Green hydrogen, despite the fancy name, is simply hydrogen made with clean electricity. Hydrogen itself isn’t a fuel source to be dug up; it’s an energy carrier, like a battery to be filled and empty. The “green” label just reveals how it’s produced. Instead of using natural gas—called “gray” hydrogen, which releases carbon dioxide—green methods use electricity from renewables to split water into hydrogen and oxygen, a process called electrolysis. If said electricity comes from wind, solar, or other zero-carbon sources, the hydrogen carries that same low-carbon footprint.
In essence, green hydrogen aims to extend electrification to hard-to-electrify corners of the economy. These include the “hard-to-abate” sectors that can’t easily plug into the grid or run on batteries: steel, chemicals, cement, heavy trucks, ships, backup power, and high-temperature industrial heat. (“Blue” hydrogen, a related but different concept, starts with natural gas but tries to capture and store the CO₂.)
In this report, we highlight the top green hydrogen stocks to watch, from pure-plays to industrial giants, driving the shift to clean hydrogen production and use.
Why green hydrogen, why now?
As mentioned, some parts of the economy are hard to electrify. Making steel, cement, fertilizers, and fuels needs very high heat or specific molecules. Hydrogen can deliver both. It can replace coal in steelmaking, become ammonia and methanol for chemicals and shipping, and power heavy trucks, trains, and backup generators where batteries struggle with weight or run time. It also stores energy over days or seasons, soaking up surplus wind and sun and releasing it when the grid is tight.
In addition, several catalysts have converged:
- The cost and availability of clean power is the big unlock. Utility-scale renewables are now the cheapest new electricity in many markets: in 2025, Lazard’s benchmark put standalone U.S. solar around $37–$78/MWh and onshore wind around $37–$86/MWh, creating the low-cost electricity you need to run electrolyzers competitively.
- At the same time, grids are struggling to absorb all that generation. California curtailed 3.4 million MWh of solar and wind in 2024—a 29% jump in one year—meaning power was available but unusable at those hours. Turning those “stranded” electrons into hydrogen is a practical outlet. Hydrogen serves as a pressure valve: it soaks up cheap, off-peak power and moves energy in molecules rather than through congested transmission lines.
- Policy has moved from talk to bankable frameworks. In the U.S., final Treasury rules for the 45V hydrogen production credit are out: up to $3/kg for very low-emission hydrogen. That clarity lets developers finance projects instead of waiting on guidance. Europe’s policies are even more comprehensive, with the European Hydrogen Bank serving as a financing instrument for developing the EU’s hydrogen value chain.
Put simply, the ingredients have snapped into place: cheap but sometimes stranded clean power, firm subsidies with clear rules, and even auction-backed offtake that narrows the price gap.
Pure-Play Green Hydrogen Stocks
These pure-plays make the electrolyzers, stacks, and turnkey plants that produce green hydrogen from water and clean electricity. Their fate hinges on factory scale, supply chains, and policy frameworks that make projects financeable. The market is early, cyclical, and competitive, but cost curves and auctions are moving in their favor. These are the green hydrogen stocks with the most upside—and risk—with direct leverage to capacity additions, technology learning rates, and final investment decisions.
Nel ASA (OSE: NEL)
HQ: Norway; Electrolyzer and hydrogen fueling equipment pure-play.
Nel ASA is one of the world’s oldest and most recognized pure-play hydrogen companies, specializing in electrolyzers and hydrogen fueling equipment. With a heritage back to 1927, Nel has installed over 3,800 electrolyzers worldwide. Nel’s strategy is to drive down the cost of hydrogen through manufacturing efficiency. It opened a fully automated electrolyzer factory at Herøya (Norway) and has plans for a similar gigafactory in Michigan, USA. This is timely, as governments roll out subsidies (like the U.S. hydrogen production credit) and large projects move from planning to procurement. Nel has already secured contracts, from decarbonizing steel production in Sweden to equipping hydrogen fueling stations for heavy trucks in California.
However, Nel’s recent financials illustrate the growing pains of a pioneer. Orders have been lumpy – its order backlog stood around NOK 1.25 billion (~$120 million) in mid-2025, down from last year as some projects awaited final investment decisions. Nel responded by pacing its expansion (even delaying the Michigan factory investment amid market uncertainty). Despite these short-term challenges, few companies can rival Nel’s combination of historical know-how and modern capacity. It is active on both major electrolyzer types (alkaline and PEM, via its US subsidiary) and continues to innovate. For investors looking at pure hydrogen equipment makers, Nel offers a relatively balanced profile: it’s smaller and more volatile than an industrial conglomerate, but far more established than most startups.
ThyssenKrupp Nucera (ETR: NCH2)
HQ: Germany; Industrial-scale alkaline electrolyzer supplier for megaprojects.
ThyssenKrupp Nucera is a global leader in large-scale electrolyzers, born from the industrial pedigree of ThyssenKrupp and Italy’s De Nora. After its mid-2023 IPO, Nucera brought with it a well-filled order book – about €1.4 billion in backlog for over 3 GW of electrolysis projects. These include some of the world’s most publicized green hydrogen ventures, such as the >2 GW alkaline electrolyzer plant for NEOM in Saudi Arabia. Nucera is also building a 200 MW electrolyzer in Rotterdam for Shell and a 700 MW installation in Sweden to make green steel. The company’s technology roots go back 60+ years in chlor-alkali electrolysis (the process used to make chlorine), which is very similar to splitting water. Thus, its alkaline water electrolysis technology is proven at industrial scale and favored for big “hard-to-abate” sectors like chemicals and steel.
For investors, ThyssenKrupp Nucera offers exposure to the megaproject end of green hydrogen. A noteworthy aspect is the backing of strong stakeholders: ThyssenKrupp retains ~50% ownership post-IPO, and Italy’s De Nora ~26%, ensuring stable support and collaboration (De Nora provides specialized electrodes, a critical component). Nucera’s main challenge is managing project execution and costs in a nascent industry – any delays or technical hiccups in these first-of-a-kind plants could affect results. But if the hydrogen economy expands as anticipated, Nucera stands to be a cornerstone supplier to the biggest projects globally.
ITM Power (LSE: ITM)
HQ: UK; PEM electrolyzer specialist with major contracts and Linde partnership.
ITM Power is a UK-based electrolyzer manufacturer that epitomizes the ups and downs of the hydrogen sector, now emerging leaner and more focused. Specializing in PEM (proton exchange membrane) electrolyzers, ITM gained fame for its early lead in this technology and a partnership with Linde. In recent years, ITM faced growing pains – production challenges and leadership changes – but under CEO Dennis Schulz (a Linde veteran) the company executed a turnaround plan in 2023–2024. The results are starting to show. ITM’s contract backlog swelled to about £135 million by early 2025, and the company was selected to supply over 300 MW of electrolyzers for a landmark green hydrogen project in Asia-Pacific. This huge project (for an unnamed power plant) hints at renewed confidence in ITM’s products. It’s contingent on a final investment decision, but if it proceeds, it will roughly triple ITM’s deployed capacity, firmly placing it among top-tier suppliers.
Beyond equipment sales, ITM is innovating its business model. In mid-2025 it launched a venture called Hydropulse to build and operate modular hydrogen production plants. This move to “hydrogen-as-a-service” could help stimulate demand by providing turnkey hydrogen supply to end-users, while generating recurring revenue. The hydrogen market’s initial hype has tempered, and ITM’s share price with it, but the company now has tangible projects and a clearer strategy. Hurdles remain, but ITM’s strategic partnership with Linde (which owns a stake) and the recent 300 MW win point toward a potential comeback story.
Plug Power (NASDAQ: PLUG)
HQ: USA; Vertically integrated green hydrogen producer and fuel cell provider.
Plug Power is building a full-stack green hydrogen ecosystem and has arguably the broadest scope in the industry. This U.S. company started with fuel cells for forklifts and has since expanded across the hydrogen value chain: it makes electrolyzers, operates hydrogen production plants, builds fueling stations, and produces fuel cell systems for vehicles and stationary power. Plug opened North America’s largest green hydrogen plant in Georgia in 2024 (15 tons per day capacity). With additional sites in Tennessee and Louisiana now online, Plug’s network can produce about 40 tons of liquid hydrogen per day, making it the largest hydrogen producer in the United States. A Texas plant due by end-2025 will add another 45 TPD. This production feeds its logistics customers like Amazon, Walmart, and Home Depot, who use Plug’s fuel cell forklifts in distribution centers.
For investors, Plug Power represents a high-conviction bet on hydrogen’s commercialization. Revenue climbs as it penetrates new markets, such as stationary backup power, aviation, and steelmaking. The company also benefits from policy support: its U.S. plants can earn up to $3/kg in tax credits under the IRA. The flip side is that Plug is still burning cash to build out infrastructure and has yet to turn an annual profit. It has bolstered its balance sheet via strategic partnerships (SK Group in Asia, Renault in Europe) and a $1.6 billion DOE loan guarantee for its hydrogen buildout. If Plug executes, the payoff could be substantial – essentially becoming an “Amazon of Green Hydrogen.”
Fuel Cell & Hydrogen Usage Companies
These companies turn hydrogen into useful work through fuel cells and hydrogen engines in buses, trucks, ships, data centers, and backup power. They sit closest to the customer, where performance, durability, and service matter as much as cost. Adoption is uneven but accelerating in niches batteries struggle with. Among green hydrogen stocks, this group has higher-beta exposure to demand, driven by design wins and fleet rollouts, with meaningful optionality from aftermarket revenue and recurring fuel contracts.
Ballard Power Systems (NASDAQ: BLDP)
HQ: Canada; PEM fuel cell pioneer for mobility and stationary power.
Ballard Power is a pioneer in hydrogen fuel cells, focused on zero-emission power for heavy transport. For over 40 years, this Canadian company has developed proton-exchange membrane (PEM) fuel cells, and today Ballard’s technology powers over 1,800 buses worldwide that have logged 200 million miles in service. This real-world track record, with 99% uptime and no safety incidents reported, is crucial: it shows Ballard’s fuel cells are durable and road-proven. Transit agencies and truck makers are taking note. In 2024 alone, Ballard received orders for 1,600 fuel cell engines across 7 different bus OEMs, signaling accelerating adoption. Beyond buses, Ballard is expanding into trains (supplying fuel cells for locomotives), marine vessels (a recent 6.4 MW order for cargo ship fuel cells), and stationary power.
Ballard’s thesis centers on it being a leading supplier of fuel cell engines for all these hard-to-electrify sectors like buses, trucks, trains, and marine. The company’s strategic partnerships – e.g. Weichai in China (which helps Ballard access the huge Chinese bus/truck market) – and its ongoing cost reduction efforts aim to drive scale. Ballard has been upfront that industry growth has been slower than hoped, prompting cost cuts and a pause on a planned new factory in 2025. However, its strengthened focus on core markets (bus, truck, rail) and the momentum of government zero-emission mandates bolsters its long-term thesis. Ballard’s balance sheet also has historically been strong, supported in part by strategic investors.
Bloom Energy (NYSE: BE)
HQ: USA; Solid oxide fuel cell and electrolyzer provider for data centers and industry.
Bloom Energy provides a unique angle on hydrogen: it sells solid oxide fuel cells that can run on natural gas today and convert to green hydrogen tomorrow. Bloom’s fuel cell “Energy Servers” are exceptionally efficient and capable of continuous power output. This reliability has made Bloom a go-to provider for data centers and other 24/7 facilities. In fact, Bloom has secured over 300 MW of fuel cell orders for data centers, including a deal where a utility reserved 1 GW of Bloom’s systems to power new server farms awaiting grid hookups. The key is that Bloom’s solid oxide technology can use multiple fuels: customers can install units now on natural gas for immediate cleaner power, and later switch to hydrogen with the same equipment. This “gas now, hydrogen later” strategy has paid off; orders surged in 2024–25 while some PEM fuel cell peers struggled.
Bloom is effectively a transitional winner: it addresses current needs (resilient power, no waiting for hydrogen infrastructure) while staying relevant for the future hydrogen economy. The company is also a leader in electrolyzers – its high-temperature solid oxide electrolyzer can produce hydrogen with unmatched efficiency, a product that Bloom is beginning to commercialize. Financially, Bloom’s revenues have been growing (driven by data center deployments) but it’s still working toward consistent profitability. The big picture, however, is that Bloom aims to be the one-stop shop for large industrial and technology customers. Investors who want exposure to hydrogen without betting on far-future scenarios may find Bloom appealing as a “bridge” business.
FuelCell Energy (NASDAQ: FCEL)
HQ: USA; Developer of high-temp fuel cells for power, hydrogen, and carbon capture.
FuelCell Energy specializes in stationary fuel cell plants that can produce hydrogen and capture carbon, providing a multi-solution approach to decarbonization. The company’s proprietary carbonate fuel cell technology operates at high temperature and can use fuels like natural gas or biogas. When configured appropriately, these fuel cell systems can capture CO₂ from exhaust streams while generating electricity. This has led to a high-profile partnership with ExxonMobil, who are piloting FuelCell’s system in Rotterdam to capture over 90% of CO₂ from a gas power plant’s emissions. FuelCell Energy is also deploying “Tri-gen” systems that produce electricity, heat, and hydrogen simultaneously. In California, it built a 2.3 MW Tri-gen plant for Toyota that yields up to 1,200 kg of hydrogen per day from renewable biogas to power Toyota’s operations and vehicles.
FuelCell Energy has faced financial ups and downs, but it has carved out a niche with unique carbon-capturing fuel cells that large incumbents don’t have. Governments and industries aiming for carbon neutrality could turn to such technology to retrofit polluting plants or to locally produce hydrogen. To be sure, this is a long-term, higher-risk play; widespread adoption of fuel cells for carbon capture or distributed hydrogen is still in early stages. However, the upside could be significant. FuelCell Energy is proving its solutions in real projects (like Toyota’s and Exxon’s), and if these successes scale up, the company could move from niche to indispensable in a carbon-constrained world.
Ceres Power (LSE: CWR)
HQ: UK; Solid oxide cell tech licensor with global manufacturing partners
Ceres Power is a UK-based technology licensor at the forefront of fuel cells and electrolyzers. Rather than mass-producing hardware itself, Ceres develops efficient solid oxide cell technology and partners with industrial giants to bring it to market. Engine-maker Weichai in China and conglomerate Doosan in Korea both invested and licensed Ceres designs. Ceres’ solid oxide fuel cells operate at high efficiency and can provide clean power for buildings, data centers, and even vehicles (as range extenders). But the real jewel might be Ceres’ solid oxide electrolyzer (SOEC) technology. In a joint program with Shell, Ceres demonstrated a 1 MW electrolyzer module in 2024 and has now been contracted to design a 10 MW SOEC system capable of producing hydrogen at 36 kWh per kg, a very high efficiency. Shell’s goal is to scale this to “hundreds of megawatts” for refineries and green fuels.
Ceres Power offers a strategic play on green hydrogen tech with a capital-light approach. Its licensing strategy means it can piggyback on partners’ manufacturing might. While a 2025 decision by Bosch to exit a joint venture was a setback, Ceres still has an array of committed partners across Asia and Europe driving its tech forward. The risk is that timing can be slow; market adoption depends on partners’ execution and broader hydrogen spending. The upside, however, is that Ceres could earn high-margin royalty streams if its technology becomes industry standard. With over 150 patent families and 20+ years of R&D, Ceres is a “brains not bricks” green hydrogen stock.
Diversified Industrials with Green & Blue Hydrogen Projects
These are the industrial gas majors and diversified manufacturers building and operating hydrogen plants, pipelines, and storage at scale. They mix blue hydrogen projects that monetize carbon capture with green projects that soak up cheap renewables. Among green hydrogen stocks, this segment offers cash-flow resilience, engineering depth, and multi-year backlogs. It’s the lower-volatility way to own the build-out while keeping upside from policy and demand growth.
Linde plc (NYSE: LIN)
HQ: Ireland; Industrial gas giant scaling green and blue hydrogen globally.
Linde is a global industrial gas leader positioning itself at the heart of the hydrogen economy. The company boasts a $10 billion backlog of low-carbon hydrogen projects spanning both green hydrogen (from renewables) and blue hydrogen (from natural gas with carbon capture). This dual approach gives Linde flexibility to meet demand across regions and regulations. Concrete progress is visible: in New York, Linde’s new 35 MW electrolyzer will double its U.S. green hydrogen capacity by late 2025, while in Germany a 24 MW plant is already cutting 40,000 tons of CO₂ annually. Linde is also partnering in Norway to produce green hydrogen for ammonia, proving industrial decarbonization can be profitable.
Financially, Linde leverages its size to turn clean energy into a solid business. Its hydrogen projects build on decades of engineering expertise and existing infrastructure (pipelines, storage, and customer networks), reducing execution risk. The company isn’t shying away from big bets: its largest project ever is a $2 billion low-carbon hydrogen plant in Alberta, supplying Dow’s planned net-zero petrochemical complex. By producing hydrogen from natural gas and capturing CO₂, Linde will fuel Dow’s processes with minimal emissions. For investors, Linde offers a rare mix of stable profits and hydrogen growth potential. In an emerging sector full of startups, Linde stands out as a financially robust incumbent using its know-how to drive the green transition – a long-term play on hydrogen with lower volatility than pure-play newcomers.
Air Products & Chemicals (NYSE: APD)
HQ: USA; Leader in mega-scale green and blue hydrogen projects.
Air Products & Chemicals is leveraging its expertise in industrial gases to pursue bold projects in green hydrogen. The company is the lead partner in the world’s largest green hydrogen project: the NEOM complex in Saudi Arabia, a 2.2 GW endeavor now ~80% complete. By 2027, NEOM is slated to produce 600 tons of hydrogen per day (via green ammonia) to fuel transportation globally, cementing Air Products as a first mover in mega-scale hydrogen. In the U.S., Air Products has likewise committed billions: it’s developing a $4.5 billion “blue” hydrogen plant in Louisiana to make hydrogen from natural gas with carbon capture. This diversified strategy – green projects abroad and lower-carbon blue projects at home – positions Air Products to meet rising demand wherever economics are most favorable.
What sets Air Products apart is its willingness to invest at record scale ahead of full demand maturity. These projects are high risk and capital intensive, but if successful they could give the company a near-insurmountable lead in hydrogen supply. Air Products’ long-term contracts (as the sole offtaker of NEOM’s output, for example) can provide stable future revenue. The company’s decades of supplying hydrogen (to refineries and industries) mean it brings operational know-how and customer relationships that new entrants lack. For investors, Air Products offers exposure to hydrogen growth supported by its core profitable gas business. There are execution challenges, such as finding buyers for all that hydrogen, but Air Products’ early bets could pay off as industries decarbonize.
Air Liquide (EPA: AI)
HQ: France; Global gas firm integrating green hydrogen into industry and mobility.
Air Liquide, France’s industrial gas giant, is quietly building a green hydrogen empire in Europe and beyond. The company is investing heavily across the value chain: it has a joint venture with Siemens Energy to mass-produce electrolyzers, targeting 3 GW per year of capacity by 2025, and it’s deploying these units in flagship projects. In the Netherlands, Air Liquide and partner TotalEnergies are developing two 250 MW offshore wind–powered electrolyzer sites to supply refineries with 45,000 tons of green hydrogen annually. Similarly, Air Liquide launched a 20 MW electrolyzer in Germany in 2024 and already operates one of the world’s largest (20 MW) PEM electrolyzers in Canada. These projects reflect Air Liquide’s strategy: use its engineering prowess and regional partnerships to integrate hydrogen into existing industries (refining, chemicals, steel) where decarbonization is urgent.
Air Liquide’s competitive edge lies in its combination of experience and innovation. It has been handling hydrogen for decades as a supplier to electronics and refinery customers. It’s now leveraging that infrastructure – pipelines, storage, distribution – to scale new hydrogen solutions quickly. The company also benefits from Europe’s policy push by securing government grants, including €190 million for a 200 MW electrolyzer in Normandy. Financially, Air Liquide is a stable cash-generating business (from its traditional gases) that can afford to invest patiently in hydrogen. Air Liquide offers a balanced hydrogen play; it’s less flashy than pure startups, but its projects like the Dutch wind-to-hydrogen and German electrolysis deployments show it is deeply entrenched in the energy transition.
Cummins Inc. (NYSE: CMI)
HQ: USA; Engine maker pivoting into electrolyzers, fuel cells, and hydrogen engines.
Cummins is a surprise contender in green hydrogen, transforming from a diesel engine stalwart into a provider of hydrogen technology. The company recognized that heavy transport is moving toward zero-emission solutions and has aggressively invested in fuel cells, hydrogen engines, and electrolyzers. Through its New Power division (branded as “Accelera”), Cummins now supplies large-scale electrolyzers – for example, it’s providing a 35 MW PEM electrolyzer for Linde’s Niagara Falls green hydrogen plant – and has equipped hydrogen trains in Europe with fuel cells. Cummins is even developing hydrogen combustion engines (H2-ICE) to offer trucking fleets an easier transition from diesel. These initiatives tap into Cummins’ core strength: deep expertise in heavy-duty powertrains and a global manufacturing footprint.
In essence, Cummins offers the stability of an industrial blue-chip with a hydrogen kicker. Its legacy engine business provides cash flow and relationships with truck and equipment OEMs, while its hydrogen unit positions it for future growth. Cummins projects its hydrogen ventures could generate $6–13 billion in revenue by 2030, with about $400 million as soon as 2025. The company is scaling production accordingly, expanding an electrolyzer factory in the U.S. and targeting 1 GW/year capacity. While the New Power division is not yet profitable (expected breakeven by 2027), Cummins’ early traction suggests it can compete with pure-plays.