9 Leading Hydrogen Stocks Reshaping Clean Energy in 2025

The hydrogen sector is gaining significant traction as nations accelerate their transition toward sustainable energy. As the most abundant element on Earth, hydrogen offers tremendous potential—it can be converted into electricity, integrated into fuel cells combined with oxygen, or burned to generate power. Crucially, hydrogen produces zero carbon emissions when utilized properly, positioning it as a viable replacement for fossil fuels in heating, transportation, manufacturing, and industrial applications like steel production.

The Global Hydrogen Market Boom

Government support and accelerating carbon reduction initiatives are fueling explosive growth in hydrogen energy. However, a critical challenge persists: approximately 99 percent of current hydrogen production relies on coal or gas-powered energy. To address this, companies are increasingly pivoting toward green hydrogen—produced by using renewable-powered electrolyzers to separate hydrogen from oxygen atoms.

According to industry forecasts, green hydrogen production will experience remarkable expansion through 2050. China is projected to lead with 33.4 million metric tons of zero-emission electrolytic hydrogen, followed by the European Union at 20 million metric tons and the US at 4.7 million. China’s production targets have tripled from previous year estimates as the country rapidly expands capacity and secures global offtake agreements.

US Market: Navigating Policy Shifts

The United States maintains a well-developed hydrogen ecosystem, with more than half of the world’s fuel cell vehicles, 25,000 fuel cell material handling units across 40 states, and over 550 megawatts of large-scale fuel cell power installations. The nation also ranked as the world’s top hydrogen exporter in 2023, shipping $2.15 billion worth of product internationally.

Recent policy changes have created both challenges and opportunities. Congress has tightened eligibility windows for Section 45V hydrogen tax credits, requiring green hydrogen projects to begin construction by 2028. Additionally, hydrogen loan programs face delays and emissions-reduction grants have been cancelled. These shifts prompted analysts to revise 2050 US green hydrogen production forecasts downward to 4.7 million metric tons from 9.3 million previously, while cutting electrolyzer installation projections by 60 percent.

Despite headwinds for green hydrogen, blue hydrogen—which uses carbon capture technology—continues gaining support through Section 45Q credits and sustained demand from Japan and South Korea.

Major US Hydrogen Stocks

Linde (NYSE:LIN)

• Market Cap: $222.58 billion
• Share Price: $474.69

This global industrial gases powerhouse has pioneered hydrogen production for over a century. Linde operates more than 500 hydrogen plants worldwide and controls the entire hydrogen value chain from production through distribution and storage. Through its ITM Linde Electrolysis partnership, the company ranks among the world’s premier green hydrogen suppliers using proton exchange membrane electrolyzer technology.

Recent activity includes a $2 billion long-term hydrogen supply contract signed in August 2024 with a major chemical manufacturer. Responding to current regulatory uncertainty, Linde announced that 90 percent of US clean hydrogen initiatives will focus on blue hydrogen—a more cost-effective approach than green hydrogen alternatives, while remaining cleaner than traditional grey hydrogen.

Air Products & Chemicals (NYSE:APD)

• Market Cap: $64.83 billion
• Share Price: $291.32

This diversified industrial gases provider maintains over 100 hydrogen plants and the planet’s most extensive hydrogen distribution infrastructure. The company has participated in more than 250 hydrogen fueling projects globally and holds an impressive patent portfolio for hydrogen-dispensing systems.

A significant project under construction in Saudi Arabia—developed through partnership with renewable energy firms—will produce 600 metric tons daily of carbon-free hydrogen powered by 4 gigawatts of solar and wind capacity. Production begins in 2026, with offtake commitments to Europe’s transportation sector.

Additionally, Air Products’ Louisiana facility represents its largest domestic investment, targeting 2028 for first blue hydrogen production. In August 2024, the company delivered over 730,000 gallons of liquid hydrogen to NASA’s new storage sphere—the world’s largest—designed to fuel Artemis lunar missions.

Cummins (NYSE:CMI)

• Market Cap: $53.97 billion
• Share Price: $391.69

This Indiana-based manufacturer specializes in engines and power generation, now aggressively pursuing zero-emission solutions. The company launched Accelera, a comprehensive brand encompassing battery electric systems, hydrogen fuel cells, and electrolyzer technologies for refueling infrastructure.

Accelera has commissioned its first US electrolyzer manufacturing facility and showcased its next-generation hydrogen engine platform at international exhibitions in 2024. Notable achievements include signing a deal to supply a 100-megawatt PEM electrolyzer system for a German green hydrogen project. The company co-founded the Hydrogen Engine Alliance of North America to advance hydrogen internal combustion engines for sectors where full electrification remains impractical.

Canadian Hydrogen Stocks Gaining Momentum

Canada emerges as a global leader in hydrogen innovation and technology exports, generating C$200 million annually in hydrogen technology sales and exporting $385 million in hydrogen products in 2023. Federal commitment runs deep—the Canadian Hydrogen Strategy targets net-zero emissions by 2050 while supporting job creation and economic growth.

Major infrastructure investments include a C$9.4 billion Clean Hydrogen Hub in British Columbia utilizing electrolyzer technology and hydroelectric power. Additionally, Canada and Germany have pledged C$300 million each (C$600 million total) to establish Atlantic Canada’s hydrogen export capability for shipments to Germany, though launch timelines have shifted due to infrastructure gaps and elevated hydrogen costs.

Ballard Power Systems (TSX:BLDP)

• Market Cap: C$775.49 million
• Share Price: C$2.64

Positioning itself as the global hydrogen fuel cell technology leader, Ballard develops and manufactures proton exchange membrane systems that convert hydrogen and air into electrical power. Products serve heavy-duty transportation, buses, trains, maritime vessels, and backup power storage.

The company supplied fuel cell modules for the world’s first hydrogen-powered ferry operated in Norway. Recent orders demonstrate accelerating adoption: 100 fuel cell modules for a North American bus manufacturer (later expanded to 200 units), 1,000 hydrogen fuel cell engines destined for a European bus producer between 2024-2027, and a multi-year supply agreement for Egyptian transportation applications.

In July 2024, Ballard implemented a restructuring strategy targeting 30 percent cost reductions to achieve positive cash flow by end-2027. Q2 results showed total revenue of $17.8 million (up 11 percent annually), with heavy-duty mobility segment revenue climbing 22 percent to $16.1 million.

Tidewater Renewables (TSX:LCFS)

• Market Cap: C$126.35 million
• Share Price: C$3.55

Operating near Prince George in British Columbia, Tidewater produces both renewable diesel and hydrogen. The facility processes soybean and canola oil, achieving 3,000 barrels daily of renewable diesel and 23.7 metric tons daily of hydrogen capacity.

Recent operations faced temporary disruption from an April fire, which halted production momentarily. Q2 results showed the complex operating at 72 percent capacity, recovering from the earlier incident. The company has secured offtake contracts covering 70 percent of H2 2025 hydrogen production, with remaining volumes slated for spot market sales. Future expansion targets sustainable aviation fuel production beginning 2028.

Westport Fuel Systems (TSX:WPRT)

• Market Cap: C$66.28 million
• Share Price: C$3.80

Westport supplies advanced alternative fuel system components globally, specializing in high-pressure direct injection technology for commercial vehicles capable of running on biogas, liquified natural gas, hydrogen, and other fuels. Operations span 70+ countries through partnerships with major transportation manufacturers.

A key partnership with Swedish automaker Volvo has commercialized Westport’s fuel system technology, with 9,000 trucks currently operating on liquified natural gas as of mid-2025. Westport divested its Italian light-duty business for $73.1 million in July, refocusing on strategic markets.

Going forward, the company plans launching a Hydrogen Innovation Center and manufacturing facility in China by late 2025 to capitalize on the nation’s expanding hydrogen sector. European manufacturing operations will consolidate into Canada’s technology hub, strengthening North American innovation capabilities while expanding Cespira joint venture presence in the continent.

Australian Hydrogen Stocks: Emerging Opportunities

Australia represents another critical hydrogen investment hub, with over AU$200 billion in current investment pipeline representing 20 percent of globally announced renewable hydrogen projects. The government’s National Hydrogen Strategy (updated 2023) targets Australia becoming a “major player” in the global hydrogen market by 2030.

International partnerships amplify this vision: collaboration with Germany on hydrogen technology development supports export capabilities, while partnership with Japan advances fuel cell technology and establishes the world’s first clean liquefied hydrogen export pilot. Government investment exceeding AU$500 million in regional hydrogen hubs strengthens infrastructure development.

In May 2024, the Australian government announced AU$22.7 billion in manufacturing and renewable energy support, including AU$6.7 billion dedicated to renewable hydrogen production from mid-2028 through 2039/2040.

Hazer Group (ASX:HZR)

• Market Cap: AU$91.62 million
• Share Price: AU$0.34

This technology firm commercializes the HAZER Process—a low-emission hydrogen and graphite production method originating from University of Western Australia research. The process converts natural gas into hydrogen using iron ore catalysts, while producing high-quality synthetic graphite for lithium-ion batteries.

Commercial demonstration operations launched in early 2024, currently producing hydrogen and graphitic carbon. Strategic partnerships include agreements with Canadian utility company FortisBC for a BC facility targeting 2,500 metric tons annual clean hydrogen capacity plus 9,500 metric tons graphite production.

March 2024 testing validated the commercial scale-up reactor design. June brought a memorandum of understanding with UK-based EnergyPathways for a Northwest England facility producing 20,000 metric tons hydrogen annually alongside ammonia and graphite. A strategic alliance with a major global engineering firm is now advancing international commercialization across Australia, the UK, and the US.

Gold Hydrogen (ASX:GHY)

• Market Cap: AU$82.11 million
• Share Price: AU$0.45

Focused on natural hydrogen exploration and development in South Australia, Gold Hydrogen utilizes government data combined with modern exploration techniques. 2024 drilling demonstrated hydrogen purity levels reaching 95.8 percent, with helium concentrations of 20-25 percent in groundwater and 36.9 percent at surface locations.

February 2024 brought a AU$6.45 million research and development tax refund supporting hydrogen and helium exploration activities. July 2024 secured AU$14.5 million in strategic investment from major automotive and energy companies including a leading Japanese automaker and multinational energy conglomerate. Funding supports Q4 drilling programs and commercialization advancement through strategic collaboration.

Pure Hydrogen (ASX:PH2)

• Market Cap: AU$36.23 million
• Share price: AU$0.09

This company targets becoming a leading hydrogen producer and supplier, including hydrogen fuel cell-powered transportation like buses and waste collection vehicles. The company holds 40 percent stake in an Australian clean energy firm with exclusive long-term acquisition rights to future hydrogen production.

Recently registered Australia’s first hydrogen-powered semi-truck in August 2024, while the subsidiary company sold two 70-metric-ton hydrogen fuel cell trucks to an Australian logistics provider as part of a AU$2 million package. Q3 achievements included significant truck sales domestically and the first North American hydrogen fuel cell refuse truck sale to a California-based company.

April 2024 brought commercial agreements granting access to mobile hydrogen refueling infrastructure and support services. A July distribution agreement for South American markets expanded geographic presence, with company name change to Pure One proposed for shareholder voting at the annual general meeting.

Investment Considerations: Hydrogen vs. Alternatives

Hydrogen Versus Electric Vehicles: Research indicates both pathways present distinct advantages. Hydrogen vehicles demonstrate superior range and refueling speed compared to battery electric options. However, charging infrastructure for EVs significantly exceeds hydrogen fueling station availability, while hydrogen vehicles carry substantially higher purchase prices. Safety and emissions profiles remain comparable between technologies.

The Long-Term Picture: Major automakers including Toyota have maintained hydrogen investment commitments since the 1990s, recognizing its potential for industrial applications and long-haul transportation where electrification faces practical limitations. Toyota’s 2025 hydrogen strategy emphasizes development of both passenger vehicles and heavy-freight hydrogen technologies.

Clean hydrogen production remains in early developmental phases globally as countries build necessary infrastructure. However, sustained government support, increasing corporate investment, and technological advancement suggest hydrogen stocks may offer compelling opportunities for investors seeking exposure to the clean energy transition beyond traditional EV plays.

The hydrogen sector’s trajectory will largely depend on policy consistency, infrastructure development speed, and cost reduction progression. As nations compete for hydrogen leadership and companies execute strategic initiatives, the investment landscape continues evolving rapidly.