Hydrogen Stocks

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 total project backlog of about $10 billion. Named clean-energy projects include a gas-supply commitment to the Blue Point low-carbon ammonia development in Louisiana.

Toyota Motor is a Japanese automaker listed on the Tokyo Stock Exchange and, through an ADR (TM), in New York, with one of the longest-running fuel cell programs of any volume carmaker. It launched the Mirai, a mass-produced fuel cell sedan, in December 2014 and introduced the second generation in 2020. Beyond passenger cars it sells packaged fuel cell modules for commercial and stationary use, supplied the fuel cell system in the Sora city bus, and provided fuel cell powertrains for Class 8 truck demonstrations with Kenworth at the Port of Los Angeles from 2019. Toyota is also developing hydrogen combustion engines as a pathway running parallel to fuel cells.

Siemens Energy supplies PEM electrolysers under the SILYZER line and runs industrial-scale electrolyser manufacturing with Air Liquide. Its announced gigawatt-scale factory capability reflects installed manufacturing capacity and says nothing about orders in hand; individual projects are best read by their award and execution status. Hydrogen is strategically prominent but financially small inside a group whose earnings come from gas services, grid technologies and wind power.

Air Liquide is a French industrial-gas group listed on Euronext Paris. It produces and distributes hydrogen for industrial customers through plants, pipelines and delivery networks. At its 2022 Capital Markets Day, the group set a target for 3 GW of electrolysis capacity in operation or under construction by 2030. Air Liquide also supplies hydrogen-refuelling technology and develops low-carbon hydrogen projects. Hydrogen is a significant activity within a diversified industrial-gas business rather than a separately reported pure-play segment.

Atlas Copco is a Swedish industrial equipment group listed on Nasdaq Stockholm, making compressors, vacuum pumps and industrial tools. Its hydrogen-specific range includes high-pressure H2 compressors and dispensing equipment sold to refuelling-station operators, industrial hydrogen users and pipeline-injection projects. Hydrogen is one application among many for a compression business built on industrial gases generally, and the group does not break it out in its reporting.

Sinopec is a Chinese state-owned refining and petrochemical group listed in Shanghai and Hong Kong, with hydrogen production mainly from fossil feedstocks. It operates a hydrogen refueling network, reporting 142 stations at end-2024, including its first station outside the mainland at Au Tau in Hong Kong. Its flagship electrolysis asset is the Kuqa green hydrogen project in Xinjiang, commissioned in 2023 at a design capacity of 20,000 tonnes a year, where ramp-up has run behind the original schedule. An earlier company target of 1,000 hydrogen stations by 2025 was not met.

Mitsubishi Heavy Industries develops gas turbines capable of using hydrogen blends and, in some configurations, higher hydrogen concentrations, alongside ammonia and hydrogen production and project-engineering technologies. Its public program includes equipment development and demonstration projects, which are not the same as routine commercial operation on pure hydrogen. Hydrogen is one decarbonization theme within a much larger group spanning power systems, defense, aerospace and industrial machinery.

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. Cummins booked about $458 million of electrolyser-related charges in FY2025, roughly $415 million of it non-cash, and fully wrote off the goodwill of the electrolyser reporting unit. On 5 February 2026, alongside its FY2025 results, it said it intended to stop new commercial activity in electrolysers while continuing to meet existing customer commitments. The narrowed Accelera portfolio retains PEM fuel cells for transit, truck, rail and stationary applications, plus battery-electric powertrains through the Amplify Cell Technologies joint venture with Daimler Truck and PACCAR. Accelera represented about 1% of FY2025 group revenue.

Bloom Energy is a US manufacturer listed on the NYSE, known for its solid oxide fuel cell Energy Server — a modular on-site power product that runs on natural gas, biogas, hydrogen or blends. Demand has been driven by AI data-center and colocation customers buying speed to power. The Bloom Electrolyzer uses the same solid-oxide platform to make hydrogen from steam at 700–900°C. In its FY2025 Form 10-K, Bloom said nearly all product revenue came from Energy Servers.

Air Products is a US industrial gas company listed on the NYSE and one of the world’s largest merchant hydrogen producers, operating more than 100 hydrogen plants and supplying pipeline and on-site hydrogen to refining and chemical customers. It is a partner in the NEOM Green Hydrogen Project in Saudi Arabia, a joint venture with ACWA Power and NEOM designed for about 600 tonnes per day of green hydrogen for export as ammonia, with Air Products as exclusive offtaker. On 30 June 2026 the company said it would not proceed with the Louisiana Clean Energy Complex, the blue hydrogen and ammonia project it had announced in October 2021. Most of the hydrogen it sells today is gray or blue rather than green, so the green portfolio is best assessed project by project.

Hyundai Motor sells fuel cell passenger and commercial vehicles within a much larger global automotive business. It unveiled the second-generation NEXO in April 2025 and began its global launch in early 2026, while XCIENT fuel cell trucks have been deployed in Korea, Europe, North America and other selected markets. Fuel cell vehicles remain a small share of group sales with no separate financial disclosure, so hydrogen here is a genuine product line rather than a driver of group earnings.

Sumitomo Corporation holds selected hydrogen investments and project-development interests within a large Japanese trading group. Current named activity includes a 2025 investment in US distributed-hydrogen producer Independence Hydrogen, a low-carbon hydrogen proposal around the UK’s Bacton terminal, and operating work with Tokyo Gas using an ITM Power PEM electrolyser in Japan. These activities are small relative to the group, so the list classifies Sumitomo as minor hydrogen exposure.

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 program 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 decarbonizing applications where battery electric solutions are less practical.

Weichai Power is a Chinese engine and commercial-vehicle group with fuel cell powertrain activities and a license to manufacture Ceres solid-oxide systems for stationary power in China. Both are small next to the diesel engines, transmissions and vehicles that generate group earnings, and Ballard fully impaired its own Weichai joint-venture stake in 2025. Weichai is listed in Hong Kong and Shenzhen; the Hong Kong line is shown here.

Kawasaki Heavy Industries develops equipment for liquefying, transporting, storing and using hydrogen. Its Suiso Frontier carried the first liquefied-hydrogen cargo between Australia and Japan as a government-backed demonstration; no commercial liquefied-hydrogen trade has followed it. Kawasaki is also working on hydrogen-capable gas turbines and larger carrier designs. These remain small, project-led activities inside a group built on ships, rolling stock, aerospace and industrial machinery.

Dongfang Electric is a Chinese state-controlled power-equipment group with alkaline and PEM electrolysis activities alongside much larger turbine, generator and power-services businesses. Its published hydrogen milestones cover development work such as high-current-density PEM stacks. Delivered commercial volume is not disclosed, and hydrogen equipment is not broken out as a financial segment. Dongfang is listed in Hong Kong and Shanghai; the Hong Kong line is shown here.

Thyssenkrupp is a German industrial conglomerate listed on the Frankfurt Stock Exchange and the majority shareholder in thyssenkrupp nucera, an alkaline water electrolysis specialist separately listed since July 2023 under the ticker NCH2. Both appear on this list: thyssenkrupp AG as the diversified parent, nucera as the electrolyser business itself, so the same underlying operation is represented in two rows. The parent’s steel and chemicals divisions are potential end-users of green hydrogen produced with nucera electrolysers. Electrolyser exposure through the parent is indirect and a small share of group activity.

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 decarbonization 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.

ATCO is a Canadian utility and infrastructure group listed on the Toronto Stock Exchange, operating natural gas distribution, electricity and logistics businesses, with hydrogen activity held in its ATCO EnPower segment. It completed a demonstration blending 5% hydrogen into the gas distribution network serving about 2,100 homes in Fort Saskatchewan, Alberta. The Heartland Hydrogen Hub, a 300,000 tonne per year clean hydrogen facility originally announced with Suncor Energy in May 2021, was subsequently advanced by ATCO with Linde Canada under a 2024 letter of intent. ATCO paused development in Q4 2025, citing market, infrastructure and policy constraints, and recorded a $4 million impairment; the project never reached a final investment decision. ATCO’s hydrogen work is an extension of its existing gas distribution footprint rather than a standalone business line.

Johnson Matthey supplies catalyst-coated membranes, membrane-electrode assemblies and related catalysts used in PEM fuel cells and electrolysers. These are enabling components: JM sells the active layer that goes into other companies’ systems, not complete fuel cells or electrolysers. Hydrogen has no standalone revenue line within a diversified chemicals and catalyst group, which is why it sits in the minor-exposure bucket here.

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.

Plug Power is a US-listed hydrogen company supplying PEM electrolyzers, green hydrogen production, fuel cell systems and refueling infrastructure. Its 2025 annual report describes more than 74,000 fuel cell systems and over 285 refueling stations deployed, green hydrogen plants in Georgia, Tennessee and Louisiana, and material-handling customers including Walmart, Amazon, Home Depot and BMW; a $1.66bn DOE loan guarantee closed in 2025. After a $1.7 billion net loss for 2025 the company has been cutting hard under its Project Quantum Leap restructuring.

Doosan Fuel Cell is a South Korean fuel cell manufacturer listed on the Korea Exchange, whose production business is built on phosphoric acid fuel cells (PAFC) for stationary distributed power. It has supplied fuel cell power plants to Korean gas and district-heating utilities and to commercial customers, where the systems generally run on reformed natural gas rather than pure hydrogen. Demand is shaped by South Korean policy, including the hydrogen power bidding market introduced in 2023, which requires utilities to procure a set volume of fuel cell generation. The company has said it is developing solid oxide and PEM fuel cell technology; those remain development programs rather than its production line.

Burckhardt Compression is a Swiss reciprocating-compressor manufacturer whose equipment can be used across hydrogen production, transport, storage and refuelling. Its hydrogen offering includes diaphragm and piston compressor configurations for applications such as trailer filling, pipeline service and high-pressure vehicle stations. Hydrogen is one end market within a broader compressor and services group, and the company does not report it as a separate revenue segment.

FuelCell Energy is a US company listed on Nasdaq that manufactures molten carbonate fuel cell power plants for baseload distributed generation and combined heat and power. Its SureSource plants run on natural gas, biogas or hydrogen, with an optional carbon-capture configuration that yields a concentrated CO2 stream, and it also sells power-to-hydrogen systems. The company remains loss-making. Fiscal second-quarter 2026 revenue was $35.6 million, down 5% year on year, the net loss was $77.6 million, and backlog fell about 10% to $1.14 billion. Its current push is data-center power, built around a standardized 12.5 MW energy block and plans to expand Torrington capacity toward 500 MW a year.

thyssenkrupp nucera supplies industrial electrolysis technology, including alkaline water electrolyzers for hydrogen and chlor-alkali systems. Green-hydrogen revenue in recent years has been driven largely by execution of major orders such as NEOM and Stegra; by fiscal 2024/25 the NEOM contribution was declining as the project reached a high degree of completion. The company also acquired pressure-electrolysis assets from Green Hydrogen Systems and retained its solid-oxide intellectual property after deciding in August 2026 not to build in-house mass-production capacity for SOEC stacks.

Ceres Power is a UK-listed technology licensor focused on solid-oxide fuel cells and solid-oxide electrolysis. Its asset-light model earns engineering, license and — as partners enter production — royalty revenue, with manufacturing left to licensees. The technology spans distributed power and hydrogen production. Because the factories belong to partners, revenue timing follows partner execution, not Ceres’s own decisions.

ITM Power is a UK manufacturer focused on PEM electrolysers for industrial and energy projects, with containerized systems and larger modular installations assembled at its Sheffield factory. Sheffield’s rated capacity is a ceiling on what the plant could build, not a shipment figure, and announced customer projects sit at every stage from award through delivery to commissioning. Listed on AIM, ITM’s revenue is entirely from electrolyser sales, carrying the execution and demand risk of an early commercial market.

Beijing SinoHytec develops PEM fuel cell systems and related components for commercial vehicles and stationary applications, including fuel cell engines, stacks and control components. Its deployment disclosures count cumulative installations; no current operating-fleet figure is published. Hydrogen is the whole business, which ties it directly to the pace of Chinese fuel cell vehicle rollout and the public support behind it. The company is listed in Hong Kong and Shanghai; the Hong Kong line is shown here as the more accessible one for international investors.

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 customers. In 2025 Ballard shipped 785 modules, fully impaired its Weichai joint-venture investment and de-emphasized China to refocus on Europe and North America. In June 2026 Ballard agreed to acquire UK hydrogen-power provider GeoPura for GBP 275 million in upfront consideration; the June 2026 agreement was subject to customary closing conditions and regulatory approvals.

Hyster-Yale manufactures lift trucks and materials-handling equipment under the Hyster and Yale brands. Its Nuvera activities include fuel-cell engines and the hydrogen-powered HydroCharge mobile charging platform. In 2025 the company folded Nuvera into Hyster-Yale Materials Handling and stopped reporting it separately; former Nuvera results now sit inside the Americas segment, with no distinct hydrogen disclosure.

Luxfer Holdings is a UK-based specialty materials company listed on the NYSE, making composite and aluminum cylinders for gas containment. Its G-Stor hydrogen range includes Type 4 cylinders rated to 350 bar for fuel cell buses, trucks and vans, alongside multiple-element containers for bulk hydrogen transport. Hydrogen is one alternative-fuel application for a cylinder business that also serves defense, first-response, medical and specialty-gas markets, and it is not separately disclosed.

Nel ASA is a Norwegian pure-play electrolyzer 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-refueling-station business was spun off as Cavendish Hydrogen ASA in 2024 and is now a separate listed entity. In 2025, Nel impaired alkaline-production assets at Herøya, temporarily halted production and cut headcount. The strategic refocus is on a next-generation pressurized alkaline platform, launched commercially on May 6, 2026 after a final investment decision in December 2025; the launch announcement also described EU Innovation Fund support for industrialization at Herøya.

SFC Energy is a Frankfurt-listed manufacturer of hydrogen and direct-methanol fuel cell systems for stationary and mobile off-grid power. Its products serve public security, defense, industrial and critical-infrastructure applications, often as part of hybrid power systems. Fuel cells are the core business, with the portfolio split between hydrogen and methanol systems. Company revenue therefore does not measure hydrogen demand alone.

H-Power, formerly AFC Energy, is a UK-listed developer of alkaline fuel cell generator systems for off-grid, temporary and backup power. Its systems generate electricity electrochemically and have no carbon emissions at the point of use when supplied with pure hydrogen; lifecycle emissions depend on how that hydrogen is produced and delivered. The company is pursuing deployments in construction and other diesel-generator applications. It remains at an early commercial stage and is not yet an established volume manufacturer.

PowerCell Sweden develops PEM fuel cell stacks and systems for marine, stationary, off-road and vehicle applications. A 2019 agreement gave Bosch rights to produce and sell an automotive version of the S3 stack, and the two companies extended parts of that collaboration for China in 2025, so license income sits alongside PowerCell’s own system sales. Efficiency and cost figures it publishes apply to specific products and do not generalize across PEM fuel cells as a class.

Shanghai REFIRE Group is a Hong Kong-listed manufacturer of hydrogen fuel cell systems, components and hydrogen-production equipment, with commercial-vehicle systems forming an important part of the business. For 2025 it reported revenue of about RMB595.2 million, down 8.3%, and said hydrogen application infrastructure and demand remained at a development stage. It is a concentrated way into China’s fuel cell equipment market, and its own disclosures show how much that market still depends on policy support.

Hazer Group is commercializing a methane-pyrolysis process that converts methane into hydrogen and solid graphitic carbon using an iron-ore catalyst. Its Commercial Demonstration Plant in Western Australia has a nameplate hydrogen capacity of about 100 tonnes a year. This is demonstration scale and does not represent a full commercial production asset. The company is using operating data from that plant to support licensing and project-development work; the lifecycle carbon intensity of future projects will depend on methane sourcing, leakage and the durable handling of the solid carbon.

Westport Fuel Systems designs fuel-system components for gaseous fuels. Its 2025 annual report describes hydrogen exposure through High-Pressure Controls components and hydrogen-HPDI development at Cespira, its 55%-owned joint venture with Volvo Group. In July 2025 Westport sold its Light-Duty Segment and narrowed its focus toward heavy-duty and high-horsepower applications. Hydrogen reaches the accounts only through those component and joint-venture lines.

Enapter is a German electrolyser company listed on the Frankfurt Stock Exchange, specializing in anion exchange membrane (AEM) electrolysers, a technology that pairs the low-cost materials of alkaline electrolysis with the compact, modular form factor of PEM. Its modular architecture lets customers scale hydrogen production from kilowatts to megawatts by combining standard units. Serial production of stacks and core modules runs from Pisa, Italy; the group’s 2024 annual report describes the Saerbeck campus in Germany as capacity held for later expansion rather than an active mass-production site. Enapter is commercializing AEM as a third electrolyser pathway alongside alkaline and PEM.

Hexagon Purus is an Oslo-listed manufacturer of Type 4 composite pressure cylinders and systems for hydrogen storage in vehicles, trailers and stationary applications, with plants in Norway, the United States, Germany and India. Its 700-bar cylinders go into fuel cell trucks, buses and hydrogen tube trailers. The business is currently restructuring rather than expanding: second-quarter 2026 revenue fell 25% year on year to NOK 146 million, the company cut around half its workforce, divested its US aerospace unit and is working through a balance-sheet restructuring, with transit-bus demand persistently weak. In Q2 2026, hydrogen infrastructure accounted for 55% of revenue.

Cavendish Hydrogen is an Oslo-listed supplier of hydrogen refuelling equipment and services for road-mobility applications. The business was separated from Nel in 2024 and covers station development, production, installation, commissioning and maintenance. Hydrogen fueling is its core business. Orders remain project-based and exposed to the pace of fuel cell vehicle and station deployment.

First Hydrogen is a Canadian company listed on the TSX Venture Exchange that designed and built two hydrogen fuel cell light commercial vehicles on a Stellantis van platform, using a Ballard fuel cell with powertrain integration by FEV. The vehicles are road-legal in Great Britain and have completed real-world trials with UK fleet operators, including a trial with utility SSE in which the company reported a range of more than 630 km on a single fill. Since July 2025 the company has also run a small modular reactor design collaboration with the University of Alberta, aimed at powering hydrogen production and data centers. First Hydrogen is pre-revenue, has not reached series vehicle production, and sits at the micro-cap end of this list.

Metacon is a Swedish small-cap hydrogen equipment company listed on Nasdaq First North. It holds rights to manufacture PERIC alkaline electrolysers in Europe and also develops hydrogen-production equipment based on reforming and other process technologies. The European manufacturing plan has not yet reached volume production, and the capacity attached to the PERIC license measures manufacturing rights, not installed output. At this size, financing and liquidity risk are materially higher than for the main-market equipment suppliers on this list.

Clean Power Hydrogen is an AIM-listed developer of membrane-free electrolysers. Its MFE110 completed site acceptance testing at Northern Ireland Water in May 2025, providing field validation at customer scale, while the larger MFE220 remained in the product-development and commercialization program. It remains a micro-cap still moving from validation and licensing agreements towards repeat production orders.

Fusion Fuel Green is a diversified energy group. Following the insolvency of its former Portuguese manufacturing subsidiary, it established Bright Hydrogen Solutions in February 2025 as a hydrogen-services business covering feasibility, engineering, equipment procurement, integration and commissioning, and its 2025 annual report also described agency arrangements with electrolyser and refuelling-equipment suppliers. The wider group now spans LPG distribution, biomass steam and energy royalties, with no separate hydrogen revenue line.

HydrogenPro is a Norwegian-listed supplier of large alkaline electrolyser systems and related engineering services, with manufacturing and technology activities in Europe and China and a delivery partnership with ANDRITZ. What it publishes is stack test data and nameplate capacity; delivered volume is not disclosed. Financing and single-project risk sit well above those of the established equipment groups it bids against.

Provaris Energy is an Australian-listed developer of compressed-hydrogen shipping and storage concepts. Its H2Neo carrier and H2Leo barge have progressed through design and class approval, but nothing has been built and the portfolio contains no operating asset. The cost advantages it publishes against liquefied hydrogen and ammonia are its own modeling. It is pre-revenue and has not taken a construction decision on any vessel.