1. Plug Power Inc.
Considered a leader in the hydrogen fuel cell industry, Plug Power Inc. has been leading the sphere since its inception. Supplying power systems that run on hydrogen for electric vehicles like forklifts and other materials handling equipment, the company competes directly with battery-powered solutions. Furthermore, due to the vast potential of hydrogen fuel cells, Plug Power’s perspective for the future looks promising, boasting a growth rate that outcompetes many in the energy sector.
2. Ballard Power Systems
Being another potent player in the hydrogen fuel cell technology field, Ballard Power Systems offers its products for various sectors, including bus, rail, marine, and trucks. With over 40 years in the field, the firm boasts a plethora of patents, products, and notable collaborations. Its consistent investment in R&D of fuel cell technology places it amongst the top hydrogen companies in 2024.
3. Bloom Energy
Bloom Energy is renowned for its solid-oxide fuel cell technology. Unlike other companies that focus on mobile applications of hydrogen fuel cells, Bloom Energy’s primary target market is stationary power consumers like data centers, commercial businesses, and hospitals. Benefitting from the green energy revolution, Bloom Energy has grown its customer base rapidly, including leading tech companies like Apple and Google.
4. PowerCell Sweden
This Swedish company is worth watching due to its focus on hydrogen fuel cell development for the automotive industry. Partnering with several industry heavyweights, PowerCell Sweden has pushed to bring out their fuel cell systems for commercial usage. Although still a smaller player compared to others, its role in Europe’s aggressive decarbonization efforts should not be underestimated, setting it up for potential growth.
5. ITM Power
ITM Power, a UK-based firm, specializes in developing gear to produce green hydrogen. The company manufactures integrated hydrogen energy systems that meet global regulations for safety, quality, and environmental standards. As countries continue to seek alternative energy sources, the substantial need for hydrogen energy system integration sets ITM Power in a favorable position for growth.
6. Nel ASA
Nel ASA, based in Norway, is primarily engaged in the hydrogen fuel market’s development. Specializing in delivery solutions, from the production of the gas to the point of end-use, Nel ASA offers a holistic approach to the hydrogen fuel chain. The company is well-known for its electrolyzers, used in the production of the hydrogen gas itself.
7. Hydrogenics
Hydrogenics, a Cummins Inc. company, is a globally recognized developer and provider of hydrogen generation and fuel cell products. The company creates solutions for a set of industries, including renewable energy, municipality, and industrial sectors. The growth of these sectors serves as a potential for this company to remain amongst the biggest in 2024.
8. FuelCell Energy
FuelCell Energy develops eco-friendly power solutions suitable for utilities, municipalities, universities, government entities, and various industrial and commercial enterprises. The high efficiency of these cells makes them more appealing to these industries, making FuelCell Energy a significant player in 2024.
9. Air Products & Chemicals
Air Products & Chemicals focuses more on the industrial gas sector but includes hydrogen among its offerings. The company provides atmospheric and process gases and related equipment to various industries, including refining and petrochemical, metals, electronics, and food and beverage. As the demand for hydrogen continues to grow, especially in refining and petrochemical industries, Air Products & Chemicals response to this demand could spotlight them as one of the most prominent hydrogen stocks.
These companies represent the broad range of the hydrogen sector in 2024. From direct fuel cell manufacturers to industrial solutions, the projected growth of the hydrogen industry offers vast potential for both investors and the planet alike.
