Hydrogen stocks are benefiting from cleantech sector momentum as the world moves closer to a green energy future.
The most abundant element on Earth, hydrogen is a colorless gas. It can be produced in liquid form and burned to generate electricity, or combined with oxygen atoms in fuel cells. In this way, hydrogen — which produces no carbon emissions — can replace fossil fuels in household heating, transportation and industrial processes such as steel manufacturing.
Rising demand for carbon-free energy sources alongside significant new government policies are driving growth in the hydrogen market. Grand View Research projects that the global hydrogen-generation market will grow at a compound annual growth rate of 9.3 percent from 2024 to 2030, reaching US$317.39 billion by the end of the forecast period.
It’s worth noting that the downside to hydrogen as a clean energy source is that 99 percent of the hydrogen fuel currently in production is derived from power generated by coal or gas. To combat this problem, some companies are pursuing green hydrogen, which is produced by splitting hydrogen atoms from oxygen using electrolyzers powered by renewable energy.
The hydrogen stocks on this list are focused on a diverse range of sectors in the hydrogen space, including: low-carbon hydrogen gas production, green hydrogen technology and production, hydrogen fuel cell companies, and hydrogen distribution and storage.
US hydrogen stocks
The US hydrogen market is well established, accounting for “more than half the world’s fuel cell vehicles, 25,000 fuel cell material handling vehicles, more than 8,000 small scale fuel systems in 40 states, and more than 550 MW of large-scale fuel cell power installed or planned,” according to the Fuel Cell and Hydrogen Energy Association.
The US was also the top exporter of hydrogen in 2023 with US$2.15 billion in exports based on data from the Observatory of Economic Complexity (OEC).
Looking at the medium to long term, the use of hydrogen as a fuel source is expected to grow. While the strong government incentives enacted under former US President Joe Biden’s Inflation Reduction Act, such as a production tax credit, may be on the ropes under the Trump Administration, there is still optimism among industry leaders.
1. Linde (NYSE:LIN)
Market cap: US$213.49 billion
Share price: US$453.26
Leading global industrial gases and engineering company Linde has been producing hydrogen for more than a century and is a pioneer in new hydrogen production technologies. Linde’s operations cover each step of the hydrogen value chain, from production and processing through distribution and storage. The company also uses its gases for industrial and consumer applications.
Globally, the company has more than 500 hydrogen production plants. Through its ITM Linde Electrolysis joint venture, Linde has become one of the world’s leading suppliers of green hydrogen produced using proton exchange membrane (PEM) electrolyzer technologies. This also makes it one of the few green hydrogen stocks.
In August 2024, Linde signed a US$2 billion long-term supply agreement to supply clean hydrogen to Dow (NYSE:DOW) subsidiary Dow Canada’s Path2Zero project in Fort Saskatchewan, Alberta.
In response to the regulatory uncertainties under the Trump Administration, Linde announced in its Q4 2024 earnings call that 90 percent of its US clean hydrogen projects will be focused on blue hydrogen, which is created by reforming natural gas with carbon capture storage. Blue hydrogen is more cost effective to produce, and although it is not zero emission like green hydrogen, it is more environmentally friendly than grey hydrogen produced with coal.
2. Air Products & Chemicals (NYSE:APD)
Market cap: US$65.32 billion
Share price: US$292.85
Founded in 1940, Air Products & Chemicals sells industrial gases and chemicals and provides related equipment and expertise to a wide range of industries, including the refining, chemical, metals, electronics, manufacturing, and food and beverage segments.
In addition to producing oxygen, nitrogen, argon and helium, the company operates more than 100 hydrogen plants and maintains the world’s largest hydrogen distribution network. Air Products has an extensive hydrogen-dispensing technology patent portfolio and has been involved in more than 250 hydrogen-fueling projects worldwide.
Air Products also has a joint venture project now under construction with ACWA Power (SR:2082) and NEOM Company in Saudi Arabia. Called the NEOM Green Hydrogen Complex, the operation will be powered by 4 gigawatts of renewable power from solar and wind to produce 600 metric tons per day of carbon-free hydrogen, which it says will be delivered in the form of green ammonia. Once production begins at the complex in 2026, Air Products will be the sole off-taker and plans to deliver the green ammonia to Europe’s transport sector.
Air Products’ Louisiana Clean Energy Complex, its largest US investment, is also making headway, with first production expected in 2028. The complex will produce blue hydrogen for power mobility and industrial markets in the Gulf Coast region and other markets.
3. Cummins (NYSE:CMI)
Market cap: US$43.71 billion
Share price: US$312.92
Indianapolis-based Cummins designs, manufactures and distributes engines, filtration and power-generation products with a specialization in diesel and alternative fuel engines and generators.
In March 2023, the company announced the launch of a new brand, Accelera, which features “a diverse portfolio of zero-emissions solutions, includ(ing) battery systems, fuel cells, ePowertrain systems and electrolyzers.” The brand encompasses Cummins’ established battery electric and hydrogen fuel cell systems, as well as electrolyzers for hydrogen refueling stations. Shortly after, Accelera began production at its first US electrolyzer facility, located in the state of Minnesota.
The hydrogen fuel cell company showcased its next generation B6.7H hydrogen engine at the April 2024 Intermat Sustainable Construction Solutions and Technology Exhibition in Paris. The following month heralded the launch of Accelera’s next-gen hydrogen fuel cell technology for commercial vehicles, specifically the FCE300 and FCE150 fuel cell engines.
Accelera inked a deal in February 2025 to supply a 100 megawatt PEM electrolyzer system for BP’s (NYSE:BP,LSE:BP) Lingen green hydrogen project in Germany. The system is Accelera’s largest to date and uses its HyLYZER PEM electrolyzer technology.
Canadian hydrogen stocks
Like its neighbor to the south, Canada is a world leader in hydrogen and fuel cell technologies, especially when it comes to innovation, research and development. The country reportedly generates C$200 million in hydrogen technology exports according to data from January 2023. In terms of the global hydrogen market, the country exported $385 million worth of hydrogen in 2023, ranking ninth overall according to the OEC.
The federal government is heavily invested in the sector both in terms of funding and the implementation of clean energy policies. “The Hydrogen Strategy for Canada laid out a framework that focuses low-carbon hydrogen as a tool to achieve our goal of net-zero emissions by 2050, while creating jobs, growing our economy, expanding exports and protecting our environment,’ Natural Resources Canada states.
In British Columbia, the Government of Canada invested C$9.4 billion to launch a new Clean Hydrogen Hub that will use electrolyzer technology and hydroelectricity to generate hydrogen that can be sold to industry users.
On the global stage, Canada and its trading partner Germany have agreed to each commit C$300 million for a total of C$600 million to launch Atlantic Canada’s hydrogen export industry, which will send hydrogen to Germany. However, delays due to factors including high hydrogen prices and inflation as well as lack of infrastructure have pushed the expected start of exports back from 2025.
1. Ballard Power Systems (TSX:BLDP)
Market cap: C$526.98 million
Share price: C$1.82
Ballard Power Systems is a global leader in hydrogen fuel cell technology and is working to accelerate the adoption of this technology. The company develops and manufactures PEM fuel cell products that create electrical energy from the combination of hydrogen and air. Ballard’s products are designed for heavy-duty trucks, buses, trains and marine applications, as well as backup power storage.
Two of Ballard’s 200 kilowatt fuel cell modules are located on the world’s first hydrogen-powered ferry, operated by Norwegian company Norled. The company is also supplying hydrogen fuel cell modules to global carbon-reduction company First Mode; they will be used to power several hybrid hydrogen and battery ultra-class mining haul trucks.
In January 2024, Ballard secured a supply contract for a minimum of 100 of its FCmove-HD+ modules to NFI Group to be used in the latter’s New Flyer next generation Xcelsior CHARGE FC hydrogen fuel cell buses, which will be deployed across the US and Canada. The company also announced in April 2024 that it had secured its largest order ever — 1,000 hydrogen fuel cell engines to be supplied to European bus manufacturer Solaris.
Ballard signed a multi-year supply agreement with an Egypt-based company named Manufacturing Commercial Vehicles, in which Ballard will supply 50 FCmove-HD+ fuel cell engines to support projects in the European Union with deliveries expected between 2025 and 2026.
2. Westport Fuel Systems (TSX:WPRT)
Market cap: C$91.5 million
Share price: C$5.07
Headquartered in Vancouver, British Columbia, Westport Fuel Systems supplies advanced alternative fuel delivery components and systems to the transportation industry worldwide. This includes its high pressure direct injection (HPDI) fuel system for commercial vehicles, which can run on biogas, natural gas, hydrogen and other alternative fuel products.
The company has operations in partnership with leading global transportation brands across more than 70 countries across Europe, Asia, North America and South America.
One of those partners is Swedish automaker Volvo Group (STO:VOLV-B). The two firms are working together to commercialize Westport’s HPDI fuel system technology for long-haul and off-road applications that will use renewable fuels now and hydrogen in the future.
Westport is also working with a leading global provider locomotive original equipment manufacturer on a two-year proof of concept project to adapt its hydrogen HPDI fuel system for use with the company’s engine design. The project is fully funded by the locomotive company.
3. Tidewater Renewables (TSX:LCFS)
Market cap: C$90.25 million
Share price: C$2.32
Tidewater Renewables produces renewable diesel and hydrogen at its facilities located near Prince George in BC, Canada. The plant has a nameplate capacity of 3,000 barrels per day of renewable diesel and 23.7 metric tons per day of hydrogen. It began production during Q4 2023 using feedstock that included soybean and canola oil.
Tidewater is now focused on expanding operations at the site to produce sustainable aviation fuel, targeting 2028 for first production.
Australian hydrogen stocks
Australia is another important hotspot for investing in hydrogen. The Australian Government says that ‘over AU$200 billion is currently in the investment pipeline for hydrogen and derivatives,’ accounting for 20 percent of announced renewable hydrogen projects worldwide.
The Australian government’s National Hydrogen Strategy, which it updated in 2023, highlights its intention to position the country as a “major player” in the global hydrogen market by 2030. To this end, Australia has partnered with a number of other nations on hydrogen technology.
Australia and Germany are working together on a hydrogen technology development program that will help Australia build out its capacity to export hydrogen to Germany as it seeks to reduce its reliance on fossil fuels. Through a partnership with Japan, Australia is developing new hydrogen fuel cell technology and looking to establish the world’s first clean liquefied hydrogen export pilot project, and its government has invested more than AU$500 million in the development of regional hydrogen hubs across the country.
In May 2024, the Australian government announced an AU$22.7 billion package to bolster the country’s domestic manufacturing and renewable energy sector, including AU$6.7 billion for renewable hydrogen production starting in mid-year 2028 through the 2039/2040 fiscal year.
1. Gold Hydrogen (ASX:GHY)
Market cap: AU$70.29 million
Share price: AU$0.45
Gold Hydrogen is an exploration and development company with a focus on making new hydrogen and helium discoveries in South Australia using recorded government data with modern exploration techniques.
During initial drill work conducted at its Ramsey project in 2023, Gold Hydrogen reconfirmed the historical figures for hydrogen while demonstrating new purity levels of up to 86 percent. Additionally, strong levels of up to 17.5 percent purity helium were found.
In August 2024, Gold Hydrogen reported high concentrations of hydrogen and helium at surface. Using new seismic information, the company has identified sites for its first wells, which it intends to drill beginning in 2025. “To have an initial world first to see Hydrogen and Helium to surface is very exciting for our further ongoing exploration and drilling programs in even better locations,” Gold Hydrogen Managing Director Neil McDonald stated.
Gold Hydrogen announced in February 2025 that it had received a AU$6.45 million research and development tax refund associated with its natural hydrogen and helium exploration activities for the fiscal year ended June 30, 2024. The refund will help fund the company’s 2025 work to delineate the hydrogen and helium accumulation at Ramsey.
2. Hazer Group (ASX:HZR)
Market cap: AU$67.93 million
Share price: AU$0.30
Technology development company Hazer Group is working to commercialize the HAZER Process, a low-emission hydrogen and graphite production process initially developed at the University of Western Australia. It uses iron ore as a process catalyst to convert natural gas and similar feedstocks into hydrogen for use as an industrial chemical and in fuel cells, as well as into high-quality synthetic graphite for use in lithium-ion batteries.
Hazer started operations at its commercial demonstration plant in early 2024 and it is now producing hydrogen and graphitic carbon.
In May 2024, the company inked an agreement with Canadian utility FortisBC for the development of a hydrogen production facility in British Columbia that will use Hazer’s proprietary technology. The proposed commercial production facility will have a design capacity of up to 2,500 metric tons per year of clean hydrogen and approximately 9,500 metric tons per year of Hazer graphite.
The company announced in March 2025 that it had successfully completing its commercial reactor test program, validating a commercial scale-up reactor design. ‘The equipment was designed to mimic key aspects of the Hazer Process for producing hydrogen and graphite at commercial scale, and the completion of this testing is a major milestone for the government support from CleanBC,’ the press release states.
3. Pure Hydrogen (ASX:PH2)
Market cap: AU$25.77 million
Share price: AU$0.08
Pure Hydrogen is focused on becoming a leading producer and supplier of hydrogen and hydrogen-fuel-cell-powered vehicles such as buses and waste collection vehicles. The company has several partnerships with companies for its technology. Pure Hydrogen’s hydrogen-fuel-cell-powered Prime Mover truck was displayed at the Brisbane Truck Show last year.
Pure Hydrogen has a 40 percent stake in the Turquoise Group, an Australian clean energy company, as well as exclusive long-term acquisition rights for the company’s future hydrogen production. Turquoise Group announced in May 2024 that it had produced the first graphene powder and hydrogen during testing at its commercial demonstration plant in Brisbane, Queensland. In August 2024, Pure Hydrogen registered Australia’s first hydrogen-powered semi-truck, the Hydrogen Fuel Cell 110kW 6×4 Prime Mover.
Pure Hydrogen’s majority-owned subsidiary HDrive confirmed in January 2025 that it had sold two Taurus 70 metric ton hydrogen fuel cell prime movers to Australian logistics services provider TOLL Transport as part of a broader AU$2 million package. The vehicles are slated for delivery in the fourth quarter of the calendar year.
FAQS for hydrogen investing
Which is better: EVs or hydrogen?
According to research from TWI Global, there are pros and cons to both electric vehicles (EVs) and hydrogen vehicles. In terms of range and charging time, hydrogen beats electric hands down. However, while a hydrogen-powered vehicle doesn’t need much time to refuel compared to an EV, there is still much more EV charging infrastructure currently available compared to hydrogen fueling stations. EVs are also cheaper to purchase than hydrogen vehicles. As far as safety and emissions are concerned, it’s a draw between the two.
Why does Elon Musk not like hydrogen?
Elon Musk’s SpaceX has used hydrogen to fuel its rockets, and in 2023 Musk talked about hydrogen playing an important role in industrial applications, such as steelmaking. However, he has balked at the idea of hydrogen fueling vehicles, calling fuel cells “fool sells.” Speaking at a Financial Times conference in May 2022, Musk said, “It’s important to understand that if you want a means of energy storage, hydrogen is a bad choice.”
Starting in 2024, rumors began spreading that Tesla (NASDAQ:TSLA) was planning to launch a Tesla Model H powered by hydrogen, but they have been proven false.
Why is Toyota investing in hydrogen?
Toyota (NYSE:TM,TSE:7203) first invested in hydrogen fuel cell technology in 1992 as its executives saw clean energy as the future of transport. However, with EVs dominating the clean car space, the automaker began to shift its focus to compete with its peers. Toyota brought its newest hydrogen-powered vehicle to market in the fall of 2023 — a revamped Crown sedan that also has a hybrid-electric version. The following year, the auto maker introduced the first prototype of its Toyota Hilux trucks with a hydrogen fuel cell powertrain.
In 2025, Toyota shared its long-term strategy for developing hydrogen passenger vehicles as well as hydrogen technologies for long-haul freight.
Who is the leader in hydrogen energy?
Some countries leading in green and blue hydrogen production are the US, Germany and Canada. Many countries around the world have released clean hydrogen strategies, including the US, Canada and many countries in the Europe Union. However, clean hydrogen production is still in the early phases as countries develop infrastructure.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
