Hydrogen Stocks

Toyota Motor Corporation

Toyota Motor is a Japanese automotive giant listed on the Tokyo Stock Exchange and NYSE (ADR: TM), with one of the deepest commitments to hydrogen fuel cell technology of any major automaker, having launched the world's first mass-produced fuel cell vehicle (the Mirai) in 2014. The company has sold approximately 28,000 Mirai vehicles globally across two generations and is deploying fuel cell systems in buses, trucks, trains, and ships through its Toyota Industries and Woven City initiatives. Toyota is also developing hydrogen combustion engine technology as a complementary pathway alongside fuel cells. The company is arguably the most strategically committed major automaker to hydrogen as a long-term clean energy carrier.

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Linde plc

Linde plc is the world's largest industrial gas company by revenue, formed by the 2018 Praxair–Linde AG merger; it is incorporated in Ireland, headquartered in Woking and Danbury, and listed on Nasdaq under LIN. Hydrogen is a core product alongside atmospheric and process gases, with proprietary technology spanning steam methane reforming, autothermal reforming, partial oxidation, PEM/alkaline/SOEC electrolysis, ammonia synthesis and cracking, and hydrogen liquefaction (scaling from 50 to 200 tonnes/day). At year-end 2025 Linde reported a ~$10 billion total project backlog, with management stating that roughly two-thirds of the $7.3bn sale-of-gas backlog supports clean-energy customer investments and a forward pipeline of ~$50bn in clean-energy hydrogen and carbon-management projects. Named clean-energy projects include a $400m gas-supply commitment to the Blue Point low-carbon ammonia development in Louisiana.

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Siemens Energy AG

Siemens Energy is a German power technology company listed on the Frankfurt Stock Exchange with hydrogen-related activities spanning electrolysis equipment, Power-to-X solutions, and grid infrastructure for renewable hydrogen projects. The company manufactures PEM electrolysers under its Siemens Electrolysis brand and provides engineering solutions for green ammonia and synthetic fuel projects integrating electrolysis with industrial processes. Siemens Energy has developed the SILYZER electrolyser platform targeting multi-MW industrial green hydrogen production. As a large diversified energy technology company, hydrogen represents a growing but currently small share of its overall revenue.

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Air Liquide SA

Air Liquide is a French industrial gas company listed on Euronext Paris and one of the world's largest producers and distributors of hydrogen, supplying over 1,000 tonnes of hydrogen per day to industrial customers globally. The company is investing heavily in the clean hydrogen transition, targeting 3 GW of electrolysis capacity in its portfolio by 2030, and is developing major green hydrogen projects in France, the US, Canada, and the Middle East. Air Liquide also provides hydrogen refuelling station technology and operates a growing network of stations for fuel cell vehicles in Europe. The company is a leading industrial gas major with one of the most credible long-term hydrogen strategies among large-cap peers.

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Hyundai Motor Company

Hyundai Motor is a South Korean automotive company listed on the Korea Exchange and one of the world's leading manufacturers of hydrogen fuel cell vehicles. The Nexo SUV — first launched in 2018 and updated for 2025 with a second-generation fuel-cell system — is one of the few mass-produced hydrogen passenger vehicles available globally. The XCIENT Fuel Cell heavy truck has been deployed in Switzerland through the Hyundai Hydrogen Mobility joint venture (with delivered fleet sizes well below original announced targets), in California, and in Germany. Hyundai is also expanding hydrogen fuel cell systems for buses, forklifts and marine applications, while pursuing a dual-track battery-electric and hydrogen strategy. The company is among the most significant automotive players actively shipping hydrogen vehicles, though commercial-vehicle adoption has been slower than originally projected.

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Mitsubishi Heavy Industries Ltd.

Mitsubishi Heavy Industries (MHI) is a Japanese conglomerate listed on the Tokyo Stock Exchange. Its hydrogen exposure is concentrated in large gas turbines that can be progressively converted to hydrogen co-firing and ultimately 100% hydrogen, ammonia co-firing for thermal power generation, hydrogen production equipment including SMR with CCUS, and engineering services for blue and green hydrogen and ammonia projects globally. Notable initiatives include MHI's hydrogen-ready M501JAC and JAC-class gas turbines, ammonia cracking and co-firing collaborations with utilities in Japan and overseas, and a partnership with Worley to advance the Padeswood blue hydrogen project in the UK. MHI is positioned as a major equipment and engineering supplier to the global hydrogen economy rather than a pure-play developer.

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Cummins Inc.

Cummins is a US-based power systems manufacturer listed on NYSE that acquired Hydrogenics in 2019 to enter the electrolyser and fuel cell market through its Accelera zero-emissions segment. In 2025 management took ~$458M of impairment, inventory write-down and reorganisation charges in Accelera, fully wrote off the goodwill of the electrolyser reporting unit, and announced an intent to stop new commercial activity in electrolysers, citing a deteriorating green-hydrogen demand curve and reduced US policy support. The narrowed Accelera portfolio retains PEM fuel cells (transit, truck, rail, stationary) and battery-electric powertrains via the Amplify Cell Technologies JV with Daimler Truck and PACCAR. Accelera was 1% of FY2025 revenue ($460M); group revenue was $33.7bn, with management guiding 2026 Accelera EBITDA loss to narrow to ~$325–355M.

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Sinopec (Shanghai)

Sinopec is China's largest state-owned oil refining and petrochemical company, listed on the Shanghai Stock Exchange, and the world's largest hydrogen producer by volume with approximately 3.5 million tonnes of hydrogen produced annually (predominantly grey hydrogen from fossil fuels). The company has committed to building China's largest green hydrogen project and operates the country's most extensive hydrogen refuelling network, with plans for 1,000 hydrogen stations by 2025. Sinopec is strategically positioned to transition its hydrogen production from grey to blue and green hydrogen as China's hydrogen economy scales. Its dominant market position in hydrogen production and infrastructure makes it a critical player in China's hydrogen transition.

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Atlas Copco AB

Atlas Copco is a Swedish industrial equipment company listed on Nasdaq Stockholm, manufacturing a broad range of compressors, vacuum pumps, and power tools with a growing hydrogen-specific product line including high-pressure H2 compressors and hydrogen dispensing systems. The company's hydrogen compression solutions serve fuelling station operators, industrial hydrogen users, and pipeline injection projects. Atlas Copco is leveraging its market-leading position in industrial gas handling equipment to capture hydrogen infrastructure opportunities. The company represents a large-cap, diversified industrial with meaningful hydrogen upside within a broader equipment portfolio.

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Bloom Energy Corporation

Bloom Energy is a US-based manufacturer listed on NYSE, primarily known for its solid oxide fuel cell (SOFC) Energy Server, a modular on-site baseload power product running on natural gas, biogas, hydrogen or blends. The Bloom Electrolyzer uses the same solid-oxide platform to produce hydrogen from steam at 700–900°C, but per the FY2025 10-K "nearly all" of product revenue still comes from Energy Servers; the electrolyser business has visibly de-prioritised, with a one-time $22M expense booked in Q3 2025. The recent demand surge has been driven by AI hyperscaler and colocation data-centre customers seeking "time to power" — backlog reached ~$6.0B at YE2025 (up from $2.5B), with named partnerships including Oracle, AEP, and a $5bn five-year financing framework with Brookfield. For investors, Bloom is principally a distributed-power data-centre play with hydrogen as longer-dated optionality.

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Air Products and Chemicals Inc.

Air Products is a US-based industrial gas giant listed on NYSE and one of the world's largest hydrogen producers, operating over 100 hydrogen production plants and supplying 7 million kg of hydrogen daily to refining and chemical customers. The company is leading the development of some of the world's largest green hydrogen projects, including the $8.5 billion NEOM Green Hydrogen Project in Saudi Arabia (targeting 600 tonnes/day of green hydrogen for export as ammonia) and a major blue hydrogen facility in Louisiana. Air Products' scale, engineering capability, and balance sheet make it one of the most credible large-scale green hydrogen developers globally. The company is widely regarded as the industrial gas major most strategically committed to the clean hydrogen transition.

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Sumitomo Corporation

Sumitomo Corporation is a Japanese trading company listed on the Tokyo Stock Exchange, actively investing in hydrogen supply chain development across production, liquefaction, transport, and end-use applications. The company has invested in hydrogen fuel cell technology ventures and is developing hydrogen supply chains connecting renewable energy-rich regions with industrial hydrogen consumers in Japan and globally. Sumitomo combines its trading house scale and international relationships with selective technology investments across the hydrogen ecosystem. The company provides diversified conglomerate exposure to the emerging global hydrogen trade.

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Weichai Power Co. Ltd.

Weichai Power is a Chinese automotive and industrial engine company listed on both the Shenzhen Stock Exchange and Hong Kong Stock Exchange, with significant investments in hydrogen fuel cell technology including a strategic partnership with Ceres Power and ownership of Ballard Power Systems shares. The company manufactures hydrogen fuel cell systems for heavy-duty commercial vehicles and is developing hydrogen combustion engines for trucks and off-road machinery. Weichai is one of China's most active traditional engine manufacturers transitioning into hydrogen powertrains. The company's dual listing provides both domestic and international investor access to China's hydrogen vehicle development.

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Honda Motor Co. Ltd.

Honda Motor is a Japanese automaker listed on the Tokyo Stock Exchange and NYSE (ADR: HMC), with a long history of fuel cell vehicle development dating to the FCX Clarity in the 2000s and the Clarity Fuel Cell from 2016-2021. The company relaunched its hydrogen programme with the CR-V e:FCEV plug-in hybrid fuel cell SUV in 2024, combining a fuel cell system with a plug-in battery for flexibility. Honda is developing hydrogen fuel cell systems for commercial trucks in partnership with GM and for stationary power applications. The company views hydrogen as a key technology for decarbonising applications where battery electric solutions are less practical.

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Kawasaki Heavy Industries Ltd.

Kawasaki Heavy Industries is a Japanese conglomerate listed on the Tokyo Stock Exchange with one of the most comprehensive commitments to the liquid hydrogen supply chain among publicly listed companies. The company constructed the world's first liquefied hydrogen carrier ship (the Suiso Frontier) in 2019 and is developing commercial-scale liquid hydrogen tankers for intercontinental hydrogen export. Kawasaki also manufactures hydrogen gas turbines and co-firing equipment and is developing hydrogen-powered motorcycles and aircraft components. The company views hydrogen as a key strategic pillar for decarbonising heavy industry, shipping, and power generation.

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Technip Energies N.V.

Technip Energies is a France-headquartered (Netherlands-registered) engineering and technology company listed on Euronext Paris, spun out of TechnipFMC in 2021. Its core franchises are LNG (82 MTPA under construction globally including Qatar's North Field expansions), ethylene, sustainable fuels and decarbonisation infrastructure including blue and green hydrogen, blue ammonia, and carbon capture. Hydrogen-relevant work spans proprietary SMR with LSV® burners, hydrogen reformers, modular hydrogen units, ammonia synthesis, and electrolyser FEED via Rely (a Power-to-X JV with John Cockerill). Named projects include Blue Point low-carbon ammonia (Louisiana, awarded 2025), GALP's green hydrogen unit at Sines (Portugal, electrolysers installed Q1 2026) and SkyNRG SAF facilities integrating T.EN's SMR-based hydrogen unit. Adjusted backlog reached €20.2bn at March 31, 2026.

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Chart Industries Inc.

Chart Industries is a US-based designer and manufacturer of process technologies and cryogenic equipment listed on NYSE, with a "molecule-agnostic" portfolio spanning storage tanks, brazed-aluminium heat exchangers, cold boxes, compressors and full-solution liquefaction technology (proprietary IPSMR®). End markets include LNG, hydrogen, helium, CO₂ capture, biogas and industrial gases. The 2023 acquisition of Howden ($4.4bn from KPS Capital) reshaped Chart from a tank business into a diversified flow / process equipment company with substantial aftermarket exposure (RSL was 30.6% of FY2025 sales). FY2025 revenue: ~$5.7bn orders / $5.89bn year-end backlog. Chart shareholders approved a $210-per-share cash takeover by Baker Hughes on 6 October 2025; management expects the deal to close in Q2 2026, after which Chart will no longer trade as a standalone listed entity.

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Thyssenkrupp AG

Thyssenkrupp is a German industrial conglomerate listed on the Frankfurt Stock Exchange and the parent of thyssenkrupp nucera, a leading alkaline electrolyser manufacturer. While the nucera business is separately listed (NCR.DE), Thyssenkrupp AG retains a majority stake and provides industrial engineering depth, manufacturing infrastructure, and client relationships that support nucera's scale-up. The parent company's steel and industrial chemicals businesses are potential end-users of green hydrogen produced by nucera electrolysers. Investing in Thyssenkrupp AG provides indirect exposure to the electrolyser business alongside a broader diversified industrial conglomerate.

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ATCO Ltd.

ATCO is a Canadian utility and infrastructure company listed on the Toronto Stock Exchange, operating natural gas distribution, electricity, and logistics businesses, with a growing hydrogen pilot programme focused on blending hydrogen into natural gas distribution networks. The company completed a demonstration project delivering 5% hydrogen blends to approximately 2,100 homes in Fort Saskatchewan, Alberta, and is working with Suncor Energy on a potential large-scale blue hydrogen production facility. ATCO sees hydrogen as an extension of its existing gas utility infrastructure and is investing in hydrogen technology that could eventually replace natural gas in its distribution network. The company represents an established utility platform with selective but credible hydrogen infrastructure development.

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Plug Power Inc.

Plug Power is a US-based diversified hydrogen energy company listed on Nasdaq, providing PEM electrolysers, green hydrogen production, fuel cell systems, and hydrogen fuelling infrastructure. According to its 2025 Annual Report, Plug has deployed over 74,000 fuel cell systems and over 285 hydrogen fuelling stations and is the largest user of liquid hydrogen, with green hydrogen production plants operating in Georgia, Tennessee and Louisiana. Material-handling customers include Walmart, Amazon, Home Depot and BMW. The company secured a US$1.66bn DOE loan guarantee that closed in 2025, providing critical liquidity, but remains loss-making with substantial accumulated deficit and reported a $1.7bn net loss for 2025. Plug Power is one of the most widely traded pure-play hydrogen stocks globally; investors should weigh the scale of installed base and project pipeline against ongoing cash burn and capital needs.

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Johnson Matthey plc

Johnson Matthey is a UK-based speciality chemicals and materials company listed on the London Stock Exchange, providing catalysts, membrane electrode assemblies (MEAs), and materials for hydrogen production and fuel cells. The company's HISPEC catalyst range supports hydrogen generation via steam methane reforming and electrolysis, while its MEA technology is used in PEM fuel cell systems for automotive and stationary applications. Johnson Matthey is one of the few companies providing both hydrogen production catalysts and fuel cell materials, covering multiple points in the hydrogen value chain. The company is a long-established precious metals and catalysis business with deep hydrogen technology capabilities built over decades.

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Worley Limited

Worley is an Australian-headquartered, ASX-listed (WOR) global professional services firm providing consulting, engineering, procurement, EPC/EPCM and operations & maintenance services across the energy, chemicals and resources sectors. It does not bid competitively for lump-sum-turnkey work, instead following customer capex on reimbursable contracts (79% of H1 FY2026 revenue). Hydrogen sits within its broader low-carbon services exposure alongside LNG, CCUS, low-carbon fuels, energy-transition minerals and nuclear/SMR; sustainability-related work was 69% of H1 FY2026 aggregated revenue. Hydrogen-specific engagement is materially affected by project deferrals: ExxonMobil's "Baytown Blue" low-carbon hydrogen project remains in backlog but is paused, and management has flagged Western European low-carbon-fuels project cancellations. Backlog at 31 December 2025 was A$16.7bn; H1 FY2026 bookings A$9.8bn.

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Burckhardt Compression AG

Burckhardt Compression is a Swiss precision engineering company listed on the SIX Swiss Exchange and the world's leading manufacturer of reciprocating compressors for industrial gas applications including hydrogen. The company has developed specialised oil-free hydrogen compression systems for hydrogen trailer filling, refuelling stations, and pipeline injection applications. Burckhardt's compressors are critical infrastructure components for hydrogen transport and distribution, ensuring gas is available at the pressures required for storage and dispensing. The company combines over 175 years of compressor engineering heritage with growing positioning in the hydrogen value chain.

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Thyssenkrupp nucera AG

Thyssenkrupp nucera is a leading manufacturer of large-scale alkaline water electrolysis systems for industrial green hydrogen production, listed on the Frankfurt Stock Exchange as a spin-off from Thyssenkrupp AG. The company's 20 MW 'Neptune' modular electrolyser platform is designed for scalable GW-scale green hydrogen projects, with major orders including the NEOM green hydrogen project. In September 2025, nucera acquired key high-pressure alkaline electrolysis technology assets — including IP and a full-size test facility in Skive, Denmark — from bankrupt Danish electrolyser maker Green Hydrogen Systems, broadening nucera's portfolio beyond atmospheric-pressure systems. Nucera serves customers in green ammonia, methanol, and steel production, targeting large industrial decarbonisation applications.

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Doosan Fuel Cell Co. Ltd.

Doosan Fuel Cell is a South Korean fuel cell manufacturer listed on the Korea Exchange and a subsidiary of Doosan Corporation, producing phosphoric acid fuel cells (PAFC) and PEM fuel cells for stationary power generation and mobility. The company has deployed fuel cell power plants at South Korean gas utilities and commercial customers, generating reliable distributed electricity. Doosan Fuel Cell is one of Korea's leading fuel cell companies and benefits from South Korea's hydrogen economy policies targeting large-scale domestic fuel cell deployment. The company is expanding its PEM technology capabilities for hydrogen mobility applications.

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Beijing SinoHytec Co. Ltd.

Beijing SinoHytec is a Chinese hydrogen fuel cell systems company dual-listed on the Shanghai Star Market (688339.SS) and Hong Kong Stock Exchange (2402.HK), producing integrated PEM fuel cell power systems for commercial vehicles including buses, heavy trucks, and logistics vehicles. The company has powered over 1,800 fuel cell vehicles operating on Chinese roads and is a significant participant in China's hydrogen mobility supply chain. SinoHytec was selected as a key hydrogen vehicle technology provider for the 2022 Beijing Winter Olympics fleet. The company benefits from China's policy-driven hydrogen vehicle deployment targets and was one of the first hydrogen-specific stocks to list in China.

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Ballard Power Systems Inc.

Ballard Power Systems is a Canadian-headquartered designer and manufacturer of PEM fuel cell stacks and modules, dual-listed on Nasdaq and TSX (BLDP). The company supplies fuel-cell engines to transit-bus, truck, rail and marine OEMs and integrators including New Flyer (NFI), eCap Marine/Samskip and Sierra Northern Railway, with cumulative deployed fleet experience exceeding 250 million real-world kilometres. In 2025 Ballard shipped a record 785 modules (~77 MW), fully impaired its Weichai joint-venture investment in Q4 and explicitly de-emphasised China to refocus on Europe and North America. Order backlog at YE2025 was ~$119.3M (12-month order book ~$53.9M); cash and short-term investments stood at $531.3M. New CEO Marty Neese (July 2025) has framed the strategic mandate as achieving sustainable positive cash flow by year-end 2027.

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FuelCell Energy Inc.

FuelCell Energy is a US-based company listed on NASDAQ, manufacturing molten carbonate fuel cell (MCFC) power plants for baseload distributed electricity generation and combined heat and power applications. The company's SureSource power plants generate electricity and useful heat from natural gas, biogas, or hydrogen, with an optional carbon capture configuration that can produce a concentrated CO2 stream. FuelCell Energy also provides power-to-hydrogen solutions and has supply agreements with utilities and industrial customers. The company has faced persistent profitability challenges and has undergone multiple financing rounds to sustain operations.

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Shanghai REFIRE Group

Shanghai REFIRE Group is a Chinese hydrogen fuel cell systems company founded in 2015 and listed on the Hong Kong Stock Exchange (Main Board, ticker 2570.HK) since December 2024, backed by Sinopec as a strategic investor and focused on manufacturing fuel cell power systems for commercial vehicles including heavy trucks, buses, and logistics vehicles. The company has deployed fuel cell systems across thousands of vehicles in China and is scaling production capacity in response to growing domestic hydrogen vehicle demand. Refire competes in China's rapidly expanding hydrogen commercial vehicle market alongside SinoHytec, Weichai, and others. The company provides exposure to the Chinese fuel cell vehicle system manufacturing segment.

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Luxfer Holdings plc

Luxfer Holdings is a UK-based specialty materials company listed on NYSE, manufacturing composite and aluminium cylinders for gas containment including high-pressure hydrogen storage cylinders. The company's G-Stor H2 composite cylinders are used in hydrogen fuel cell vehicle fuelling infrastructure, industrial hydrogen supply, and hydrogen tube trailers. Luxfer serves defence, first responder, medical, and clean energy gas storage markets globally. The company is an established cylinder manufacturer participating in the hydrogen storage infrastructure build-out.

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Nel ASA

Nel ASA is a Norwegian pure-play electrolyser manufacturer listed on the Oslo Stock Exchange (NEL), one of the few global suppliers offering both alkaline (AWE) and PEM technology platforms. Manufacturing capacity is ~1 GW alkaline at Herøya, Norway, and ~500 MW PEM at Wallingford, Connecticut. The hydrogen-fuelling-station business was spun off as Cavendish Hydrogen ASA in 2024 and is now a separate listed entity. 2025 was a difficult operating year: Herøya alkaline Line 1 was fully impaired (NOK 291M) after going idle, Line 3 long-lead expansion items were impaired (NOK 70M), production was temporarily halted, and headcount was cut. Q1 2026 backlog was NOK 1,113M (down 24% YoY); the strategic refocus is on a next-generation pressurised alkaline platform commercially launching 6 May 2026, supported by an EU Innovation Fund grant of up to €135M.

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ITM Power plc

ITM Power plc is a UK-headquartered designer and manufacturer of PEM electrolysers, listed on the London Stock Exchange. Founded in 2000, the company operates the world's first large-scale PEM electrolyser Gigafactory in Sheffield and supplies modular systems from 2 MW to 50 MW. Reference customers and active projects include Shell (REFHYNE II, 100 MW, Wesseling, Germany), RWE (Lingen 1 and 2, 2 × 100 MW), Linde Engineering (multiple contracts), Yara (24 MW green ammonia at Porsgrunn), and Uniper's Humber H2ub (preferred supplier for 120 MW). FY2025 revenue was £26.0M. In June 2025 ITM launched Hydropulse GmbH (Berlin), a Build-Own-Operate subsidiary marking a strategic pivot toward hydrogen-as-a-service alongside the core equipment business. Germany is the single largest market.

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Hazer Group Limited

Hazer Group is an Australian clean hydrogen technology company listed on the ASX, commercialising the HAZER Process — a novel methane pyrolysis technology that produces hydrogen and solid graphite from natural gas using iron ore as a catalyst, emitting significantly less CO2 than conventional steam methane reforming. The company's first commercial demonstration plant in Perth, Western Australia commenced operations in early 2024, validating the technology at scale. Hazer has partnerships with FortisBC in Canada and engineering firm KBR for international commercialisation of the process. The company represents a differentiated, non-electrolysis pathway to low-emission hydrogen production.

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AFC Energy plc

AFC Energy is a UK-based company listed on the London Stock Exchange, developing alkaline fuel cell systems for off-grid and backup power applications, particularly in construction, events, and industrial sites as a replacement for diesel generators. The company's POWER-UP fuel cell system generates zero-emission electricity from hydrogen, targeting the large market for decarbonising temporary and remote power supply. AFC Energy has secured deployment contracts with construction companies and is expanding its commercial pipeline across the UK and Europe. The company is a small-cap UK fuel cell pure-play focused on the off-grid power decarbonisation niche.

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HydrogenPro ASA

HydrogenPro ASA is a Norwegian electrolyser manufacturer listed on the Oslo Stock Exchange, developing high-pressure alkaline water electrolysers designed for large-scale green hydrogen production. The company's electrolyser modules target MW-to-GW scale projects and offer high energy efficiency and modular scalability for industrial clients. HydrogenPro has received significant orders from global energy companies and has a development partnership with ANDRITZ for technology deployment. The company represents a smaller-cap Oslo-listed electrolyser play focused on the industrial-scale green hydrogen market.

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Provaris Energy Ltd.

Provaris Energy is an Australian company listed on the ASX, developing a compressed green hydrogen transport solution using its proprietary H2Neo carrier vessel technology — a compressed hydrogen ship designed to transport green hydrogen at significantly lower cost than liquefied hydrogen. The company is targeting green hydrogen export from Australia and Latin America to Asia and Europe, addressing the critical logistics gap in the global green hydrogen supply chain. Provaris is at the pre-commercial development stage, having completed feasibility studies and entering engagement with potential offtakers. The company is a small-cap hydrogen transport innovator with a novel approach to solving the international hydrogen trade logistics challenge.

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Enapter AG

Enapter is a German electrolyser company listed on the Frankfurt Stock Exchange, known as the world's first mass-producer of anion exchange membrane (AEM) electrolysers, a technology that combines the cost benefits of alkaline electrolysis with the flexibility of PEM systems. The company manufactures modular, stackable AEM electrolyser units from its mass-production facility in Saerbeck, Germany, targeting distributed green hydrogen production applications. Enapter's modular architecture allows customers to scale hydrogen production from kilowatts to megawatts by combining standard units. The company is pioneering AEM electrolyser commercialisation as a distinct third technology pathway alongside alkaline and PEM.

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PowerCell Sweden AB

PowerCell Sweden is a Swedish fuel cell technology company listed on Nasdaq Stockholm, developing high-power-density PEM fuel cell systems and fuel cell stacks for marine, automotive, and stationary power applications. The company's S3 and MS-100 fuel cell systems target heavy-duty transport and maritime decarbonisation, where its compact, lightweight fuel cell architecture offers performance advantages. PowerCell has a commercial licensing agreement with Robert Bosch for automotive fuel cell stack technology. The company is a Swedish fuel cell innovator with a technology-licensing and product-sales dual revenue model.

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Hexagon Purus ASA

Hexagon Purus is a Norwegian company listed on the Oslo Stock Exchange, manufacturing lightweight Type 4 composite pressure cylinders and systems for hydrogen storage in vehicles, trailers, and stationary applications. The company's 700-bar Type 4 cylinders are used in fuel cell trucks, buses, and hydrogen tube trailers, and it operates manufacturing facilities in Norway, the US, Germany, and India. Hexagon Purus supplies major hydrogen infrastructure projects and commercial vehicle OEMs globally and is scaling production capacity to meet growing demand. The company is a pure-play listed hydrogen storage infrastructure company closely tied to the commercialisation of hydrogen heavy-duty transport.

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First Hydrogen Corp.

First Hydrogen is a Canadian company listed on the TSX Venture Exchange, developing hydrogen fuel cell commercial vehicles and green hydrogen production solutions for fleet operators. The company has demonstrated its fuel cell light commercial vehicle (FCEV) in trials with major UK fleet operators including SSE and SAIC-GM-Wuling. First Hydrogen targets the commercial vehicle fleet decarbonisation market with a vehicle-as-a-service model. The company is a small-cap hydrogen vehicle developer at an early commercial stage.

Investor Relations Yahoo Finance Listed🇨🇦 Canada TSX Venture Exchange Mkt Cap (May 2026)$30M SegmentHydrogen Mobility & Vehicles Market caps in USD. Updated May 2026. ← Prev Next → 46 companies listed Latest Hydrogen Stocks Coverage From GSR Loading latest posts… Loading… Loading… Loading… Related Lists From GSR Stock List Solar Stocks Polysilicon, wafer, cell and module manufacturers, inverters, trackers, and solar developers across the global PV value chain. View List → Stock List Nuclear Power Stocks Listed nuclear utilities, SMR developers, uranium miners, and engineering firms across the nuclear value chain. View List → Stock List Energy Storage Stocks Battery manufacturers, BESS developers, and long-duration storage companies globally. View List → Stock List Wind Stocks Onshore and offshore turbine OEMs, installation vessels, foundations, cables, and wind developers across the global value chain. View List → Key Terms Full Glossary → Electrolyser+ A device that uses electricity to split water into hydrogen and oxygen via electrolysis. When powered by renewable energy, the output is 'green hydrogen' with near-zero lifecycle emissions. The main electrolyser technologies are alkaline (mature, low cost, suited for large-scale), PEM (Proton Exchange Membrane — faster response, compact, suited for variable renewable input), and SOEC (Solid Oxide — highest efficiency, high temperature, still emerging).

Hydrogen produced by electrolysis powered entirely by renewable electricity. It carries near-zero lifecycle carbon emissions and is considered the most sustainable form of hydrogen. Green hydrogen is currently more expensive than grey hydrogen but is projected to reach cost parity in many regions by 2030–2035 as electrolyser costs fall and renewable electricity becomes cheaper.

Hydrogen produced from natural gas via steam methane reforming (SMR), generating significant CO₂ emissions. Over 95% of current global hydrogen production is grey. It serves as the economic benchmark that green hydrogen must compete with — typically $1–2/kg grey hydrogen vs $3–8/kg for green hydrogen currently.

Hydrogen produced from fossil fuels (typically SMR) with carbon capture and storage (CCS) to reduce CO₂ emissions. Considered a lower-carbon transition fuel, though debate continues around methane leakage and the permanence of geological CO₂ storage. Blue hydrogen is promoted by gas producers as a near-term bridge to green hydrogen.

An electrochemical device that converts hydrogen and oxygen directly into electricity and water, with high efficiency and zero local emissions. Types include PEM (vehicles, portable power), SOFC (solid oxide — stationary power), PAFC (phosphoric acid — stationary), and alkaline. Fuel cells are used in FCEVs (hydrogen cars and trucks), backup power systems, and distributed generation.

A vehicle powered by a hydrogen fuel cell rather than a battery. The fuel cell generates electricity from hydrogen stored in onboard tanks, with water vapour as the only exhaust. FCEVs offer faster refuelling (3–5 minutes) and longer range than BEVs for heavy-duty applications (trucks, buses, trains). Key producers include Toyota (Mirai), Hyundai (Nexo), and Honda.

Proton Exchange Membrane electrolyser — uses a solid polymer electrolyte membrane to conduct protons, enabling compact design, fast response to variable power inputs (important for pairing with wind/solar), and high-purity hydrogen output. PEM electrolysers are more expensive to manufacture than alkaline but better suited for dynamic operation. Leading suppliers include ITM Power, Nel, Plug Power, and Siemens Energy.

The most mature and lowest-cost electrolyser technology, using a liquid alkaline solution (typically KOH) as the electrolyte. Alkaline electrolysers are well-proven at large scale but less suited to rapidly variable power inputs than PEM. Key suppliers include Nel ASA and thyssenkrupp Nucera.

Ammonia (NH₃) produced using green hydrogen from electrolysis and nitrogen from the air via the Haber-Bosch process, powered by renewable energy. Green ammonia is both a zero-carbon fertiliser feedstock and a potential hydrogen energy carrier and shipping fuel. Major announced projects include NEOM in Saudi Arabia (Air Products as offtaker), Yara's electrolysis-coupled fertiliser projects in Norway and the Netherlands, and Stegra (formerly H2 Green Steel) in Sweden. Several flagship green-ammonia projects have been delayed, scaled back or cancelled in 2024-2025 as developers reassess economics and policy support.

A geographic cluster of hydrogen production, distribution, and end-use infrastructure designed to create economies of scale and reduce costs. Hydrogen valleys are typically supported by government policy and may include electrolysers, pipelines, refuelling stations, and industrial off-takers. Notable examples promoted by the EU's Clean Hydrogen Partnership include HEAVENN in the northern Netherlands and Green Hysland in Mallorca; Korea's Hydrogen City programme and Australia's National Hydrogen Hubs follow similar concepts. (The European Hydrogen Backbone is a related but distinct pipeline-network initiative for cross-border hydrogen transport.)

The average cost per kilogram of hydrogen produced over a plant's lifetime, including capital costs, electricity, water, and operations. LCOH for green hydrogen currently ranges from $3–8/kg depending on electrolyser costs and renewable electricity prices. The target for cost-competitive green hydrogen is typically $2/kg or below in favourable locations.

This list covers the full hydrogen value chain: electrolyser manufacturers (Nel, ITM Power, Plug Power, Nucera), fuel cell manufacturers (Bloom Energy, Ballard Power, FuelCell Energy), industrial gas companies with major hydrogen operations (Linde, Air Products, Air Liquide), hydrogen infrastructure and storage companies, hydrogen mobility and vehicle manufacturers (Toyota, Hyundai, Honda), and diversified industrials with significant hydrogen exposure (Cummins, thyssenkrupp, Mitsubishi Heavy, Sinopec).

While hydrogen may not be the primary business of Toyota (vehicles), Linde (industrial gases), or Sinopec (oil & gas), all three have made strategic commitments to hydrogen. Toyota is among the leading FCEV manufacturers globally. Linde is one of the world's largest industrial gas producers with sizeable hydrogen sale-of-gas operations and a multi-billion-dollar clean-energy backlog. Sinopec has previously announced large-scale green hydrogen ambitions, including projects in China's western regions, though execution has been mixed and ramp-up at flagship sites has been slower than planned. We include these names as important hydrogen-exposed listed equities while noting their diversified nature via the value chain tag.

Grey hydrogen is made from natural gas (steam methane reforming) with no carbon capture and produces roughly 9–11 kg of CO₂ per kg of H₂; the bulk of today's global hydrogen supply still comes from such fossil-fuel routes (the IEA reports that low-emissions hydrogen accounted for less than 1% of supply as recently as 2024). Blue hydrogen uses the same process but adds carbon capture and storage (CCS) to reduce direct emissions, though lifecycle intensity depends heavily on capture rate, upstream methane leakage and storage integrity. Green hydrogen uses renewable-powered electrolysis to split water and, when paired with low-carbon electricity, can have near-zero lifecycle emissions. Many net-zero frameworks classify hydrogen as "low-emissions" if its lifecycle intensity falls below a defined threshold, which can include green hydrogen and blue hydrogen with high capture rates and minimal upstream methane.

Most pure-play electrolyser and fuel cell companies (Nel, ITM Power, Plug Power, FuelCell Energy) remain loss-making as of 2026, operating in an early-stage market with high capital costs and limited revenue scale. The sector is also consolidating: Danish electrolyser maker Green Hydrogen Systems filed for bankruptcy in June 2025 (with its core technology assets acquired by thyssenkrupp nucera), and Cummins announced in early 2026 that it intended to stop new commercial electrolyser activity at its Accelera unit after a $458m impairment. Profitability timelines depend on electrolyser cost reduction, renewable power prices, hydrogen demand growth and policy support. Industrial gas majors (Linde, Air Products, Air Liquide) are profitable, but their hydrogen revenue today is still mostly from grey or blue hydrogen rather than green, while data-centre power demand has emerged as a major near-term driver for selected fuel-cell names.

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The green hydrogen sector contains many early-stage companies that are pre-revenue or in early commercial deployment, particularly in Australia (HZR, PV1), Norway (HYPRO, HPUR), and Canada (FHYDROGEN). These companies carry high risk but also high upside if their technologies or projects achieve commercial scale. They are included for completeness of the listed universe, and investors should conduct thorough due diligence before considering any position in micro-cap hydrogen stocks.

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