15 Green Hydrogen Stocks for 2025: Invest Now or Wait?

Why Invest in Green Hydrogen Stocks in 2025?

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.

Market Momentum & Policy Support

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.

Cost Declines in Electrolysis & Renewables

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.

Rising Utility-Scale Projects Globally

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.

How Were These Green Hydrogen Stocks Selected?

The selection of green hydrogen stocks for this list involved evaluating several key factors to identify the most promising opportunities for 2025.

Our evaluation process selected companies which lead the green hydrogen market while maintaining financial stability and showing potential for future expansion.

• Financial Strength: The companies with strong financial positions and stable cash flow because these factors help them survive market volatility.

• Dividends: The stocks provide investors with dependable dividend payments through either stable or increasing dividend distributions.

• Production Growth: The companies are expanding their green hydrogen production through active investments in new projects to increase their output.

• Clean-Energy Positioning: The companies have dedicated themselves to green hydrogen and renewable energy while making strong sustainability commitments to reduce their carbon emissions.

What are the Best Green Hydrogen Stocks to Buy

Here are the 15 best green hydrogen stocks to invest in for 2025.

1. Linde plc (LIN)

2. Cummins Inc. (CMI)

3. Air Products & Chemicals (APD)

4. DuPont de Nemours (DD)

5. Bloom Energy (BE)

6. Westport Fuel Systems (WPRT)

7. Tidewater Renewables (LCFS)

8. Ballard Power Systems (BLDP)

9. Ceres Power Holdings (CWR)

10. AFC Energy (AFC)

11. Powerhouse Energy Group (PHE)

12. Reliance Industries

13. Larsen & Toubro

14. Oil & Natural Gas Corporation (ONGC)

15. National Thermal Power Corporation (NTPC)

List of Best Green Hydrogen Stocks Worldwide  - Detailed Explanation

Explore the top green hydrogen stocks in the world for 2025. The table below highlights key details, including company name, approximate price, country, sector, and reasons why each is a strong pick.

Linde plc (LIN)

Current Price (25 August 2025): $481.67

Linde is a worldwide leader that specializes in industrial gases and hydrogen solutions. The company maintains operations in more than 100 countries while leading the clean energy transition efforts.

The company stands among the leading hydrogen-related businesses to monitor in 2025 because of its emphasis on green hydrogen.

Key Details:

• Market Cap: $220.31 Billion

• P/E Ratio: 33.40x

• P/B Ratio: 5.86

• 1-Year Trailing Total Return: 6.78%

Recent Developments:

• The company operates more than 500 hydrogen production facilities across the world which span the entire hydrogen production process from creation to storage and distribution.

• The company produces green hydrogen through its ITM Linde Electrolysis joint venture by utilizing advanced PEM electrolyzer technology.

• Linde announced a $2 billion clean hydrogen supply deal with Dow Canada’s Path2Zero project in August 2024 to demonstrate its position as a leader in industrial decarbonization.

• The company will direct 90% of its U.S. projects toward blue hydrogen development because it wants to maintain cost efficiency while reducing emissions following U.S. policy changes.

Investor Appeal:

Linde offers investors with a stable long-term investment opportunity through its global operations and significant clean hydrogen growth prospects.

The company provides investors with both dividend income and clean energy growth potential which makes it an excellent choice for those seeking sustainable investments.

Cummins Inc. (NYSE: CMI)

Current Price (25 August 2025): $402.30

The company Cummins is a worldwide leader that produces engines and power systems. The company continues to grow its clean technology business by developing hydrogen engines and electrolyzers which positions it as a leading force in the green energy transition.

The company's extensive history combined with its engineering capabilities makes it an ideal candidate to guide the transition toward low- and zero-emission transport and industrial solutions.

Key Details:

• Market Cap: $51.39 billion

• P/E Ratio: 18.56

• P/B Ratio: 4.20

• 1-Year Trailing Total Return: 29.2%

Recent Developments:

• The 6.7L hydrogen internal combustion engine achieved a reduction of CO2 emissions by ~99% when operating under Euro VI standards.

• The Hydrogen Engine Alliance of North America received its founding support from me to advance hydrogen ICE adoption.

• The company expanded its hydrogen engine manufacturing operations in India through a partnership with Tata Motors.

• The company invested $452 million to transform its US manufacturing facilities into hydrogen and hybrid engine production facilities.

Investor Appeal:

The company offers stable dividend payments while its diverse energy business segment drives growth potential.

The company's leadership in hydrogen and multi-fuel technologies positions it well for the clean energy transition, making it a solid choice for sustainable long-term investment.

Air Products & Chemicals (APD)

Current Price (25 August 2025): $299.30

Air Products is a worldwide industrial gases leader while establishing itself as a key force in the clean hydrogen economy.

The company operates in more than 50 countries to deliver vital gases to energy and healthcare and electronics industries while dedicating significant resources to blue and green hydrogen solutions for worldwide energy transformation.

Key Details:

• Market Cap: $65.09 Billion

• P/E Ratio: 42.04

• P/B Ratio: 3.82

• 1-Year Trailing Total Return: 40%

Recent Developments:

• Air Products (APD) announced a $1.7 billion net loss in May 2025 because the company took a $2.3 billion charge to exit three U.S. clean energy projects that included sustainable aviation fuel and green hydrogen ventures.

• The company maintains its commitment to building global hydrogen infrastructure through major projects located in the Middle East and Canada and Asia.

• Under the leadership of New CEO Eduardo F. Menezes the company focuses on cost control and long-term profitability through investments in blue hydrogen and carbon capture technologies.

Investor Appeal:

Air Products continues to be a global leader in hydrogen infrastructure. The company's strong dividend, diversified portfolio, and focus on clean energy make it attractive for investors seeking stable returns with long-term growth potential in the low-carbon economy, despite recent exits that hit short-term earnings.

DuPont de Nemours (DD)

Current Price (25 August 2025): $77.32

The global innovation leader DuPont operates as a specialty chemicals and advanced materials company which serves markets including electronics and industrials and water treatment and clean energy. DuPont maintains its industrial legacy while directing its portfolio toward sustainable and semiconductor-related high-margin high-growth markets.

Key Details:

• Market Cap: $30.38 Billion

• P/E Ratio: 39.43

• P/B Ratio: 1.18

• 1-Year Trailing Total Return: 7.61%

Recent Developments:

• Earnings improvement despite market volatility

• The Retained water & protection segment has reversed its earlier separation plans.

• Strengthened exposure to the semiconductor supply chain

• The company has focused on green product innovation across all divisions.

Investor Appeal:

The investment provides both a reliable dividend stream and access to rapidly expanding industrial and sustainable sectors.

The company's commitment to innovation and advanced materials provides investors with a stable investment opportunity that combines steady income with clean tech and semiconductor growth potential.

Bloom Energy (BE)

Current Price (25 August 2025): $48.54

Bloom Energy produces solid-oxide fuel cell systems which generate distributed electricity while operating continuously and producing minimal emissions.

The U.S.-based hydrogen and clean power leader Bloom Energy operates at high speed while developing electrolyzers and data center energy solutions and carbon capture technologies for the decarbonized future.

Key Details:

• Market Cap: $8.80 Billion

• P/E Ratio: 351.82

• P/B Ratio:13.77

• 1-Year Trailing Total Return: +200%

Recent Developments:

• The company achieved cash flow positive status

• The company entered the data center energy supply market

• The company introduced commercial electrolyzer units to the market

• The company achieved strong margin improvement while maintaining capital expenditure discipline.

Investor Appeal:

The company is a leading clean power and hydrogen technology provider which shows better profit margins and financial performance. The company attracts investors who want clean energy innovation while it expands its deployments and develops its electrolyzer and carbon capture business.

Westport Fuel Systems (WPRT)

Current Price (25 August 2025): $2.89

Westport is a Canadian company which creates clean fuel systems and components for transportation applications. Westport focuses on hydrogen and natural gas and LPG engines through its HPDI system while working with major OEMs to develop cleaner heavy-duty transportation solutions.

Key Details:

• Market Cap: $68 Million

• P/E Ratio: Not applicable

• P/B Ratio: 0.49

• 1-Year Trailing Total Return: -36.11%

Recent Developments:

• The company concentrated its efforts on commercial truck applications using HPDI 2.0 technology.

• The company received government backing to integrate hydrogen infrastructure.

• The company achieved better operational efficiency through its international consolidation efforts.

Investor Appeal:

A speculative but promising player in hydrogen and clean fuel systems for heavy-duty transport. Suitable for investors with a high-risk appetite who believe in the future growth of hydrogen-powered transportation solutions.

Tidewater Renewables (LCFS)

Current Price (25 August 2025): $2.50

Tidewater Renewables operates as a Canadian clean fuels company which manufactures renewable diesel and sustainable aviation fuel (SAF) while generating carbon credits through Canada's Low Carbon Fuel Standard (LCFS). The company operates at the point where energy transition meets government incentives.

Key Details:

• Market Cap: $73.88 Million

• P/E Ratio: Not applicable

• P/B Ratio: 0.15

• 1-Year Trailing Total Return: Approximately -74.22%

Recent Developments:

• The company started commercial-scale renewable diesel production.

• The company increased its production of LCFS credits and their subsequent sales.

• The company is studying the potential integration of green hydrogen into its fuel mix.

• The company expanded its SAF development program through partnerships with regional refineries.

Investor Appeal:

A small-cap renewable fuels company benefiting from government incentives and increasing demand for low-carbon fuels. Ideal for investors focused on North American clean fuel policies and carbon credit markets with moderate growth prospects.

Ballard Power Systems (BLDP)

Current Price (25 August 2025): $2.01

Ballard is a major developer and producer of PEM (proton exchange membrane) fuel cell technology which focuses on zero-emission transportation. The company delivers fuel cells to bus and truck and rail and marine customers across the world while expanding its operations in Asia, Europe and North America.

Key Details:

• Market Cap: $560.82 Million

• P/E Ratio: Not applicable

• P/B Ratio: 0.97

• 1-Year Trailing Total Return: -65.11%

Recent Developments:

• The company delivered 56 MW of fuel cells during 2024 while experiencing a 30% year-over-year growth.

• The company established significant supply agreements throughout Asia and Europe.

• The company launched its advanced FCmove‑XD system.

• The company reduced operational costs during this period.

Investor Appeal:

A pure hydrogen fuel cell technology play with a strong global order book and key OEM partnerships. The company operates at a loss but its clean transportation segment shows strong growth potential.

Ceres Power Holdings (CWR)

Current Price (25 August 2025): $1.61

Ceres is a UK technology firm that provides solid oxide fuel cells and electrolysis systems for commercial applications. The company's low-capital-expenditure model enables industrial partners Bosch and Doosan to manufacture fuel cell stacks at big scale which leads to global deployment with decreased operational expenses.

Key Details:

• Market Cap: $162.93 Million

• P/E Ratio: Not applicable

• P/B Ratio: 1.82

• 1-Year Trailing Total Return: Approximately -68.39%

Recent Developments:

• Mass production operations began in South Korea under the company's leadership.

• The company expanded its royalty and licensing revenue streams.

• The company concentrated its efforts on developing electrolyzers for hydrogen commercialization.

• The company expanded its intellectual property portfolio and established new technology partnerships.

Investor Appeal:

The royalty-based licensing model with major industrial partners makes hydrogen investment lower-risk. Investors who want to access hydrogen growth opportunities can benefit from this investment without needing to bear capital expenses or operational risks.

AFC Energy (AFC)

Current Price (25 August 2025): $0.13

AFC Energy is a UK-based hydrogen power company which develops alkaline fuel cells together with ammonia crackers and modular hydrogen generators. The company produces products which serve off-grid and portable and maritime energy markets to help reduce emissions in sectors that are difficult to electrify.

Key Details:

• Market Cap: $109.54 Million

• P/E Ratio: -4.88

• P/B Ratio: 3.16

• 1-Year Trailing Total Return: -37.23%

Recent Developments:

• Launched first commercial ammonia cracker unit

• Partnered with Speedy Hire for EV charging rollout

• Developed hydrogen-powered marine generators

• Pushed into European construction power market

Investor Appeal:

The early-stage company AFC Energy demonstrates strong growth potential for specific hydrogen applications. The company's compact systems make it suitable for off-grid applications where regulatory support exists.

Powerhouse Energy Group (PHE)

Current Price (25 August 2025): $0.01 USD

Powerhouse Energy operates as a UK micro-cap company which develops technology to transform plastic waste into hydrogen through its proprietary DMG process. The company works to establish a system that produces hydrogen at scale from waste plastics and landfill materials in local areas.

Key Details:

• Market Cap: $30.96 Million USD

• P/E Ratio: Not applicable

• P/B Ratio: 4.63

• 1-Year Trailing Total Return: Approximately -21.23%

Recent Developments:

• The company initiated the permitting process for its first commercial waste-to-hydrogen plant.

• Signed early-stage licensing agreements

• Focused on system validation and modular design

• The company aimed to expand its operations in the UK and EU hydrogen-from-waste sectors.

Investor Appeal:

The company Powerhouse operates as a speculative hydrogen play through its innovative technology while maintaining low valuation. The project faces high execution risks yet offers substantial potential returns if commercialization proves successful.

Reliance Industries (NSE: RELIANCE)

Current Price (25 August 2025): $16.12

Reliance Industries leads India's green hydrogen development strategy as part of its clean energy initiative. Reliance uses its extensive industrial base and financial strength to establish itself as a worldwide leader in green hydrogen production and commercialization through extensive renewable power infrastructure and advanced technological solutions.

Key Details:

• Market Cap: 216 billion

• P/E Ratio: 22.88

• P/B Ratio: 2.08

• 1-Year Trailing Total Return: 21.97%

Recent Developments:

• The company announced its plans to build large-scale green hydrogen production facilities which will use renewable energy sources.

• The company established strategic partnerships with international green tech firms.

Investor Appeal: The company unites industrial leadership with ambitious clean energy targets which positions it as a vital participant in India's green hydrogen development.

Larsen & Toubro (NSE: LT)

Current Price (25 August 2025): $41.12

Larsen & Toubro (L&T) is a leading engineering and infrastructure company which actively develops green hydrogen production facilities and supporting infrastructure. The company's experience with major industrial projects and renewable energy systems makes it a strong candidate for the developing hydrogen economy.

Key Details:

• Market Cap: $59.7 billion

• P/E Ratio: 31.34

• P/B Ratio: 4.9

• 1-Year Trailing Total Return: Approximately -6%

Recent Developments:

• The company received contracts to construct electrolyzers and hydrogen fueling infrastructure.

• The company expanded its renewable energy project portfolio to support green hydrogen production.

Investor Appeal: The company functions as a vital technology and infrastructure enabler for India's hydrogen ecosystem through its diverse business model.

Oil & Natural Gas Corporation (ONGC) (NSE: ONGC)

Current Price (25 August 2025): $2.70

ONGC operates as India's leading oil and gas exploration company which dedicates growing resources to green hydrogen and renewable energy development. The company works to decrease operational carbon emissions through its strategy of adding hydrogen fuel to its energy systems.

Key Details:

• Market Cap: $33 billion

• P/E Ratio: 8.3

• P/B Ratio: 0.8

• 1-Year Trailing Total Return: 27%

Recent Developments:

• The company launched initial testing programs for blending green hydrogen at refinery facilities.

• The company dedicated resources to research and development of hydrogen fuel cells and carbon capture technologies.

Investor Appeal: ONGC offers a hybrid growth opportunity through government support as it shifts from traditional oil & gas to clean energy solutions.

National Thermal Power Corporation (NTPC) (NSE: NTPC)

Current Price (25 August 2025): $3.86

NTPC operates as India's leading power generation company while it builds up its renewable energy operations through green hydrogen development. The company plans to use its extensive renewable energy infrastructure to generate affordable green hydrogen which will help achieve decarbonization goals.

Key Details:

• Market Cap: $38.6 billion

• P/E Ratio: 13.8

• P/B Ratio: 1.70

• 1-Year Trailing Total Return: -14.1%

Recent Developments:

• The company established pilot green hydrogen production facilities at renewable power facilities.

• The company works with international technology partners to deploy electrolyzers.

Investor Appeal: The government-owned utility operates with robust renewable credentials and maintains a defined green hydrogen expansion strategy.

Types of Energy Sector Exposure in Green Hydrogen Stocks

The growth of green hydrogen attracts multiple energy companies. Some transition from conventional fuels, others build clean energy capabilities, and some focus solely on hydrogen technology. The following list presents the primary business entities in this sector.

Traditional Energy Companies Moving into Hydrogen

These established oil and gas companies transition their business operations by integrating hydrogen into their energy portfolio.

The companies use their established infrastructure together with their expertise and financial resources to develop cleaner blue hydrogen solutions while maintaining their traditional fuel operations. Their transition plans work to maintain current business operations while pursuing future low-carbon objectives.

Renewable Energy Companies Growing into Hydrogen

Renewable energy companies extend their operations from wind and solar power to develop hydrogen production and storage technologies. They establish complete clean energy systems through electrolyzer integration with renewable sources to achieve carbon reduction and fulfill worldwide climate targets.

Companies Focused Only on Hydrogen Technology

These specialized companies dedicate their operations to developing hydrogen-related products which include fuel cells and electrolyzers and storage solutions.

The companies lead technological advancements to enhance efficiency and reduce costs and expand hydrogen technology capabilities which drives the development of the emerging hydrogen economy.

Big Industrial Gas and Infrastructure Companies Investing in Hydrogen

Major industrial gas providers together with infrastructure developers invest heavily in constructing hydrogen production facilities and transportation systems and storage facilities.

The development of worldwide hydrogen adoption depends heavily on their essential resources and experience for building extensive supply chains and infrastructure networks.

Green Hydrogen Stocks Market Outlook (2025–2030)

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.

Scale-Up of Production Capacity

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.

Declining Costs Toward $1/kg Goal

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.

Policy & Infrastructure Expansion

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.

Risks & Considerations for Hydrogen Stock Investors

The hydrogen industry operates in an emerging state with numerous early-stage companies and developing technologies. Investors need to evaluate the risks against the potential growth opportunities in this market.

High Capital Expenditure & Early-Stage Risk

Leading hydrogen companies including Plug Power and ThyssenKrupp operate at a pre-profit stage while spending heavily on costly infrastructure development. The high initial expenses create uncertainty about when or if profitability will materialize. Project execution delays together with cost overruns have the potential to impact financial returns.

Policy Uncertainty & Incentive Changes

The success of hydrogen ventures relies heavily on government backing through subsidies together with tax credits and grants. The value of companies and the feasibility of projects will be substantially affected by any future changes or reductions in available incentives. Political transformations together with changing climate policies create additional unpredictability in the market.

Technology & Competition Risk

The hydrogen sector operates with multiple technologies including PEM, alkaline and solid oxide fuel cells (SOFC) which present different advantages and obstacles. The fragmented market structure means that some technologies or companies face an uncertain future during scale-up operations so investors must identify which innovations demonstrate lasting potential.

Tips to Build a Green Hydrogen Investment Portfolio in 2025

• Invest in stable industry giants Air Liquide and Linde together with high-growth pure-play companies such as Plug Power and Bloom Energy.

• Invest your money across the three main hydrogen sectors which include production and storage and distribution.

• The dollar-cost averaging strategy helps investors handle price fluctuations in this developing market.

• Investors should stay updated about worldwide hydrogen policies and incentive programs because these factors directly affect investment returns.

Final Thoughts: Choosing the Right Green Hydrogen Stocks in 2025

Investors should balance their portfolios by including both stable, established companies' stock and high-growth innovators to capture steady income and growth potential.

Diversifying across different segments of the hydrogen value chain and using strategies like dollar-cost averaging can help manage volatility and risk.

It’s also important to carefully assess your investment horizon and risk tolerance, as the green hydrogen stocks offer significant long-term growth but require patience and well-timed decisions.