Stocks in the clean energy sector have been hit hard recently, but are bouncing off recent lows Tuesday. Nikola (NKLA 15.50%), Bloom Energy (BE 12.39%), and Brookfield Renewable Partners (BEP 0.83%) are all playing a role in growing hydrogen as a fuel source, and their stocks are all moving up today. As of 2:10 p.m. EST, shares of Nikola were up 10.1%, Bloom shares had jumped 8.6%, and Brookfield Renewable had gained 5.6%.
The stocks of Nikola and fuel-cell company Bloom Energy had dropped more than 30% in the past month, as investors rotated out of alternative energy and technology names and into more value-oriented sectors. Even the shares of Brookfield Renewable, which is a more conservative and diversified renewable energy company, declined 17% in the last four weeks.
While Nikola may be the most well-known name of these stocks from its hydrogen fuel cell electric vehicle (FCEV) program for semitrucks, Bloom Energy and Brookfield Renewable will play an important role in growing hydrogen as a clean fuel.
Last month, Nikola presented details for its hydrogen FCEV program, saying it plans to phase its hydrogen fuel truck program in stages, leveraging its battery electric-truck platform. "We are building on the current Tre platform with the planned launch of our fuel-cell and hydrogen storage systems in 2023," Nikola global head of FCEV Jason Roycht said in a statement. It plans an FCEV version of the Tre, as well as the long-range Nikola Two FCEV Sleeper for the North American market, with driving ranges between 300 and 900 miles.
Nikola said it is currently collaborating with companies in the fuel cell sector to utilize multiple common fuel cell power modules and scalable hydrogen storage systems. Bloom Energy is moving from natural gas to also include hydrogen powered fuel cells in its offerings. It already announced plans to supply solid-oxide fuel cells powered by 100% hydrogen and electrolyzers to an industrial complex in South Korea.
Brookfield Renewable is also broadening its reach with an agreement to supply 100% renewable energy to supply Bloom peer Plug Power's (PLUG 10.68%) first industrial-scale green hydrogen project.
As the market rotation at least temporarily swings back toward clean energy names, these three companies that are part of the potential growth in the hydrogen fuel supply chain are getting investor interest again.