1. Plug Power Inc. (PLUG): One of the most prominent companies in the hydrogen fuel cell market, Plug Power Inc., has shown consistent growth and is predicted to continue to thrive. This U.S based company specializes in developing hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. Their hydrogen fuel cell array powers more than 35,000 electric forklift trucks globally each day.
2. Ballard Power Systems (BLDP): A leading provider of innovative clean energy and fuel cell solutions, Ballard Power Systems fuels a broad range of applications. Located in Canada, BLDP offers products and services to a variety of markets, including material handling, backup power, transit buses, commercial trucks, and maritime.
3. ITM Power (ITM): A UK based global leader in Polymer Electrolyte Membrane (PEM) electrolysis, ITM Power specializes in the manufacture of integrated hydrogen energy solutions. The firm provides services for renewable energy storage, transportation, and industrial processes. Determined investors should keep a close eye on this company as it continues to innovate in the green hydrogen sector.
4. Linde Plc (LIN): Linde Plc isn’t a pure-play hydrogen stock, but this Ireland-based firm is the largest industrial gas company globally – one with hydrogen making up a significant part of its business. It provides hydrogen for several industries, including refining, chemical processing, and food processing. Its hydrogen infrastructure projects also include large-scale hydrogen-based energy storage and renewable energy projects.
5. Hydrogenics Corp (HYGS): Acquired by Cummins Inc in 2019, Hydrogenics produces industrial hydrogen systems and fuel cell power modules. They focus on designing, manufacturing, building, and installing industrial and commercial hydrogen generation along with fuel cell and electrolysis systems.
6. Nel ASA (NEL): This Norwegian company has over 90 years of experience in producing hydrogen. It supplies hydrogen stations that can fill vehicles at 700 bars of pressure in as little as three minutes – as fast as traditional gasoline pumps. Nel ASA is working hard to improve and adapt in an expanding market and is one to watch in 2024.
7. Bloom Energy Corp (BE): An American public company specializing in solid oxide fuel cells, Bloom Energy is expanding into hydrogen. Bloom’s energy servers can run on natural gas or biogas and convert it directly into electricity. Bloom Energy has ambitious plans to enter the commercial hydrogen market, making it a stock to follow closely in the coming years.
8. FuelCell Energy Inc (FCEL): An integrated fuel cell company, FuelCell Energy designs, manufactures, operates, and services Direct Fuel Cell power plants (a type of molten carbonate fuel cell) that run on natural gas and biogas. While their primary focus isn’t hydrogen, their subsidiary SureSource Power has pure hydrogen fuel cells.
9. PowerCell Sweden AB (PCELL): A Swedish energy company focusing on the development and production of fuel cells, PowerCell Sweden AB is a leader in the European hydrogen fuel cell market. This company will continue to be a key player in developing efficient and economical solutions that convert hydrogen into electricity, making it an intriguing hydrogen stock in 2024.
These nine companies indicate the global interest and potential growth opportunities in the hydrogen market. Whether you’re an environmentally-conscious investor or someone interested in breakthrough technologies, these hydrogen stocks are poised to offer disruptive solutions across a variety of sectors.
