Hydrogen Stocks

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 programmes 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.

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.

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.

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.

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.

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.

Sinopec is China's largest state-owned refining and petrochemical group, listed in Shanghai and Hong Kong, and the world's largest hydrogen producer by volume at roughly 3.5 million tonnes a year, almost all of it grey hydrogen from fossil feedstock. It operates the largest hydrogen refuelling network of any single operator worldwide, 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.

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.

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.

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 $8.4 billion 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. In July 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, and took a charge on the withdrawal. Most of the hydrogen it sells today is grey or blue rather than green, so the green portfolio is best assessed project by project.

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 and AEP. Brookfield, which anchored a $5bn financing framework for Bloom projects in autumn 2025, expanded that commitment fivefold to $25bn in June 2026; a separate group led by Industrial Development Funding with Oaktree, MUFG Bank and Morgan Stanley had committed a cumulative $2.6bn as of Q2 2026. For investors, Bloom is principally a distributed-power data-centre play with hydrogen as longer-dated optionality.

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.

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.

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.

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.

Dongfang Electric Corporation is a Chinese state-owned power equipment group listed in Shanghai, whose hydrogen unit manufactures both alkaline and PEM electrolysers alongside its much larger turbine and generator businesses. In March 2026 the company claimed a PEM stack operating at 4.2 kWh per normal cubic metre at a current density of 3 A per square centimetre, as recorded in the IEA's Global Hydrogen Review 2026. That figure matches the stack-level efficiency target four Chinese authorities including the Ministry of Industry and Information Technology set for 2028, reached two years ahead of the deadline, and it illustrates a broader shift in Chinese competition from price to performance after alkaline stack bids fell below USD 80 per kW at the end of 2025. As with most of the diversified groups in this segment, electrolysers are a small share of revenue and are not separately disclosed, so the exposure cannot be sized from the accounts.

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 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.

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 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.

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-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.

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.

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 programmes rather than its production line.

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.

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.

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.

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 end-Q2 2026 was $156.6M (12-month order book $74.4M), up from ~$119.3M at YE2025; cash and cash equivalents stood at $502.1M at June 30, 2026. New CEO Marty Neese (July 2025) has framed the strategic mandate as achieving sustainable positive cash flow by year-end 2027. In June 2026 Ballard entered a definitive agreement to acquire UK-based hydrogen power specialist GeoPura Limited for GBP 275 million in upfront consideration, a move that would extend the company from fuel-cell engine supply into energy-as-a-service; the transaction remains subject to customary closing conditions and regulatory approvals.

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.

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.

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.

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.

H-Power, formerly 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. H-Power 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.

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.

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.

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.

Enapter is a German electrolyser company listed on the Frankfurt Stock Exchange, specialising 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 commercialising AEM as a third electrolyser pathway alongside alkaline and PEM.

Metacon AB is a Swedish hydrogen technology company listed on Nasdaq First North Growth Market, which holds an exclusive licence to manufacture PERIC alkaline electrolysers in Europe. The licence, recorded in the IEA's Global Hydrogen Review 2026, comes from PERIC, a state-owned Chinese manufacturer and one of the established suppliers in a domestic alkaline industry with more than 32 GW a year of capacity. It makes Metacon an unusual structure among listed European names: Chinese stack technology built inside Europe, at a point when the European Union's Industrial Accelerator Act, still a proposal as of mid-2026, would require projects it supports to source electrolysers of Union origin. Metacon is among the smallest listed companies in this segment and sits on a growth-market listing rather than a main market, so liquidity and disclosure are correspondingly thinner than at the Oslo and London names alongside it.

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 centres. First Hydrogen is pre-revenue, has not reached series vehicle production, and sits at the micro-cap end of this list.

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.

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.