A Complete List of Top Hydrogen Fuel Cell Stocks

Key Takeaways

• Hydrogen fuel cell stocks attract growing interest as profitable investments in clean energy.
• The hydrogen fuel cell market continues expanding due to public sector funding and corporate backing.
• When choosing investments, investors should analyze financial stability alongside innovation levels and ESG policy guidelines.
• The potential for high growth exists within emerging hydrogen corporations.
• AI tools like Intellectia.ai can improve stock analysis and selection processes.

Introduction

Have you wondered why hydrogen fuel cell stocks are becoming a hot topic in the investment world? With the world moving to become more environmentally conscious, hydrogen technology is a new and prospective area for investment in the global economy. 

Hydrogen fuel cells are an important component of green energy since they do not produce any pollutants unlike traditional forms of energy such as fossil fuels. However, due to the huge number of firms operating in this industry, it is not easy to identify the right stocks to invest in.

That’s where AI-powered tools like Intellectia.ai come in. With technological advancement, investors can identify growth trends in the market and firms, as well as the real-time data to use in making the right decisions. This article will focus on the best hydrogen fuel cell stocks, how to choose them, and new entrants to consider in this promising field.

What Are Hydrogen Fuel Cell Stocks?

Technoverse: Hydrogen Fuel Cells

Hydrogen fuel cell stocks are firms that research, manufacture, and market ‘fuel cell technology’ that produces electricity from the chemical reaction between hydrogen and oxygen, producing only water as the emission. These companies operate in different industries, such as transportation, energy, and manufacturing.

Types of Hydrogen Fuel Cell Stocks

• Pure Hydrogen Fuel Cell Companies: Specialize in hydrogen fuel cell technology and applications (e.g., Ballard Power Systems).
• Hydrogen infrastructure Providers: Develop refuelling stations, hydrogen production, and distribution (e.g., Plug Power).
• Diversified Energy Companies – These conventional energy companies, such as Bloom Energy, contract hydrogen energy based on renewable energy.

Why Invest in Hydrogen Fuel Cell Stocks?

Hydrogen industry is still a promising industry that receives increasing support from governments and corporations worldwide. Below are some of the reasons why investing in hydrogen fuel cell stocks is something to consider.

Green Energy: Hydrogen fuel cells emit no pollutants into the atmosphere and are therefore considered to be a clean source of energy. With the current efforts to overcome the effects of climate change, hydrogen can be used as a replacement for fossil fuels.

Government support: Governments globally are now funding hydrogen infrastructures and providing subsidies for the use of clean energy. Companies are also investing in hydrogen technology because they realise that it will be instrumental in attaining those sustainable development goals.

Climate Change Solutions: Electricity generation through hydrogen fuel cells offers one of the best remedies for combating climate change as a result of emission reduction in transportation, industry, and power plants.

Market growth rate: The hydrogen economy is still largely developmental which signifies that there is a great potential for growth as adoption improves with technological development.

Criteria for Selecting Best Hydrogen Fuel Cell Stocks

When investing in hydrogen fuel cell stocks, it is essential to look at the following aspects of the stocks:

• Market capitalization: This describes the company size and its market share.
• Financial Health: You should assess revenue streams, profitability, and debt levels.
• Innovation: You should focus on firms that have committed themselves to developing something new and unique.
• Partnerships: Strategic partnerships significantly contribute to expanding market influence and credibility. Thus, this is also a key aspect you should consider
• Order Backlog: The presence of backlog is also preferred as it indicates fairly predictable future revenues.
• ESG Performance: You should look for companies with strong ESG (environmental, social, and governance practices) that investors increasingly favor.

To address such factors, you can use advanced tools such as Intellectia.ai's AI Stock Picker and AI Screener, which can help you efficiently analyze these factors, providing relevant information to better your investment decisions.

List of Top Hydrogen Fuel Cell Stocks to Watch

There are various big players in the hydrogen fuel cell market, which is essential to discuss with investors. Below is the list which shows some of the market leaders in the hydrogen market:

Ballard Power Systems (BLDP) – Best for Transportation Solutions 

If you want to invest in hydrogen fuel cells for the transport sector, you should consider Ballard Power Systems. They have been in hydrogen fuel cell technology for many years, especially for buses, trucks, trains, and marine transportation.

Ballard has signed several agreements to supply fuel cell technology for electric buses and rail systems globally. For the year ended 2024, the company shipped 660 fuel cell engines, a record amount of about 56 MW of power, over 30% higher than the prior year's shipment of 505 fuel cell engines. They continue strengthening their transportation sector position with their latest FCmove®-XD fuel cell engine, designed for high-performance applications.

Ballard Q4 2024 Financial Summary

Despite still being in its early stages of growth, the company stands a good chance of succeeding due to government support and industrial demand. In Q4 2024, Ballard's revenue came in at $24.5 million, down almost 50 percent from Q4 2023, at $46.8 million. However, they had a Bus vertical that grew revenue by 51% — strong demand for hydrogen-powered public transport. In 2024, the company secured a new net order intake of $113 million, driven by $75.4 million in Q4 and a record year-ending Order Backlog of $173.5 million, a 41% increase quarter over quarter.

With government incentives, industrial demand, and a reputation for fuel cell technology, Ballard is the premium player in hydrogen-powered mobility. Unlike their competitors, their focus on public transport and freight applications makes them a worthwhile investment bet for those who believe in clean transportation's future.

FuelCell Energy (FCEL) – Best for Large-Scale Hydrogen Projects

FuelCell Energy is a company that should be on your list if you seek utility-scale hydrogen solutions. They supply high-performance fuel cell systems for the commercial and industrial sectors.

As FuelCell Energy expands its partnerships with major corporations such as ExxonMobil, it has expanded its use of its proprietary fuel cell platforms to develop carbon capture technology. For example, the company also had roughly $250 million of revenue backlog accomplished with utility-scale projects in 2024. Commercial operations of their distributed hydrogen tri-generation platform have started in Long Beach, California, generating renewable electricity, hydrogen, and water to be used by Toyota.

FuelCell Energy's revenue in Q4 2024 was $49.3 million, a significant increase over the company's revenue in the prior year. Despite the revenue growth, the company remains unprofitable, with a net loss of $39.6 million in Q4 2024. Much of the cash flow is dedicated to research and development to secure long-term innovation, but it also costs short-term earnings.

FCEL Consolidated Financial Metrics

FCEL is one of the most serious players in the hydrogen technology sector in general, specifically regarding large-scale infrastructure projects. Investors focused on utility-scale clean energy solutions should view them as a good choice, given their experience scaling hydrogen production and integrating fuel cell technology into industrial applications.

Nikola Corporation (NKLA) – Best for Hydrogen-Powered Trucking Solutions

Nikola Corporation is a company to watch if you’re interested in the future of hydrogen-powered vehicles. They are innovating for zero-emission trucking using the hydrogen fuel cell technology.

The fleet operators have even started buying Nikola hydrogen semi-trucks and have shown up in markets with the company entering new niches. The company delivered 88 hydrogen fuel cell electric trucks in Q3 2024, up 22 percent from the previous quarter. FCEV fleet adoption has skyrocketed 78 percent YTD, with 16 end fleets installing Nikola trucks, such as Kenan Advantage Group and DHL Supply Chain. Nikola also expanded its dealer network with the addition of GTS Group in Southern California, growing its distribution channels.

Q3 2024 reported revenue for Nikola was $31.3 million, representing a 318% increase from Q1. Despite good sales growth, the company is hampered by rising costs in operations and infrastructure investments. Yet, their record-breaking hydrogen fuel dispensing (up 350% YTD) shows increased adoption of their hydrogen-powered trucks. Investors remain optimistic regarding Nikola's long-term vision of green transport despite short-term difficulties.

Nikola Corporation Reports Third Quarter 2024 Results

Nikola's hydrogen-powered truck project is a game changer if you are enthusiastic about sustainable mobility. They become a powerful contender by firmly staking on the hydrogen transportation sector, their commitment to zero-emission freight solutions, strategic partnerships, and infrastructure expansion.

Plug Power (PLUG) – Best for Hydrogen Infrastructure

Plug Power is one of the leaders in hydrogen production, systems for fuel cells, and hydrogen fueling stations. If you are looking for a company involved in all stages of hydrogen production and distribution, then PLUG is a good one to go with.

Plug Power has made great strides in expanding its green hydrogen production capabilities. Its Georgia hydrogen plant successfully commissioned the most extensive PEM electrolyzer system in the U.S. Plug Power has also installed a 1MW electrolyzer system at an Amazon fulfillment center to provide on-site green hydrogen generation to support material handling equipment. Their mobile liquid hydrogen refuelers and hydrogen storage tanks also support the adoption of hydrogen-powered vehicles.

Despite its profitability challenges, Plug Power posted quarterly revenue of $173.7 million in Q3 2024 and holes of strong inflection for its electrolyzer deployments. Better margins and working capital efficiency added up for the company to improve operating cash flows by 31% quarter over quarter; despite recording a net loss of $211.2 million, including strategic investments and new product deployments, it is anticipated to drive future growth. Strong demand for hydrogen infrastructure boded well for their electrolyzer sales, which rose 285% quarter over quarter.

Consolidated Balance Sheet for PlugPower in thousands

Plug Power is one of the most comprehensive hydrogen companies for investors looking for a comprehensive hydrogen solution. This makes them stand out regarding their hydrogen generation, distribution, and utilization capabilities. As electrolyzer technology develops and refueling station expansion continues, Plug Power is well-positioned to benefit from the growing demand for green hydrogen.

Plug Power’s electrolyzer setup

Bloom Energy (BE) – Best for Innovative Fuel Cell Technology

Bloom Energy is a company that has developed innovative fuel cell systems known as solid oxide systems that are efficient and reliable. If you are intrigued by the future of sustainability and energy beyond the confines of hydrogen fuel cells, BE holds quite the promise.

Bloom Energy has grown its global markets, innovating and adopting several strategies to meet different areas' energy needs. The company focuses on hydrogen-related technologies and combining fuel cell systems with hydrogen production. Moreover, Bloom has enhanced its carbon capture policies and sought a partnership with Chart Industries to construct near-zero-emission power solutions with industrial applications.

Bloom Energy had its Q4 2024 revenues at $572 4 million, 60.4% higher than in Q4 2023. The company's revenue amounted to $1.47 billion for the year, a 10.5% increase from the prior year. Its gross margin was 38.3% of total sales, an increase of 12.4 percent from the previous year. Bloom also recorded an operating income of $104.7m, a massive improvement from operating loss. These financial reports reflect that Bloom is well-placed in industrial and data center segments.

Summary of Key Financial Metrics: Bloomenergy

So, if you are an enthusiastic fan of innovation and energy-saving technologies, Bloom Energy's solid oxide fuel cells deserve your attention. They are highly efficient and adaptable to various fuel types, such as hydrogen and biogas, and most notably, they have already been commercialized. The revenue and gross profit margin records and the increasing number of new agreements with international partners assure Bloom Energy of long-term success.

Emerging Hydrogen Fuel Cell Stocks

Even small-cap firms and start-ups are also making their presence felt in this exciting field. Here are some high-growth potential stocks to watch:

AFC Energy (AFC) – Best for Cost-Effective Hydrogen Power Solutions

AFC Energy is making affordable hydrogen fuel cells for the first time. Unlike other companies developing expensive and large-scale fuel cells, AFC Energy is developing low-cost solutions that can be used for mass application. Their modular hydrogen systems enable companies to balance the energy supply and demand, therefore allowing clean energy adoption. 

Thus, AFC Energy positions itself among SMEs interested in hydrogen technology but unwilling or unable to invest in expensive new equipment.

PowerCell Sweden (PCELL) – Best for European Clean Energy Expansion

PowerCell Sweden is at the forefront of hydrogen in Europe’s transition today. These corporations boast access to ample support from European governments and automotive industries, and their primary focus lies in fuel cell systems for transportation and industry-related purposes.

Flexibility makes them unique—PowerCell fuel cells are developed for different sectors, such as naval, automotive, and stationary applications. For investors willing to invest in the aggressive move towards clean energy in Europe, PowerCell Sweden stands out.

Hydrogenics (HYGS) – Best for Hydrogen Production Innovation

Hydrogenics is taking an upstream approach to shape the hydrogen economy rather than being only an application or fuel cell consumer. Their advanced electrolyzer technology enables them to effectively produce hydrogen from water, thus making the mass production of hydrogen possible. 

Through forming strategic alliances with governments and corporations to enhance refueling hydrogen stations and industrial hydrogen infrastructure, Hydrogenics is contributing to the creation of new energy. When considering investing in the common carrier of hydrogen, the equipment that is the heart of Hydrogenics is well-positioned for growth.

Conclusion

The Hydrogen fuel cell stocks offer a promising opportunity to those investing in the clean energy market. These stocks can be expected to enjoy long-term growth with growing corporate and government support. Investing in hydrogen can provide a path to sustainable energy solutions, regardless of whether you’re looking for established players or high-potential startups.

Ready to learn about the best hydrogen stocks to buy for your goals? Try the AI Stock Picker from Intellectia.ai, where you will receive personalized recommendations based on real-time data and market insights.