Hydrogen Stocks to Watch as $110B Investment Wave

September brings fresh momentum to hydrogen markets as global investment in clean hydrogen projects surpasses $110 billion across 500+ projects worldwide. Policy incentives are driving new partnerships, while companies position themselves across fuel cells, electrolysis technology, and hydrogen infrastructure development.

From established industrial giants to innovative pure-plays, hydrogen stocks are capturing attention as the sector transitions from ambition to delivery. Here's a breakdown of ten companies worth monitoring this month, spanning different approaches to the hydrogen economy.

Key Market Facts

Global committed hydrogen investment jumped $35 billion in the past year
Over 6 million tonnes per year of production capacity now committed
China leads total investment at $33 billion, North America follows with $23 billion
Industry averaged 50% year-over-year investment growth since 2020

Pure-Play Hydrogen Innovators

Plug Power Inc. (NASDAQ:PLUG)

Current Price: Approximately $1.52 as of September 12, 2025, with minor fluctuations reported around this value in the past few days.

Plug Power operates as a comprehensive hydrogen ecosystem builder in North America. The company designs fuel cell systems for material handling equipment, develops hydrogen production plants, and manages distribution networks. Their vertical integration strategy spans from green hydrogen generation through to end-use applications in logistics and transportation.

Recent market focus centers on the company's cost-reduction initiatives and efforts to achieve sustainable margins. Plug continues expanding its Louisiana production facility while securing new partnerships for electrolyzer deployment across industrial applications.

Ballard Power Systems (NASDAQ:BLDP)

Current Price: Approximately $2.07 as of the latest market close in September 2025

Canada-based Ballard brings decades of experience in proton exchange membrane (PEM) fuel cell technology. The company supplies fuel cell engines for buses, commercial trucks, trains, and marine applications through partnerships with major OEMs worldwide.

While near-term orders remain variable, the long-term outlook for zero-emission heavy-duty transport continues to strengthen. Ballard's established technology platform and manufacturing capabilities position it for potential growth as commercial vehicle electrification accelerates beyond battery-limited applications.

FuelCell Energy (NASDAQ:FCEL)

Current Price: Approximately $6.87 as of the most recent market close.

FuelCell Energy specializes in carbonate fuel cell power plants that deliver continuous baseload electricity while capturing carbon dioxide. Their systems can simultaneously produce hydrogen, making them attractive for industrial decarbonization projects.

The company is advancing carbon capture partnerships, including collaborations with major energy companies. Their projects in the US and South Korea demonstrate commercial viability, while new utility-scale installations in Asia represent growth opportunities.

"The Global Hydrogen Compass sends a strong message: our industry has entered the next chapter of build-out, moving from ambition to delivery. With more than 500 projects advancing past FID and investment commitments now exceeding USD 110 billion, a USD 35 billion increase from last year, we are seeing tangible proof of progress."

Jaehoon Chang, Vice-Chair of Hyundai Motor Group and Co-Chair of the Hydrogen Council

Technology and Infrastructure Players

Bloom Energy (NYSE:BE)

Current Price: Approximately around $63.79 as of September 12, 2025.

Bloom Energy focuses on solid oxide fuel cells through its signature Energy Server platform. These systems provide reliable on-site power generation for data centers, hospitals, and manufacturing facilities. The company also develops solid oxide electrolyzers for high-efficiency hydrogen production.

Growing data center power demands and plans to double manufacturing capacity by 2026 support positive sentiment. Bloom's technology offers both resilience and decarbonization benefits for power-intensive applications.

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Nel ASA (OSE:NEL.OL)

Current Price: Currently trades around NOK 2.10 (Norwegian Krone) as of mid-September 2025.

Norwegian company Nel operates as a pioneer in electrolyzer technology and hydrogen refueling infrastructure. With installations across Europe, North America, and Asia, Nel has established itself as a key supplier for industrial-scale hydrogen production.

The company continues expanding manufacturing capabilities while pursuing large-scale project opportunities. Market observers await announcements of major contracts that could demonstrate commercial traction for Nel's technology platform.

ITM Power (LSE:ITM)

Current Price: Currently trades around 61.50 pence as of September 12, 2025.

UK-based ITM Power manufactures PEM electrolyzers from its Sheffield facility, targeting transport, industrial hydrogen, and renewable energy integration applications. The company has undergone operational improvements to enhance delivery capabilities and cost competitiveness.

Strategic partnerships, including collaborations with Deutsche Bahn for rail applications, position ITM within Europe's expanding clean hydrogen infrastructure. Recent performance reflects broader sector volatility while long-term partnerships provide stability.

Ceres Power Holdings (LSE:CWR)

Current Price: Currently trades around 101 pence as of September 12, 2025.

Ceres Power operates a capital-light business model, licensing solid oxide fuel cell and electrolyzer technology to global manufacturing partners including Bosch and Doosan. This intellectual property approach allows widespread technology deployment while generating royalty revenues.

The company's licensing strategy continues advancing through partnerships with major industrial companies. Investors monitor royalty revenue growth as licensed manufacturing capacity scales up globally.

Company Type	Risk Profile	Key Advantage
Pure-Play Innovators	High Volatility	Focused Expertise
Industrial Giants	Lower Volatility	Diversified Revenue
Technology Licensors	Medium Risk	Scalable Model

Industrial Giants Entering Hydrogen

Air Products & Chemicals (NYSE:APD)

Current Price: Current stock price of approximately $292.82 as of September 12, 2025.

Air Products represents one of the largest industrial gas companies globally, committing billions to hydrogen infrastructure development. The company leads the world's largest green hydrogen project at NEOM in Saudi Arabia while building blue hydrogen facilities in Louisiana.

These megaprojects target hydrogen export markets and industrial decarbonization. Air Products' established gas distribution networks and customer relationships provide competitive advantages as hydrogen markets mature.

Linde plc (NYSE:LIN)

Current Price: Current stock price of approximately $482.04 as of September 12, 2025.

As the world's largest industrial gas company, Linde operates extensive hydrogen production, pipeline networks, and refueling infrastructure across multiple continents. The company combines traditional hydrogen supply with expanding electrolyzer technology for clean hydrogen production.

Strong contract portfolios and reliable cash flows support steady performance despite market volatility. Linde's global footprint positions it to capitalize on regional hydrogen economy development.

"The industry has made strong progress over the past five years, demonstrating its ability to innovate and scale. The Global Hydrogen Compass report shows we are now at a pivotal juncture: accelerating market creation and securing binding offtake agreements must become the priority to ensure today's projects deliver real impact."

Sanjiv Lamba, CEO of Linde and Co-Chair of the Hydrogen Council

ExxonMobil (NYSE:XOM)

Current Price: Currently has a stock price around $112.16 as of September 12, 2025.

ExxonMobil is developing large-scale blue hydrogen projects as part of its low-carbon solutions strategy. The company's Baytown project in Texas aims to become a major hydrogen production hub, leveraging existing infrastructure and carbon capture capabilities.

Exxon's approach focuses on blue hydrogen production using natural gas with carbon capture and storage. This strategy aligns with the company's existing operations while addressing industrial decarbonization demands.

Investment Landscape Analysis

The hydrogen sector presents distinct investment profiles across different company categories. Industrial giants like Air Products, Linde, and ExxonMobil offer stability through diversified revenue streams and established operations. These companies can weather market volatility while gradually scaling hydrogen investments.

Pure-play innovators face higher volatility but potentially greater upside. Companies like Plug Power, Ballard, and ITM Power directly expose investors to hydrogen market growth while carrying execution risks and funding challenges.

Technology licensing models, exemplified by Ceres Power, offer a middle path with lower capital requirements and scalable revenue potential. These companies benefit from broad technology adoption without manufacturing capital intensity.

Investment Considerations

Policy Risk: Hydrogen economics depend heavily on government incentives and carbon pricing mechanisms

Technology Risk: Competing hydrogen production and application technologies continue evolving

Market Timing: Commercial viability timelines may extend longer than anticipated

Looking Forward

September's hydrogen market reflects a sector transitioning from development to deployment phase. The $110 billion in committed global investment demonstrates real momentum, while project selectivity indicates maturing business models and realistic timelines.

Investors choosing between hydrogen exposures should consider risk tolerance, time horizon, and conviction in specific technology pathways. The sector offers both steady infrastructure plays and high-growth potential opportunities as clean hydrogen markets develop globally.

Market fundamentals suggest continued investment growth, though individual company performance will depend on execution capabilities, partnership strategies, and adaptation to evolving policy landscapes. This creates opportunities for selective investors willing to navigate near-term volatility for long-term positioning.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with qualified financial professionals before making investment decisions.

Hydrogen Stocks to Watch as $110B Investment Wave Accelerates