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. Shell’s goal is to scale this to “hundreds of megawatts” for refineries and green fuels. Topsoe is a Danish technology leader specializing in catalysts, process technologies, and engineering solutions for hydrogen production, ammonia synthesis, and industrial decarbonization.

• The company’s proprietary carbonate fuel cell technology operates at high temperature and can use fuels like natural gas or biogas.
• Relatively low oil and gas prices have made more-expensive green hydrogen less attractive.
• The drawback of hydrogen as a fuel source is that it’s rarely found in an easily extractable form.
• That’s because it’s got an actual hydrogen business already — in addition to its other businesses.
• ITM Power’s PEM electrolyzers are commercially mature and scalable, with proven efficiency for both industrial and mobility applications.

The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. Latham Group benefits from U.S. federal and state programs supporting residential construction and energy efficiency, which indirectly support the demand for in-ground pools and related products. Plug Power’s PEM electrolyzer technology is operational and has demonstrated scalability, with the Georgia plant setting a U.S. production record by producing 300 metric tons of liquid hydrogen in April 2025.

Air Products And Chemicals

Investors interested in emerging markets may consider investing in green hydrogen stocks, which are constantly praised by renewable energy enthusiasts as an essential part of the 100% renewable goal. Adani Green’s scale in renewable energy and its vertically integrated solar-to-hydrogen approach provide a strong cost advantage. Early mover status in India’s green hydrogen market positions the company to capture significant market share. Reliance leverages Indian government incentives for green hydrogen, including capital subsidies, low-interest financing, and renewable energy integration programs.

Air Products

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.

FuelCell Energy is a U.S.-based developer of stationary fuel cells and integrated hydrogen solutions. The company specializes in carbon-capture-enabled fuel cells and green hydrogen production, targeting industrial, utility, and distributed power markets. The growth potential of green hydrogen stocks in 2025 will be driven by strong policy support, falling production costs, and rising large-scale projects, making it a promising clean energy opportunity. 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.

It’s one of the world’s largest hydrogen buyers and operates a leading hydrogen refueling network in North America with more than 275 fueling stations. Plug Power is building an end-to-end green hydrogen network to produce, store, and deliver the fuel across North America and Europe. High-profile ventures like its PLUG-assisted power plant still keep it on the hydrogen stock radar. That’s because it’s got an actual hydrogen business already — in addition to its other businesses.

Types of Energy Sector Exposure in Green Hydrogen Stocks

Its electrolyzers and Power-to-X technologies are commercially tested and deployed at multiple industrial and utility-scale facilities. 3/5 – While Ceres benefits from government support for clean energy R&D, its licensing model reduces dependency on direct policy subsidies compared with full-scale hydrogen producers. Ceres Power’s intellectual property, strong patent portfolio, and licensing-based business model provide scalability and reduced execution risk.

• In essence, Cummins offers the stability of an industrial blue-chip with a hydrogen kicker.
• Bloom Energy can pair its Bloom Electrolyzer with solar energy and wind energy to generate green hydrogen, which it can store and eventually turn back into electricity for future use.
• Making steel, cement, fertilizers, and fuels needs very high heat or specific molecules.
• However, the company faces challenges in securing consistent and scalable funding.

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. In October 2025, Plug Power delivered its first electrolyzer for a 100-megawatt green hydrogen project at Galp’s refinery in Europe. The company noted that multiple large-scale projects are progressing toward final investment decisions in 2026, positioning the company for continued growth. Hydrogen stocks are publicly traded companies seeking to capitalize on the enormous potential of hydrogen.

Higher interest rates have weighed on project financing, while supply chain disruptions and inflation have also made renewable energy developments more expensive. The worldwide government sector provides incentives together with subsidies and tax credits to boost investment activities. Numerous green hydrogen projects have been announced worldwide yet many of them exist only at the planning or pilot development stage. 5/5 – Hyzon’s success is highly dependent on government incentives and policies supporting hydrogen infrastructure and zero-emission vehicles.

The Best Green Hydrogen Stocks to Buy Now (December

Bloom reported its second-quarter numbers in late July, delivering its third straight quarter of record revenue and profits.

What regulatory risks affect green hydrogen investments?

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Linde plc (LIN) – Ireland / Global

Thyssenkrupp is expanding green hydrogen integration at its steel plants and has signed agreements with European utilities and industrial partners to deploy electrolyzer projects. Recent pilot projects show promising efficiency improvements and CO₂ reduction. Thyssenkrupp’s industrial electrolysis technologies are proven in pilot and mid-scale deployments. Its hydrogen integration with steel production processes is a differentiator, providing early mover advantage in industrial decarbonization. Thyssenkrupp benefits from German and EU hydrogen funding initiatives, including grants for industrial decarbonization and technology pilot programs. The company leverages public-private partnerships to reduce project risk and improve ROI.

The combination of new technology with decreasing wind and solar energy prices results in reduced production expenses. The improved competitiveness of green hydrogen against conventional fuels will drive its adoption by more people and businesses. The fast growth of green hydrogen occurs because numerous governments implement supportive regulations and financial backing. The U.S. government extended tax benefits for clean hydrogen production until 2028. Ceres Power offers a strategic play on green hydrogen tech with a capital-light approach.

Bloom’s proprietary fuel cell and electrolyzer technology, combined with early adoption of hydrogen projects in industrial applications, positions it as a technology-driven growth leader in clean power. Inflation Reduction Act (IRA) and EU Green Deal funding, which support the development of hydrogen infrastructure and clean energy projects. Bloom’s fuel cell systems can run on hydrogen, biogas and natural gas, giving the company a larger market until green hydrogen becomes more widely adopted. The company’s technology can be used by utilities and the transportation industry, giving it an edge in two sectors that are facing pressure to decarbonize. Thyssenkrupp is a German industrial conglomerate with a strong focus on steel production and industrial hydrogen solutions.

The U.S. Department of Energy’s Hydrogen Shot program works to achieve production cost targets of around $1 per kilogram during the early 2030s. The market success depends on executing projects and securing financing to develop infrastructure which will support growing industrial demands. Latham Group is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. The company offers green hydrogen stocks a portfolio of pools and related products, including fiberglass and vinyl pools, pool covers, and liners. Latham Group was formerly known as Latham Topco, Inc. and changed its name to Latham Group, Inc. in March 2021.

Linde plc is the world’s largest industrial gas company, headquartered in Ireland, with a significant presence in the global hydrogen sector. The company operates extensive hydrogen production, liquefaction, and distribution networks, making it central to global decarbonization efforts. Linde is actively building out electrolyzer capacity across the U.S., Europe, and Asia, supported by long-term contracts and clean hydrogen hubs. 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.

It could produce as much as 11,000 tons of green hydrogen annually once commissioned in 2027. Given the potential of clean hydrogen, a growing number of companies are investing in the sector. Many energy and industrial companies are in the early stages of exploring the possibility of hydrogen energy. Time lags between policy announcements and implementation have caused developers to delay projects. And the requirements for qualifying for one of the biggest potential boons to green hydrogen, a tax credit within the Inflation Reduction Act, have proven stricter than the industry was hoping for.