Hydrogen Stocks: 9 Biggest Companies in 2024

Market cap: US$225.73 billion; share price: US$472.73

Leading global industrial gases and engineering company Linde has been producing hydrogen for more than a century and is a pioneer in new hydrogen production technologies. Linde’s operations cover each step of the hydrogen value chain, from production and processing through distribution and storage. The company also uses its gases for industrial and consumer applications.

Globally, the company has more than 500 hydrogen production plants. Through its ITM Linde Electrolysis joint venture, Linde has become one of the world’s leading suppliers of green hydrogen produced using proton exchange membrane (PEM) electrolyzer technologies. This also makes it one of the few green hydrogen stocks.

This August, Linde signed a US$2 billion long-term supply agreement to supply clean hydrogen to Dow's (NYSE:DOW) Path2Zero project in Fort Saskatchewan, Alberta.

Market cap: US$61.6 billion; share price: US$277.10

Founded in 1940, Air Products & Chemicals sells industrial gases and chemicals and provides related equipment and expertise to a wide range of industries, including the refining, chemical, metals, electronics, manufacturing, and food and beverage segments.

In addition to producing oxygen, nitrogen, argon and helium, the company operates more than 100 hydrogen plants and maintains the world’s largest hydrogen distribution network. Air Products has an extensive hydrogen-dispensing technology patent portfolio and has been involved in more than 250 hydrogen-fueling projects worldwide.

Air Products also has a joint venture project now under construction with ACWA Power (SR:2082) and NEOM Company in Saudi Arabia. Called the NEOM Green Hydrogen Complex, the operation will be powered by 4 gigawatts of renewable power from solar and wind to produce 600 metric tons per day of carbon-free hydrogen, which it says will be delivered in the form of green ammonia.

Once production begins at the complex in 2026, Air Products will be the sole off-taker and plans to deliver the green ammonia to Europe's transport sector.

Market cap: US$42.39 billion; share price: US$309.31

Indianapolis-based Cummins designs, manufactures and distributes engines, filtration and power-generation products with a specialization in diesel and alternative fuel engines and generators.

In March 2023, the company announced the launch of a new brand, Accelera, which features “a diverse portfolio of zero-emissions solutions, includ(ing) battery systems, fuel cells, ePowertrain systems and electrolyzers.” The brand encompasses Cummins' established battery electric and hydrogen fuel cell systems, as well as electrolyzers for hydrogen refueling stations. Shortly after, Accelera started electrolyzer production in Minnesota, US. The facility is Cummins' first electrolyzer production site in the country.

The hydrogen fuel cell company showcased its next generation B6.7H hydrogen engine at the April 2024 Intermat Sustainable Construction Solutions and Technology Exhibition in Paris. The following month heralded the launch of its next-gen hydrogen fuel cell technology for commercial vehicles, specifically the FCE300 and FCE150 fuel cell engines.

Market cap: C$730.56 million; share price: C$2.52

Ballard Power Systems is a global leader in hydrogen fuel cell technology and is working to accelerate the adoption of this technology. The company develops and manufactures PEM fuel cell products that create electrical energy from the combination of hydrogen and air. Ballard's products are designed for heavy-duty trucks, buses, trains and marine applications, as well as backup power storage.

Two of Ballard’s 200 kilowatt fuel cell modules are located on the world’s first hydrogen-powered ferry, operated by Norwegian company Norled. The company is also supplying hydrogen fuel cell modules to global carbon-reduction company First Mode; they will be used to power several hybrid hydrogen and battery ultra-class mining haul trucks.

In 2024, Ballard is planning to deliver a minimum of 100 of its FCmove-HD+ modules to NFI Group to be used in the latter's New Flyer next generation Xcelsior CHARGE FC hydrogen fuel cell buses, which will be deployed across the US and Canada. The company also announced in April that it had secured its largest order ever — 1,000 hydrogen fuel cell engines to be supplied to European bus manufacturer Solaris. Ballard launched its 9th generation, high-performance fuel cell engine, the FCmove-XD, at the Advanced Clean Transportation Expo in Las Vegas this May.

Market cap: C$136.91 million; share price: C$7.73

Headquartered in Vancouver, British Columbia, Westport Fuel Systems supplies advanced alternative fuel delivery components and systems to the transportation industry worldwide. This includes its high pressure direct injection (HPDI) fuel system for commercial vehicles, which can run on biogas, natural gas, hydrogen and other alternative fuel products.

The company has operations in partnership with leading global transportation brands across more than 70 countries across Europe, Asia, North America and South America.

One of those partners is Swedish automaker Volvo Group (STO:VOLV-B). The two firms are working together to commercialize Westport’s HPDI fuel system technology for long-haul and off-road applications that will use renewable fuels now and hydrogen in the future.

Westport is also working with a leading global provider locomotive original equipment manufacturer (OEM) on a two-year proof of concept project to adapt its hydrogen HPDI fuel system for use with the OEM's engine design. The project is fully funded by the locomotive company.

Market cap: C$78.62 million; share price: C$0.17

Carbon emission reduction and fuel-saving technology company dynaCERT's patented HydraGEN technology system supplies engines with pure hydrogen and oxygen gases to generate a cleaner, more efficient burn. DynaCERT serves customers on a global scale, including in Europe, North America and Oceania.

The company's proprietary HydraLytica Telematics allows for the monitoring of fuel consumption and calculating of greenhouse gas emissions savings for tracking possible future carbon credits. The technology is scalable and can be tailored for a number of industry applications, including in trucking, busing, construction, mining and power generation.

In June, dynaCERT made an initial acquisition of 15 percent ownership in electrolysis company Cipher Neutron. The following month, Cipher was granted an advanced contract award notification to design and construct two 250 kilowatt electrolyzer stacks for Simon Fraser University in British Columbia. SFU is developing a Hydrogen Hub, which will serve as a research center for clean hydrogen technologies.

Market cap: AU$99.039 million; share price: AU$0.645

Gold Hydrogen is an exploration and development company with a focus on making new hydrogen and helium discoveries in South Australia using recorded government data with modern exploration techniques.

During initial drill work conducted at its Ramsey project in 2023, Gold Hydrogen reconfirmed the historical figures for hydrogen while demonstrating new purity levels of up to 86 percent. Additionally, strong levels of up to 17.5 percent purity helium were found. Well-testing this year further confirmed and improved upon those results.

In August, Gold Hydrogen reported high concentrations of hydrogen and helium at surface. Using new seismic information, the company has identified sites for its first wells, which it intends to drill beginning in 2025.

“To have an initial world first to see Hydrogen and Helium to surface is very exciting for our further ongoing exploration and drilling programs in even better locations,” Gold Hydrogen Managing Director Neil McDonald stated.

Market cap: AU$79.39 million; share price: AU$0.33

Technology development company Hazer Group is working to commercialize the HAZER Process, a low-emission hydrogen and graphite production process initially developed at the University of Western Australia. It uses iron ore as a process catalyst to convert natural gas and similar feedstocks into hydrogen for use as an industrial chemical and in fuel cells, as well as into high-quality synthetic graphite for use in lithium-ion batteries.

Hazer kicked off the year with the start-up of its commercial demonstration plant; it is now producing hydrogen and graphitic carbon. “This is a landmark achievement for Hazer, as we realise the successful start-up of our CDP and the production of low-cost, low-emissions hydrogen and graphitic carbon utilising our world-first pyrolysis technology," Hazer’s CEO Glenn Corrie said.

In May, the company inked an agreement with Canadian utility FortisBC for the development of a hydrogen production facility in British Columbia which will use Hazer’s proprietary technology. The proposed commercial production facility will have a design capacity of up to 2,500 metric tons per year of clean hydrogen and approximately 9,500 metric tons per year of Hazer graphite.

Hazer soon followed that up by signing a memorandum of understanding with South Korea's POSCO (NYSE:PKX,KRX:005490) in June. Under the proposed agreement, POSCO would integrate Hazer’s hydrogen and graphite production technology into its steel manufacturing process.

Market cap: AU$54.52 million; share price: AU$0.145

Pure Hydrogen is focused on becoming a leading producer and supplier of hydrogen and hydrogen-fuel-cell-powered vehicles such as buses and waste collection vehicles. The company has several partnerships with companies for its technology. Pure Hydrogen’s hydrogen-fuel-cell-powered Prime Mover truck was displayed at the Brisbane Truck Show last year.

Pure Hydrogen has a 40 percent stake in the Turquoise Group, an Australian clean energy company, as well as exclusive long-term acquisition rights for the company's future hydrogen production. Turquoise Group announced in May 2024 that it had produced the first graphene powder and hydrogen during testing at its commercial demonstration plant in Brisbane, Queensland.

In August, Pure Hydrogen registered Australia's first hydrogen-powered semi-truck, the Hydrogen Fuel Cell 110kW 6x4 Prime Mover.