Lauded for its potential as a non-polluting energy source, hydrogen can be used in fuel cells for electricity production (amongst other uses). As such, it’s a closely-watched sector in a world striving towards decarbonisation.
This page is about some of the most exciting companies involved with hydrogen production and fuel cell manufacturing/development. If you’re specifically interested in hydrogen car stocks, we have a separate dedicated guide.
Hydrogen stock |
Icon |
1-year performance (to Apr. '25) |
5-year performance (to Apr. '25) |
Link |
|---|---|---|---|---|
| Air Products and Chemicals (APD) |  |
21.16% | 51.63% | More info |
| Ballard Power Systems (BLDP) |  |
-66.36% | -85.81% | More info |
| Bloom Energy Corp (BE) |  |
67.60% | 296.37% | More info |
| Dow (DOW) |  |
-40.06% | 24.58% | More info |
| ITM Power (ITM) |  |
N/A | -77.69% | More info |
| Linde plc (LIN) |  |
0.48% | 183.77% | More info |
| Nel ASA (0E4Q) |  |
N/A | -76.07% | More info |
| Plug Power (PLUG) |  |
-60.76% | -60.29% | More info |
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
If you're interested in investing in this industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.
France's Air Liquide is the second largest global supplier of industrial gasses behind Linde, selling 1.2 million tons of the stuff each year. It even calls itself a "precursor of the movement for a hydrogen society". Crikey. The company's over 100 years old, but in the last couple of decades has ramped up its production of Hydrogen. It cites two major motivations for this – decarbonising heavy industry and revolutionising mobility.
Air Liquide is listed on the Euronext Paris (PA), has a trailing 12-month revenue of around 27 billion and employs 64,124 staff.
Capital at risk
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, manufacturing, electronics, energy production, medical, food, and metals.
Air Products and Chemicals is listed on the NYSE, has a trailing 12-month revenue of around €12 billion and employs 23,000 staff.
Capital at risk
Ballard Power Systems Inc. engages in the design, development, manufacture, sale, and service of proton exchange membrane (PEM) fuel cell products. The company offers its products for power product comprising for bus, truck, rail, marine, stationary, and emerging market, such as material handling, off-road, and other applications. It also engages in the delivery of services, including technology solutions, after sales services, and training; and provision of engineering services, product and systems integration services, and related technology transfer for a variety of PEM fuel cell applications.
Ballard Power Systems is listed on the NASDAQ, has a trailing 12-month revenue of around $69.7 million and employs 887 staff.
Capital at risk
Bloom Energy Corporation designs, manufactures, sells, and installs solid-oxide fuel cell systems for on-site power generation in the United States and internationally. It offers Bloom Energy Server, a power generation platform to convert fuel, such as natural gas, biogas, hydrogen, or a blend of these fuels, into electricity through an electrochemical process without combustion. The company also provides Bloom Electrolyzer for producing hydrogen.
Bloom Energy is listed on the NYSE, has a trailing 12-month revenue of around $1.5 billion and employs 2,127 staff.
Capital at risk
Dow Inc. , through its subsidiaries, provides various materials science solutions for packaging, infrastructure, mobility, and consumer applications in the United States, Canada, Europe, the Middle East, Africa, India, the Asia Pacific, and Latin America. The company operates through Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings segments. The Packaging & Specialty Plastics segment provides ethylene, propylene, polyethylene, and aromatics products; and other ethylene derivatives, such as polyolefin elastomers, ethylene vinyl acetate, and ethylene propylene diene monomer rubber.
Dow is listed on the NYSE, has a trailing 12-month revenue of around $43 billion and employs 36,000 staff.
Capital at risk
Sheffield's own ITM Power builds electrolysers that can be used to produce "green hydrogen" (as opposed to "grey hydrogen" which is produced with greenhouse gas emissions as a byproduct, or "blue hydrogen" which is produced with greenhouse gas emissions as a byproduct but much of this is then captured). You learn something new everyday! Back to business – ITM was the first hydrogen company to be publicly listed in the UK, back in 2004.
ITM Power is listed on the London Stock Exchange (LSE), has a trailing 12-month revenue of around $23.2 million and employs 359 staff.
Capital at risk
Linde plc operates as an industrial gas company in the United States, China, Germany, the United Kingdom, Australia, Mexico, Brazil, and internationally. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, acetylene, etc. The company also designs and constructs turnkey process plants for third-party customers, as well as for the gas businesses in various locations consist of air separation, hydrogen, synthesis, olefin, and natural gas plants.
Linde plc Ordinary Shares is listed on the NASDAQ, has a trailing 12-month revenue of around £33 billion and employs 65,289 staff.
Capital at risk
Nel ASA, a hydrogen company, engages in the provision of solutions to produce, store, and distribute hydrogen from renewable energy in Norway and internationally. It operates through its Nel Alkaline Electrolyser and Nel PEM Electrolyser segments. The Nel Alkaline Electrolyser segment supplies hydrogen production equipment based on alkaline water electrolysis technology and has production facilities in Herøya, Norway. Its Nel PEM Electrolyser segment supplies hydrogen production equipment based on proton exchange membrane (PEM) water electrolysis technology and has production facilities in Wallingford, Connecticut, the United States.
Nel ASA is listed on the London Stock Exchange (LSE), has a trailing 12-month revenue of around $1.4 billion and employs 397 staff.
Capital at risk
Plug Power Inc. develops hydrogen fuel cells product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; Progen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.
Plug Power is listed on the NASDAQ, has a trailing 12-month revenue of around kr628.8 million and employs 3,224 staff.
Capital at risk
Much like battery electric vehicles (EVs) have faced challenges due to the glacial rollout of charging infrastructure, hydrogen-powered vehicles are similarly constrained by the pace at which refuelling stations are brought online.
As a result, chemical companies specialising in large-scale hydrogen production and technology firms advancing fuel cell innovations are critical to making these vehicles commercially viable.
Here are some examples of hydrogen fuel cell and infrastructure stocks:
If you’d rather not try your hand at picking individual hydrogen stock winners and losers, you might want to spread your bets by investing in an expertly selected list of the top companies.
That’s where investing in ETFs comes in handy. These are investment funds that trade like stocks. They allow you to gain exposure to multiple hydrogen companies all at once, with a single investment. It can help you spread risk while still benefiting from the sector’s growth.
Here are some popular examples of hydrogen car ETFs:
ETF |
Icon |
1-year performance (to Apr. '25) |
5-year performance (to Apr. '25) |
Link |
|---|---|---|---|---|
| Amundi ETF MSCI Europe Energy ETF (ANRJ) |  |
N/A | 123.41% | Invest Capital at risk |
| L&G Hydrogen Economy ETF-USD Acc (HTWG) |  |
N/A | -39.56% (3 years) | Invest Capital at risk |
| VanEck Hydrogen Economy ETF A USD (HDGB) |  |
N/A | -70.73% (3 years) | Invest Capital at risk |
| Global X Hydrogen ETF USD GBP (HYGG) |  |
N/A | -79.71% (3 years) | Invest Capital at risk |
Saudi Aramco is an oil company in Saudi Arabia. Find out if you can buy shares in Saudi Aramco and alternative ways to invest.
Thinking about buying shares in Petro Matad? We explain how to do it and compare a range of providers who will give you access to global markets.
Monitor BP share price performance and compare brokers who offer access to BP shares. We’ll also run through a checklist for anyone looking to invest and buy BP stock.
Thinking about buying shares in Royal Dutch Shell? We explain how to invest in Shell and some top UK investing platforms that will give you access to global markets.
Ever wondered how to buy shares in ContourGlobal? We explain how and compare a range of providers that can give you access to many brands, including ContourGlobal.
We walk you through how to buy shares in SSE, covering all of the costs and fees you could come up against. We also have a checklist for anyone looking to invest in a company.
Learn how to invest in natural gas, and about gas’s historical performance as an investment. Find out all the need-to-knows with our extensive guide.
Compare brokers to decide where’s best to invest in Gazprom and read our useful checklist on what to look out for in a companies characteristics.
As the demand for sustainable energy sources rises, renewable energy production is booming. Here’s a guide to the different investments options, the benefits of investing in the sector and what the risks are.