flagship product is the Bloom Energy Server, which uses natural gas, biogas or hydrogen to produce low emission electricity. The company’s primary market includes data centres, healthcare facilities and manufacturing plants seeking reliable but decentralised energy solutions.
Bloom is actively developing fuel cells and electrolysers that can use hydrogen as a feedstock or generate hydrogen through electrolysis. Its solid oxide electrolyser technology is designed to be highly efficient and is hoped to lower hydrogen production costs. The company enjoys a strong customer base and cutting-edge tech but also sports high capital expenditure leading to profitability concerns.
Nippon Sanso (TYO: 4091)
Nippon Sanso is a global industrial gas company which provides oxygen, nitrogen, argon and speciality gases to multiple industries —including electronics, healthcare, and chemicals. It operates under the umbrella of Mitsubishi Chemical Holdings and boasts a strong presence in Japan, North America, and Europe.
In the hydrogen sector specifically, the company supplies compressed and liquefied hydrogen, as well as hydrogen-related infrastructure including storage tanks and fuelling stations. It’s also involved in the wider hydrogen supply chain, including partnerships in Japan’s hydrogen energy strategy. The company is attractive for its established gas expertise and global footprint — through is also dependent on demand cycles which could become a problem given the large capital costs.
Linde (NYSE: LIN)
Linde is one of the world’s largest industrial gas companies, supplying oxygen, nitrogen and hydrogen to the same industries as Nippon Sanso. The company operates an extensive global network of production and distribution facilities, making it another market leader in the industrial gas sector.
Linde is at the forefront of hydrogen production, storage, and distribution. It operates multiple hydrogen liquefaction plants and is involved in both blue and green hydrogen production. The company also supplies hydrogen refuelling stations for fuel cell vehicles. While the company has invested heavily in the transition, it remains potential exposed to declining fossil fuel-related gas demand.
Mitsubishi Chemical Holdings (TYO: 4188)
Mitsubishi Chemical Holdings is a diversified company with businesses in petrochemicals, advanced materials and life sciences. It produces industrial chemicals, polymers, and carbon-based materials used in a variety of products.
Mitsubishi is continuing to develop hydrogen-based chemicals and materials, including hydrogen storage solutions and hydrogen supply chain initiatives in Japan. However, it has high exposure to fossil fuel-based chemicals which may be a future weakness, a complex business structure, and perhaps an over reliance on government incentives for hydrogen projects.
Air Products & Chemicals (NYSE: APD)
Air Products & Chemicals is a leading industrial gas company providing oxygen, nitrogen and hydrogen to several industries including manufacturing, chemicals, and transportation. It has a significant presence in North America, Europe, and Asia.
The company is heavily invested in the hydrogen economy, producing both grey and green hydrogen. It is leading major green hydrogen projects, including a multi-billion-dollar initiative in Saudi Arabia to produce hydrogen for export. This long-term hydrogen project pipeline is a key strength, though the stock is also exposed to volatile hydrogen production costs.
Plug Power (NASDAQ: PLUG)
Plug Power specialises in hydrogen fuel cell systems for material handling, transportation, and stationary power. The company provides these fuel cells for forklifts, trucks, and other vehicles for customers including Amazon and Walmart.
The company is building a unique vertically integrated hydrogen ecosystem, including hydrogen production, storage and distribution. It aims to become a key player in green hydrogen, with plans for multiple electrolyser plants. With a first mover advantage in fuel cells and strong partnerships, it’s a popular hydrogen stock for a reason. However, financial losses, a dependence on subsidies, and execution risks associated with its hydrogen infrastructure expansion are all weighing on the share price.
Doosan Fuel Cell Company (KRX: 336260)
Doosan Fuel Cell is a South Korean company specialising in stationary fuel cells for power generation. It provides fuel cell solutions for buildings, industrial facilities and distributed energy applications.
Doosan is investing heavily in hydrogen-powered fuel cells and electrolysis technology for green hydrogen production. It’s a key part of South Korea’s hydrogen roadmap, aiming to integrate fuel cells into national energy systems, and therefore enjoys strong government support. However, it’s also contending with stiff competition and the slow wider adoption of fuel cells outside South Korea.
SFC Energy AG (FRA: F3C)
SFC Energy is a German company which builds direct methanol fuel cells and hydrogen fuel cells for portable and off-grid power applications. It serves industries including defense, telecoms and environmental monitoring.
In addition to the hydrogen fuel cells, it also sells hybrid energy solutions integrating renewables and hydrogen storage. This makes it a sector leader in its specific niche — with a strong European presence in lightweight fuel cell technology. However, this may mean limited scalability and possibly lower market recognition.
Nel Asa (OSE: NEL)
Nel Asa is a Norwegian hydrogen company which deals in hydrogen production and fuelling infrastructure. It manufactures electrolysers for green hydrogen production and also invests in hydrogen refuelling stations for mobility applications.
Nel is at the forefront of green hydrogen, with partnerships and projects across Europe and the US designed to scale up its electrolysis capacity. However, like some others on this list, it struggles with high capital requirements, a slow path to profitability, and competition from larger industrial gas players.
Ballard Power Systems (NASDAQ: BLDP)
Ballard Power Systems is a Canadian company that develops proton exchange membrane fuel cells for transportation and stationary power applications. Its fuel cells are used in buses, trucks, trains, and marine vessels.
Ballard is a leader in fuel cell mobility, with partnerships in Europe and China to help deploy hydrogen-powered vehicles. It enjoys an early-mover advantage in fuel cell transportation and well-known global partnerships — but slow commercial adoption and competition from battery electric alternatives remain key risks.
Hydrogen stocks summed up
- Hydrogen stocks are shares in companies which are primarily involved in the production, distribution and application of hydrogen
- Hydrogen is categorised into different colours, based on its production method and environmental impact
- Grey, blue and green hydrogen are currently the most popular hydrogen production types
- Hydrogen enjoys government support and is environmentally friendly, but the sector remains highly capital intensive
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