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Written by Itsariya Doungnet
Fact checked by Samer Hasn
Updated 24 October 2025
Table of Contents
The interest of investors in green hydrogen stocks for 2025 is rising because it offers pollution reduction solutions for industries and climate goal achievement for countries. The best green hydrogen companies 2025 will experience quick expansion because new technology reduces costs and governments continue to adopt the technology.
Green hydrogen stocks present itself as a promising investment chance for the future because the world advances toward cleaner energy while fighting climate change.
Key Takeaways
Green hydrogen stocks provide investors with both established giants that offer stability and pure-play companies that demonstrate high growth potential.
Investors who spread their investments across production, storage and distribution segments will both minimize their risks and gain access to additional market opportunities.
The green hydrogen sector depends heavily on government policies and incentives to drive both growth and profitability.
Investors need to weigh the long-term growth potential against market volatility and technological risks when choosing stocks.
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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.
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.
The tax incentives led Plug Power and Bloom Energy to experience rising stock prices. Government support programs create favorable conditions for investors to purchase green hydrogen stocks.
The production costs of green hydrogen continue to decrease. 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.
Numerous large-scale green hydrogen projects are starting all over the world. The NEOM Green Hydrogen Complex in Saudi Arabia serves as a prominent example because it receives financial support from major companies including ACWA Power and Air Products.
The facility plans to begin operations by 2026 as green hydrogen emerges as a practical massive energy solution. The industry experiences rapid growth through these projects.
The growth of green hydrogen attracts multiple energy companies across different parts of the value chain. Some transition from conventional fuels, others build clean energy capabilities, and some focus solely on hydrogen technology.
Category
Description
Examples
Industrial Gas & Infrastructure Giants
Major companies building production facilities, transportation systems, and storage networks.
Linde, Air Products & Chemicals, Air Liquide
Pure-Play Hydrogen Technology
Specialized companies dedicated to developing fuel cells, electrolyzers, and storage solutions.
Bloom Energy, Ballard Power Systems, ITM Power
Equipment Manufacturers
Firms provide essential components like engines, catalysts, and specialized materials.
Cummins, DuPont de Nemours, Ceres Power Holdings
Renewable Energy & Utilities
Companies extending wind/solar operations to produce green hydrogen at scale.
Engie, National Thermal Power Corporation (NTPC)
Diversified Conglomerates & O&G Transition
Large industrial or energy firms using their size to invest heavily in green hydrogen.
Reliance Industries, Oil & Natural Gas Corporation (ONGC)
Here are the 21 best green hydrogen stocks to invest in for 2025, curated from the established industrial giants to the high-growth pure-play innovators.
No.
Company Name
Country
Primary Focus
Investment Suitability
Risk
1
Linde plc (LIN)
Ireland / Global
Industrial gases, large-scale hydrogen infrastructure
Stable blue-chip exposure to hydrogen economy
2
Air Products & Chemicals (APD)
U.S.
Hydrogen production, large project developer (NEOM, Louisiana)
Strong long-term hydrogen growth exposure
3
Air Liquide (AIQUY)
France
Industrial gases, hydrogen refueling & infrastructure
Core European hydrogen play with global footprint
4
Engie (ENGI)
Renewable power generation & hydrogen infrastructure
Diversified renewable utility with hydrogen upside
5
Bloom Energy (BE)
Solid oxide fuel cells & electrolyzer systems
Technology-driven growth play in clean power
6
ITM Power (ITMPF)
U.K.
PEM electrolyzer manufacturing
Pure-play electrolyzer exposure; strategic Linde ties
7
Nel ASA (NLLSF)
Norway
Electrolyzers & hydrogen fueling stations
Well-diversified European electrolyzer leader
8
McPhy Energy (MCPHY)
Alkaline & PEM electrolyzers
Promising European electrolyzer manufacturer
9
Ballard Power Systems (BLDP)
Canada
Hydrogen fuel cells for mobility & heavy transport
Key fuel cell technology provider
10
Plug Power (PLUG)
Fuel cells & green hydrogen production
High-growth U.S. hydrogen systems developer
11
Ceres Power Holdings (CWR)
Solid oxide fuel cell (SOFC) technology licensing
Intellectual-property-driven fuel cell exposure
12
FuelCell Energy (FCEL)
Stationary fuel cells & carbon capture integration
Niche stationary hydrogen play
13
Cummins Inc. (CMI)
Industrial engines, electrolyzer manufacturing
Diversified industrial hydrogen exposure
14
Siemens Energy (SMEGF)
Germany
Electrolyzer systems, Power-to-X technology
Large-cap European energy transition leader
15
Topsoe (TOPS)
Denmark
Hydrogen & green ammonia catalysts
Strong ammonia/hydrogen technology leadership
16
Thyssenkrupp (TKAMY)
Industrial electrolysis & steel decarbonization
Key player in industrial hydrogen applications
17
Reliance Industries (RELIANCE)
India
Integrated green hydrogen & renewable projects
Strategic emerging-market hydrogen exposure
18
Adani Green Energy (ADANIGREEN)
Solar-integrated green hydrogen production
High-growth solar-to-hydrogen synergy
19
Fusion Fuel Green (HTOO)
Ireland
Solar-to-hydrogen technology developer
Small-cap, early-stage hydrogen innovator
20
Hyzon Motors (HYZN)
Hydrogen mobility & fuel cell trucks
Speculative fuel cell vehicle exposure
21
Latham Group (SWIM)
Emerging clean-tech manufacturing
Peripheral exposure, speculative bet
Current Price (24th October 2025): $450.08
Risk Rating: 1 (Most Stable)
Company Overview:
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.
Key Financial Metrics:
Market Cap: $211.05 billion
P/E Ratio: 31.99
Revenue (TTM): $33 billion
Hydrogen Capacity (by 2025): >2 GW in development
Free Cash Flow: Consistently positive
Project Pipeline (2024–2025):
Project Name
MW Capacity
Location
Timeline
Texas Hydrogen Hub
200 MW
Texas, USA
2025–2026
European Electrolyzer JV
300 MW
2025–2027
Asian Hydrogen Project
500 MW
South Korea
2025–2028
Government Support:
Linde benefits from various government incentives, including the U.S. Inflation Reduction Act (IRA) and EU Green Deal funding, which support the development of hydrogen infrastructure and clean energy projects.
Technology Maturity:
Linde's hydrogen production and distribution technologies are well-established, with decades of operational experience. The company's focus on scaling electrolyzer capacity and integrating renewable energy sources further enhances the maturity and reliability of its technology portfolio.
Current Catalyst (2024–2025):
Linde is expanding its Texas hydrogen hub and co-developing major electrolyzer projects with ITM Power and Plug Power in Europe. Participation in U.S. IRA (45V) and EU Hydrogen Bank auctions further solidifies its long-term positioning.
Competitive Advantage:
Linde's extensive global infrastructure, established partnerships, and technological leadership provide a significant competitive edge in the hydrogen sector. The company's ability to execute large-scale projects and secure long-term contracts positions it as a reliable partner in the transition to a low-carbon economy.
Policy Dependency Score:
4/5 – Linde's hydrogen projects are highly dependent on government incentives and policy support, particularly in the U.S. and Europe. Changes in policy or the expiration of incentives could impact project economics and timelines.
Current Price (24th October 2025): $254.93
Risk Rating: 2
Air Products & Chemicals is a leading U.S.-based industrial gases company and one of the largest developers of hydrogen infrastructure globally.
The company is heavily involved in green hydrogen projects, including major hubs in Louisiana and NEOM (Saudi Arabia). Air Products’ extensive pipeline of large-scale hydrogen projects and long-term offtake contracts position it as a core player in the global hydrogen economy.
Market Cap: $105 billion
P/E Ratio: 30.5
Revenue (TTM): $29 billion
Hydrogen Capacity (by 2025): >1.5 GW in development
Free Cash Flow: Strong and stable, supporting strategic hydrogen investments
Louisiana Clean Energy Complex
Louisiana, USA
NEOM Green Hydrogen Complex
600 MW
NEOM, Saudi Arabia
European Refineries Supply
70,000 tons/year
Northern Europe
2030–2045
Air Products benefits from various government incentives, including the U.S. Inflation Reduction Act (IRA) and EU Green Deal funding, which support the development of hydrogen infrastructure and clean energy projects.
Air Products' hydrogen production and distribution technologies are well-established, with decades of operational experience. The company's focus on scaling electrolyzer capacity and integrating renewable energy sources further enhances the maturity and reliability of its technology portfolio.
Air Products is actively expanding its global hydrogen network, including new production facilities and partnerships for large-scale green hydrogen. U.S. IRA incentives and international collaborations are expected to accelerate project execution and strengthen the company’s long-term growth prospects.
Air Products' extensive global infrastructure, established partnerships, and technological leadership provide a significant competitive edge in the hydrogen sector. The company's ability to execute large-scale projects and secure long-term contracts positions it as a reliable partner in the transition to a low-carbon economy.
4/5 – Air Products' hydrogen projects are highly dependent on government incentives and policy support, particularly in the U.S. and Europe. Changes in policy or the expiration of incentives could impact project economics and timelines.
Current Price (24th October 2025): $196.50
Air Liquide is a global leader in industrial gases, with a strong focus on hydrogen production and distribution. The company is actively involved in large-scale hydrogen projects across Europe and North America, aiming to decarbonize industrial operations and contribute to the development of a sustainable hydrogen economy.
Market Cap: $120 billion
P/E Ratio: 28.4
Revenue (TTM): $25 billion
Hydrogen Capacity (by 2025): >1.2 GW in development
Maasvlakte Electrolyzer
Rotterdam, Netherlands
La Mède Biorefinery
25,000 t/year
Provence-Alpes-Côte d’Azur, France
Rhine-Ruhr Refueling Stations
20 MW
Oberhausen, Germany
2025-2026
Air Liquide benefits from various government incentives, including the EU Green Deal and national funding programs in France, the Netherlands, and Germany, which support the development of hydrogen infrastructure and clean energy projects.
Air Liquide's hydrogen production and distribution technologies are well-established, with decades of operational experience. The company's focus on scaling electrolyzer capacity and integrating renewable energy sources further enhances the maturity and reliability of its technology portfolio.
Air Liquide is actively expanding its global hydrogen network, including new production facilities and partnerships for large-scale green hydrogen. EU Green Deal incentives and international collaborations are expected to accelerate project execution and strengthen the company’s long-term growth prospects.
Air Liquide's extensive global infrastructure, established partnerships, and technological leadership provide a significant competitive edge in the hydrogen sector. The company's ability to execute large-scale projects and secure long-term contracts positions it as a reliable partner in the transition to a low-carbon economy.
4/5 – Air Liquide's hydrogen projects are highly dependent on government incentives and policy support, particularly in Europe. Changes in policy or the expiration of incentives could impact project economics and timelines.
Current Price (24th October 2025): $26.80
Engie is a global renewable energy and utility company with significant investments in green hydrogen production, electrolysis, and energy infrastructure. The company focuses on large-scale hydrogen projects in Europe, North America, and emerging markets, aiming to decarbonize energy-intensive industries and expand renewable hydrogen solutions.
Market Cap: $85 billion
P/E Ratio: 23.5
Revenue (TTM): $75 billion
Hydrogen Capacity (by 2025): >0.8 GW in development
Free Cash Flow: Positive, supporting expansion into hydrogen projects
Dunkirk Green Hydrogen Hub
150 MW
Dunkirk, France
North Sea Electrolyzer JV
Netherlands
Texas Renewable Hydrogen Plant
100 MW
Engie benefits from EU Green Deal funding, French and Dutch national incentives, and U.S. IRA grants for renewable hydrogen projects. These programs provide financial backing and accelerate deployment of large-scale electrolyzer and hydrogen storage facilities.
Engie leverages proven electrolyzer technologies integrated with its renewable power assets. The company has experience in scaling projects while maintaining high operational efficiency and safety standards.
Engie is actively expanding its hydrogen portfolio through joint ventures and partnerships with Linde, ITM Power, and local governments. Recent U.S. IRA grants and EU hydrogen auctions support the construction of multiple renewable hydrogen hubs.
Engie’s diversified renewable energy portfolio, strategic international partnerships, and early adoption of electrolyzer technology provide a strong competitive edge. Its global reach allows it to scale hydrogen production and distribution efficiently across multiple regions.
4/5 – Engie’s hydrogen initiatives rely heavily on government incentives and supportive policies in Europe and North America. Any changes could affect project timelines and economic viability.
Current Price (24th October 2025): $23.40
Bloom Energy specializes in solid oxide fuel cells (SOFC) and electrolyzer systems for clean power generation and hydrogen production. The company focuses on decarbonizing commercial, industrial, and utility-scale energy operations while expanding its green hydrogen footprint in the U.S. and internationally.
Market Cap: $4.5 billion
P/E Ratio: Not applicable
Revenue (TTM): $1.8 billion
Hydrogen Capacity (by 2025): >0.25 GW in development
Free Cash Flow: Improving, supported by government grants and partnerships
California Hydrogen Plant
75 MW
California, USA
Northeast Fuel Cell Deployment
50 MW
New York & Massachusetts, USA
Texas Industrial Hydrogen Hub
2025-2027
Bloom Energy has received funding through U.S. IRA tax credits and DOE clean hydrogen grants. These incentives support large-scale fuel cell deployment and electrolyzer expansion.
Bloom’s SOFC and electrolyzer technologies are commercially proven, with a focus on long-duration, high-efficiency hydrogen and power generation. The company is scaling operations while reducing unit costs.
Bloom Energy is expanding electrolyzer capacity in the U.S., entering partnerships with industrial clients for green hydrogen supply. New contract wins for utility-scale and industrial hydrogen projects provide growth momentum.
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.
4/5 – Bloom relies on U.S. clean energy incentives and industrial decarbonization policies to scale projects economically.
Current Price (24th October 2025): $15.75
Risk Rating: 3
ITM Power is a leading manufacturer of PEM (Proton Exchange Membrane) electrolyzers, focused on producing green hydrogen at scale. The company supplies electrolyzers to industrial, mobility, and energy storage sectors, including strategic partnerships with Linde and other major hydrogen developers.
Market Cap: $1.8 billion
Revenue (TTM): $420 million
Hydrogen Capacity (by 2025): >1 GW of electrolyzers under development
Free Cash Flow: Improving, supported by long-term supply contracts
Linde Electrolyzer JV
UK Green Hydrogen Plant
Teesside, UK
European Mobility Hydrogen Supply
France & Netherlands
ITM Power benefits from UK government funding, EU Horizon grants, and renewable energy incentives for electrolyzer deployment. These programs accelerate green hydrogen infrastructure development.
ITM Power’s PEM electrolyzers are commercially mature and scalable, with proven efficiency for both industrial and mobility applications. Continuous R&D improves stack durability and reduces costs.
ITM Power is scaling electrolyzer production through its partnership with Linde and securing orders for Europe’s largest green hydrogen projects. Government support and strategic alliances reinforce its growth trajectory.
ITM’s technology leadership in PEM electrolyzers, combined with strategic partnerships and a robust project pipeline, positions it as a leading pure-play hydrogen technology company in Europe.
5/5 – ITM’s growth heavily depends on government incentives and clean hydrogen mandates across the U.K. and EU.
Current Price (24th October 2025): $7.80
Nel ASA is a leading Norwegian company specializing in electrolyzers and hydrogen fueling stations. The company provides solutions for industrial, mobility, and energy applications, enabling green hydrogen production and distribution across Europe and beyond.
Market Cap: $2.5 billion
Revenue (TTM): $380 million
Hydrogen Capacity (by 2025): >1.2 GW of electrolyzers under development
Free Cash Flow: Improving, supported by long-term supply contracts and partnerships
Project Pipeline (2024–2025)
H2Bus Europe
Multiple EU locations
Nel Electrolyzer JV
Scandinavian Hydrogen Refueling Network
30 stations
Norway & Sweden
Nel ASA benefits from EU hydrogen incentives, Norwegian government grants, and public-private funding schemes for hydrogen infrastructure projects.
Nel’s alkaline and PEM electrolyzers are proven at commercial scale, with decades of operational experience. The company’s hydrogen fueling stations are also widely deployed, making it a full-value-chain provider.
Nel is expanding its electrolyzer production in Europe and developing hydrogen refueling networks for buses and commercial vehicles. Strategic partnerships with industrial and energy companies are expected to accelerate growth.
Nel ASA’s combined expertise in electrolyzers and hydrogen fueling infrastructure gives it a strong foothold in the European green hydrogen market, supporting industrial and mobility applications.
5/5 – Nel’s operations rely heavily on European and Norwegian government incentives, clean mobility mandates, and renewable energy policies.
Current Price (24th October 2025): $12.40
McPhy Energy is a French manufacturer of alkaline and PEM electrolyzers, specializing in large-scale hydrogen production solutions for industrial and energy applications. The company also provides hydrogen storage and refueling infrastructure, supporting the European transition to a low-carbon economy.
Market Cap: $950 million
Revenue (TTM): $180 million
Hydrogen Capacity (by 2025): >800 MW of electrolyzers under development
Free Cash Flow: Improving, supported by long-term contracts with industrial clients
European Electrolyzer Deployment
250 MW
France & Germany
H2 Storage & Refueling Network
Italy
Industrial Hydrogen Integration
2024-2026
McPhy benefits from EU Green Deal funding, French state subsidies, and regional renewable energy incentives for hydrogen production and storage projects.
McPhy’s electrolyzer technologies are proven at industrial scale, with strong integration experience in energy-intensive industries. Its combination of alkaline and PEM systems allows flexibility for different industrial and renewable energy applications.
McPhy is expanding its electrolyzer manufacturing capacity in France, partnering with industrial energy companies, and securing long-term supply contracts for large-scale green hydrogen projects across Europe.
McPhy’s dual electrolyzer technology portfolio, experience in hydrogen storage and distribution, and focus on industrial integration provide a competitive edge in the European green hydrogen market.
5/5 – The company relies heavily on EU and French government subsidies, policy support, and renewable energy mandates to maintain economic viability and project deployment.
Current Price (24th October 2025): $10.42
Ballard Power Systems is a Canadian leader in hydrogen fuel cell technology, specializing in proton exchange membrane (PEM) fuel cells for transportation, heavy-duty vehicles, and stationary power applications. The company partners with global automotive and energy firms to deploy fuel cell solutions at scale, supporting the transition to zero-emission mobility and industrial power applications.
Market Cap: Approximately $2.5 billion
P/E Ratio: Not applicable (company is not currently profitable)
Revenue (TTM): Approximately $170 million
Free Cash Flow: Negative, with strategic investments in R&D and production scale-up
Hydrogen Capacity (by 2025): >1 GW of fuel cell systems in development
Zero-Emission Bus Deployment
50 MW equivalent
2024–2025
Fuel Cell Trucks Pilot
20 MW equivalent
2025
Maritime Fuel Cell Systems
15 MW equivalent
Canada / EU Ports
Stationary Power Projects
10 MW
North America
2024–2026
Ballard has received government funding and grants from Canada, the EU, and the U.S. for fuel cell research, deployment of zero-emission transport solutions, and development of hydrogen infrastructure.
Ballard’s PEM fuel cell technology is commercially proven in buses, trucks, and maritime vessels. The company is scaling production capacity in Canada and Europe to meet growing demand.
Ballard is advancing multiple commercial deployments, including zero-emission bus fleets in California and hydrogen trucks in Europe. Partnerships with automotive OEMs and municipal fleets, combined with supportive incentives in North America and Europe, drive growth potential.
Ballard’s strength lies in its established fuel cell technology, global partnerships, and diversified deployment across transport and stationary applications. Its scale, intellectual property, and global footprint provide a competitive edge in the hydrogen mobility sector.
3/5 – While government incentives support adoption, Ballard’s diversified technology applications and partnerships reduce reliance compared with smaller hydrogen startups.
Current Price (24th October 2025): $2.88
Risk Rating: 4
Plug Power Inc. is a U.S.-based leader in green hydrogen solutions, focusing on the development and deployment of proton exchange membrane (PEM) electrolyzers and hydrogen fuel cell systems.
The company is actively expanding its hydrogen production capacity through a combination of proprietary technology and strategic partnerships, aiming to meet the growing demand for clean energy solutions across various industries.
Market Cap: Approximately $1.5 billion
Revenue (TTM): Approximately $711 million
Free Cash Flow: Negative, with ongoing investments in infrastructure and technology development
Hydrogen Capacity (by 2025): Approximately 1.5 GW in development
Galp Sines Refinery
Sines, Portugal
Louisiana Hydrogen Plant
15 tons/day
St. Gabriel, USA
Operational
Georgia Hydrogen Plant
Woodbine, USA
Plug Power has secured significant government support, including a $1.66 billion loan guarantee from the U.S. Department of Energy to produce and liquefy clean hydrogen fuel.
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.
Plug Power is actively expanding its global hydrogen network, including new production facilities and partnerships for large-scale green hydrogen. U.S. IRA incentives and international collaborations are expected to accelerate project execution and strengthen the company’s long-term growth prospects.
Plug Power's competitive advantage lies in its proprietary PEM electrolyzer technology, established partnerships, and strategic positioning in key hydrogen markets. The company's ability to scale production and integrate renewable energy sources enhances its competitiveness in the growing green hydrogen sector.
4/5 – Plug Power's hydrogen projects are highly dependent on government incentives and policy support, particularly in the U.S. and Europe. Changes in policy or the expiration of incentives could impact project economics and timelines.
Current Price (24th October 2025): $12.80
Ceres Power is a U.K.-based technology company specializing in solid oxide fuel cells (SOFC) and hydrogen solutions. The company focuses on licensing its fuel cell technology to partners in transport, stationary power, and industrial applications, enabling clean energy adoption across multiple sectors.
Market Cap: $1.5 billion
Revenue (TTM): $85 million
Hydrogen Capacity (by 2025): ~50 MW equivalent through partner deployments
Free Cash Flow: Positive, primarily from licensing agreements and technology partnerships
European SOFC Deployment
Germany & France
North American Stationary Power Projects
15 MW
USA
Asian Licensing Expansion
Japan & South Korea
Ceres Power benefits from U.K. government grants, EU clean energy funding, and R&D incentives that support fuel cell development and deployment. The company also participates in international hydrogen initiatives promoting low-carbon technologies.
Ceres Power’s SOFC technology is commercially proven, with multiple installations across Europe, North America, and Asia. Its IP-driven model allows scalable deployments via licensing to industrial partners, reducing capital intensity.
The company is expanding its technology licensing agreements in Europe, North America, and Asia, partnering with major industrial and energy players. New product innovations and strategic collaborations are expected to accelerate global adoption of SOFC technology.
Ceres Power’s intellectual property, strong patent portfolio, and licensing-based business model provide scalability and reduced execution risk. The company’s fuel cell technology is versatile, enabling multiple market applications.
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.
Current Price (24th October 2025): $9.75
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.
Revenue (TTM): $220 million
Hydrogen Capacity (by 2025): ~80 MW equivalent through operating plants and development projects
Free Cash Flow: Improving, driven by long-term contracts and federal incentives
Connecticut Fuel Cell Park
Connecticut, USA
California Green Hydrogen Hub
25 MW
Carbon Capture Integrated Projects
35 MW
Texas & Ohio, USA
FuelCell Energy receives significant U.S. federal incentives, including support through the Inflation Reduction Act (IRA) and Department of Energy (DOE) grants for clean energy and carbon capture initiatives.
FuelCell Energy’s carbonate and solid oxide fuel cell technologies are commercially proven for stationary power applications. The integration of carbon capture and green hydrogen capabilities enhances its technological portfolio for industrial decarbonization.
The company is actively developing large-scale green hydrogen production hubs in the U.S., including partnerships with utilities and industrial users. New federal incentives and state-level programs for clean hydrogen are expected to accelerate deployment and revenue growth.
FuelCell Energy’s focus on stationary fuel cells with carbon capture capability differentiates it from pure-play hydrogen producers. Its expertise in high-efficiency fuel cell solutions and industrial-scale projects positions it as a niche leader.
4/5 – Growth is closely tied to U.S. and state-level incentives for hydrogen and clean energy. Changes in policy could impact economics and project timelines.
Current Price (24th October 2025): $245.30
Cummins Inc. is a leading U.S.-based manufacturer of industrial engines, power systems, and hydrogen technologies. The company is actively expanding into electrolyzer manufacturing, fuel cell development, and hydrogen storage solutions, leveraging its expertise in large-scale industrial systems.
Market Cap: $50.2 billion
P/E Ratio: 22.7
Revenue (TTM): $35.5 billion
Hydrogen Capacity (by 2025): ~1.0 GW through electrolyzer and fuel cell projects
Free Cash Flow: Strong, supporting strategic hydrogen and decarbonization investments
North American Electrolyzer Facility
Indiana, USA
European Fuel Cell Production Plant
Hydrogen Mobility Solutions
Global
Cummins benefits from U.S. federal incentives under the Inflation Reduction Act (IRA), DOE funding, and European clean hydrogen programs, enabling large-scale electrolyzer deployment and green hydrogen development.
Cummins’ hydrogen solutions leverage decades of industrial engine and power system experience. Its electrolyzer and fuel cell technologies are commercially viable, with increasing deployments for both mobility and stationary applications.
Cummins is scaling electrolyzer production in North America and Europe, supplying both industrial clients and mobility applications. Strategic collaborations with utility and industrial partners enhance its market reach.
Cummins’ global manufacturing footprint, industrial engineering expertise, and diversified hydrogen portfolio give it a strong competitive position in hydrogen production, storage, and application solutions.
3/5 – Cummins’ hydrogen expansion relies on incentives and regulatory support, but its diversified industrial operations provide partial insulation from policy shifts.
Current Price (24th October 2025): $38.75
Siemens Energy is a German industrial giant specializing in power generation, transmission, and energy transition technologies. The company is actively expanding into hydrogen production, including electrolyzer systems, Power-to-X solutions, and large-scale green hydrogen projects across Europe and Asia.
Market Cap: $32.4 billion
P/E Ratio: 21.1
Revenue (TTM): $32 billion
Hydrogen Capacity (by 2025): ~1.5 GW via electrolyzer and renewable integration projects
Free Cash Flow: Solid, supporting large-scale green hydrogen investments
European Electrolyzer Cluster
Power-to-X Hydrogen Hub
400 MW
Asian Green Hydrogen Project
Singapore
Siemens Energy benefits from EU Green Deal funding, Germany’s National Hydrogen Strategy, and various international incentives, which help scale electrolyzer production and hydrogen infrastructure deployment.
Siemens Energy leverages decades of expertise in industrial gas turbines, energy systems, and renewable integration. Its electrolyzers and Power-to-X technologies are commercially tested and deployed at multiple industrial and utility-scale facilities.
The company is executing major electrolyzer contracts in Europe and Asia and developing joint ventures for industrial decarbonization projects. Siemens Energy is also collaborating with Linde and other hydrogen players to expand green hydrogen infrastructure.
Siemens Energy’s technological leadership, global footprint, and experience in large-scale energy projects give it a competitive edge in the hydrogen sector. Its integrated solutions for power generation and hydrogen production allow cross-market synergies.
4/5 – Siemens Energy’s hydrogen projects are highly influenced by government incentives and renewable energy policies, though its diversified energy business provides partial stability.
Current Price (24th October 2025): $185.20
Topsoe is a Danish technology leader specializing in catalysts, process technologies, and engineering solutions for hydrogen production, ammonia synthesis, and industrial decarbonization. The company is focused on enabling large-scale green hydrogen and green ammonia projects, serving both energy and chemical industries globally.
Market Cap: $12.8 billion
P/E Ratio: 26.5
Revenue (TTM): $3.2 billion
Hydrogen Capacity (by 2025): ~600 MW in active projects and technology licensing
Free Cash Flow: Strong, supporting R&D and expansion of hydrogen technologies
European Green Hydrogen Project
Middle East Ammonia & Hydrogen Hub
UAE
Asia-Pacific Electrolyzer Deployment
Topsoe benefits from Danish government hydrogen programs and EU innovation funding. Incentives include R&D support, renewable integration grants, and hydrogen infrastructure development schemes.
Topsoe’s catalysts and electrolysis technologies are mature and widely licensed, with decades of operational experience. The company continues to innovate in electrolysis efficiency, ammonia synthesis, and carbon-neutral hydrogen pathways.
Topsoe has recently signed strategic supply agreements for green hydrogen and ammonia projects in Europe and the Middle East. Ongoing R&D in high-efficiency electrolyzers is expected to strengthen its market position.
Topsoe’s leadership in hydrogen and ammonia catalysts, technology licensing, and engineering services provides a strong competitive edge. Its ability to integrate process technology with project development ensures long-term relevance in industrial decarbonization.
4/5 – Topsoe’s hydrogen projects depend heavily on government incentives and international climate policies, but its technology licensing provides revenue stability independent of project execution timelines.
Current Price (24th October 2025): $34.75
Thyssenkrupp is a German industrial conglomerate with a strong focus on steel production and industrial hydrogen solutions. The company is actively developing large-scale electrolysis technologies and integrating green hydrogen into steel decarbonization processes. Thyssenkrupp plays a pivotal role in Europe’s industrial transition to low-carbon operations.
Market Cap: $9.5 billion
P/E Ratio: 18.2
Revenue (TTM): $45 billion
Hydrogen Capacity (by 2025): 350 MW in development and pilot projects
Free Cash Flow: Moderate, supporting targeted hydrogen expansion
Duisburg Steel Decarbonization Hub
Hamburg Electrolyzer Facility
European Green Steel Collaboration
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.
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 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 combination of industrial scale, steel decarbonization expertise, and electrolyzer technology provides a strong edge. Its ability to integrate hydrogen into heavy industry makes it a unique player in Europe’s energy transition.
4/5 – Thyssenkrupp’s hydrogen initiatives are highly dependent on EU and German industrial decarbonization incentives, though operational integration with steel production provides partial revenue insulation.
Current Price (24th October 2025): $102.30
Reliance Industries is an Indian conglomerate with extensive operations in petrochemicals, refining, and retail. The company is aggressively investing in green hydrogen and renewable energy projects as part of its strategy to transition to a low-carbon economy. Reliance is developing integrated hydrogen ecosystems, including production, storage, and utilization across industrial and mobility sectors.
Market Cap: $200 billion
P/E Ratio: 25.1
Revenue (TTM): $105 billion
Hydrogen Capacity (by 2025): 400 MW in development, with additional projects planned
Free Cash Flow: Strong, funding strategic renewable and hydrogen initiatives
Jamnagar Green Hydrogen Hub
Gujarat, India
Renewable Hydrogen Integration in Refinery
Maharashtra, India
Pan-India Hydrogen Mobility Project
Various
Reliance leverages Indian government incentives for green hydrogen, including capital subsidies, low-interest financing, and renewable energy integration programs. These incentives help reduce project costs and accelerate deployment.
Reliance is developing electrolyzer technologies in collaboration with international partners while integrating hydrogen production into its existing industrial infrastructure. The combination of global partnerships and industrial scale increases technological reliability.
Reliance has announced strategic partnerships with international renewable companies to expand hydrogen production capacity and explore export markets. Early pilot projects in Gujarat and Maharashtra demonstrate promising operational results and potential for scaling.
Reliance’s massive industrial footprint, financial strength, and integrated renewable-hydrogen strategy provide a significant competitive edge. Its position in India’s energy transition and emerging global hydrogen trade makes it a strategic long-term investment.
4/5 – Reliance’s hydrogen projects are significantly supported by Indian government policies and incentives. Policy changes could affect project economics but the company’s diversified industrial base provides partial insulation.
Current Price (24th October 2025): $52.10
Adani Green Energy is a leading Indian renewable energy company focused on solar and wind projects. The company is expanding into green hydrogen production, leveraging its large-scale renewable power assets to produce low-cost, renewable hydrogen. Adani Green aims to develop integrated solar-to-hydrogen projects to support industrial decarbonization and export opportunities.
Market Cap: $20 billion
P/E Ratio: 33.2
Revenue (TTM): $3.5 billion
Hydrogen Capacity (by 2025): 150 MW in development, with additional 200 MW planned
Free Cash Flow: Improving, reinvested in renewable and hydrogen projects
Gujarat Solar-to-Hydrogen Hub
Maharashtra Integrated Hydrogen Project
Export-Oriented Green Hydrogen Plant
125 MW
Adani Green benefits from Indian government incentives under the National Green Hydrogen Mission, including capital subsidies, low-interest loans, and renewable energy integration support.
Adani Green leverages proven solar PV technology combined with electrolyzers for hydrogen production. While still scaling, the company’s projects benefit from integration with its renewable energy portfolio and strategic international partnerships.
Adani Green is signing long-term hydrogen supply contracts with industrial customers and exploring export opportunities. Collaboration with international electrolyzer manufacturers and technology providers is accelerating project deployment.
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.
4/5 – Heavily reliant on Indian government incentives and supportive renewable policies. Policy changes could impact economics, but the company’s scale and diversified renewable base provide resilience.
Current Price (24th October 2025): $3.85
Fusion Fuel Green is an early-stage Irish company specializing in solar-to-hydrogen technology. The company focuses on developing modular, decentralized electrolyzer systems powered by solar energy, targeting industrial and export hydrogen markets. Fusion Fuel is positioned as a high-growth innovator in Europe’s emerging green hydrogen sector.
Market Cap: $0.45 billion
Revenue (TTM): $15 million
Hydrogen Capacity (by 2025): 20 MW operational, 50 MW under development
Free Cash Flow: Negative, funded through equity and government grants
Portugal Solar-to-Hydrogen Facility
Algarve, Portugal
Spain Modular Electrolyzers
Murcia, Spain
Ireland Pilot Green Hydrogen Plant
5 MW
Lisbon, Portugal
2025–2025
Fusion Fuel receives EU funding for innovation in renewable energy and green hydrogen, including Horizon Europe grants and national R&D support in Ireland and Portugal.
Fusion Fuel’s solar-to-hydrogen technology is still maturing, with small-scale commercial deployments validating its modular electrolyzer systems. The company emphasizes low-cost, decentralized hydrogen production using direct solar integration.
Fusion Fuel is expanding its footprint in Iberia and exploring strategic partnerships to scale electrolyzer production. Pilot projects demonstrating economic solar-to-hydrogen production are expected to attract additional European industrial contracts.
Fusion Fuel’s modular approach allows for flexible, localized hydrogen production with lower infrastructure costs. Early adoption of solar-integrated electrolyzers gives it a technological edge in niche industrial applications.
5/5 – Highly dependent on EU innovation funding, renewable energy subsidies, and supportive green hydrogen policies. Policy changes or funding cuts could materially affect growth prospects.
Current Price (24th October 2025): $0.64
Risk Rating: 5
Hyzon Motors is a U.S.-based manufacturer of hydrogen fuel cell electric vehicles (FCEVs), focusing on heavy-duty applications such as Class 8 trucks and refuse collection vehicles. The company aims to decarbonize the transportation sector by providing zero-emission alternatives to traditional diesel-powered vehicles.
Hydrogen Capacity (by 2025): Limited, with a focus on vehicle deployment
Free Cash Flow: Negative, requiring external funding
Refuse FCEV Deployment
N/A
U.S. (California)
Q4 2025
Hyzon has engaged with U.S. federal and state programs supporting zero-emission vehicle deployment. However, the company faces challenges in securing consistent and scalable funding.
Hyzon has developed and tested hydrogen fuel cell systems for heavy-duty vehicles. While the technology is operational, scaling production and ensuring long-term reliability remain ongoing challenges.
The company has secured its first hydrogen-powered refuse truck order in North America from GreenWaste, with deliveries expected to commence in Q4 2025
Hyzon’s focus on heavy-duty FCEVs positions it in a niche market with potential for growth. However, the company faces significant competition from other hydrogen and battery-electric vehicle manufacturers.
5/5 – Hyzon’s success is highly dependent on government incentives and policies supporting hydrogen infrastructure and zero-emission vehicles.
Current Price (24th October 2025): $7.72
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 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. Founded in 1956 and headquartered in Latham, New York, the company employs approximately 1,800 people.
Market Cap: $868.24 million
Revenue (TTM): $521.83 million
Hydrogen Capacity (by 2025): Not applicable
Free Cash Flow: $11.86 million
Sand State Expansion
California, Arizona, Nevada, Florida
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.
Latham Group's fiberglass and vinyl pool manufacturing processes are well-established, with a focus on lean manufacturing and value engineering to improve efficiency and reduce costs.
The company is focusing its expansion efforts on the "Sand States" like California, Arizona, Nevada, and Florida, aiming to install 60,000 new pools in 2025. Annual revenue projections are estimated between $535 million and $565 million.
Latham Group's scale and market leadership position it well to capitalize on the growing demand for residential swimming pools, particularly in regions with favorable climates.
3/5 – While not directly dependent on government policies, Latham Group benefits from broader economic factors and consumer spending trends that can be influenced by policy decisions.
The green hydrogen market will experience significant expansion during the next five years because of technological advancements and decreasing production costs and supportive clean energy policies.
The market success depends on executing projects and securing financing to develop infrastructure which will support growing industrial demands.
Numerous green hydrogen projects have been announced worldwide yet many of them exist only at the planning or pilot development stage.
The actual production capacity of 2030 depends on successful facility construction and operation alongside sufficient investment and regulatory backing.
The ambitious targets from governments and corporations focus on building electrolyzer capacities reaching the gigawatt scale to supply the increasing demand in industry and transportation and power generation sectors.
Green hydrogen production needs to become less expensive in order to achieve widespread market adoption. 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 combination of improved electrolyzer efficiency and lower renewable electricity prices and large-scale production benefits will lower costs which will establish green hydrogen as a substitute for fossil fuel-based alternatives.
The deployment of green hydrogen depends heavily on supportive policies. The worldwide government sector provides incentives together with subsidies and tax credits to boost investment activities.
The development of large-scale infrastructure advances through industrial efforts such as Saudi Arabia's NEOM green hydrogen complex and the European Union's Hydrogen Strategy.
Market growth and integration require the expansion of hydrogen transport systems along with storage facilities and fueling stations.
Investing in green hydrogen requires balancing stability with growth potential. A robust portfolio should combine:
Industrial gas & infrastructure leaders (e.g., Linde, Air Liquide, Air Products): Offer steady cash flows, long-term contracts, and global hydrogen infrastructure exposure.
Pure-play electrolyzer and fuel cell innovators (e.g., ITM Power, Nel ASA, Bloom Energy): Provide high-growth potential but higher volatility due to emerging technology risks.
Equipment manufacturers & technology enablers (e.g., Cummins, Topsoe): Capture value across the hydrogen supply chain without relying solely on hydrogen production revenue.
Renewables & utility-integrated projects (e.g., Engie, NTPC, Adani Green): Benefit from large-scale renewable electricity integration and policy incentives.
Segment
Target Allocation
Risk Level
Key Capacity Targets
Example Companies
Industrial Gas Giants
40%
Low
>1.5 GW electrolyzer capacity by 2026
Linde, Air
Pure-Play Hydrogen
25%
High
300–500 MW electrolyzer production by 2025–26
ITM
Equipment / Tech
20%
Medium
Global catalyst & SOFC deployment
Topsoe, Ceres
Utility / Renewables
15%
100–200 MW integrated hydrogen projects
Engie, Adani
For investors seeking exposure without picking individual stocks, green hydrogen ETFs provide:
Diversification: Spreading risk across multiple companies in production, technology, and infrastructure.
Liquidity: Easier entry and exit compared to niche hydrogen equities.
Policy Exposure: Many ETFs track companies benefiting from IRA tax credits (U.S.) or EU Hydrogen Bank auctions.
Examples of ETFs:
Global X Hydrogen ETF (HYDR): Focus on large-cap industrial gas and fuel cell companies.
Defiance Next Gen H2 ETF (HDRO): Includes emerging electrolyzer pure-plays and mobility-focused hydrogen stocks.
Investors should focus on companies with clear hydrogen capacity targets and policy-backed projects to reduce execution risk. Diversifying across electrolyzers, fuel cells, and industrial gas leaders balances growth and stability.
Geographic exposure in the U.S., Europe, and Asia captures global market opportunities. Strategic portfolio allocation enables participation in the accelerating green hydrogen economy from 2025–2030.
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The implementation of green hydrogen faces multiple risks which include rule changes and reduced government support, unclear standards, slow permitting processes, new regulations for pipelines and power infrastructure. These factors lead to project delays and financial losses.
The financial stability of big companies such as Air Liquide and Linde exceeds that of smaller competitors.
Some do, mostly the established ones. Growth-oriented hydrogen companies that focus on expansion currently refrain from paying dividends.
Government support can boost profits, but changes in policies can increase risks.
The main focus of Plug Power, Bloom Energy and Ballard Power is on hydrogen technology.
The development of efficient electrolysis systems, affordable renewable energy sources, enhanced hydrogen storage, smart grid technology, advanced fuel cells enables green hydrogen to expand through reduced expenses, enhanced manufacturing, and expanded applications.
Itsariya Doungnet
SEO Content Writer
Itsariya Doungnet is an SEO content writer with expertise in both Thai and English, specializing in financial education. Itsariya blends clear communication with SEO techniques to make complex topics on investing and finance easy to understand and accessible to readers.
Samer Hasn
Market Analyst
Samer has a Bachelor Degree in economics with the specialization of banking and insurance. He is a senior market analyst at XS.com and focuses his research on currency, bond and cryptocurrency markets. He also prepares detailed written educational lessons related to various asset classes and trading strategies.
This written/visual material is comprised of personal opinions and ideas and may not reflect those of the Company. 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. XS, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same. Our platform may not offer all the products or services mentioned.
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