Are hydrogen stocks worth buying?

Hydrogen stocks can be worth buying. The global hydrogen industry has tremendous growth potential. The fuel could one day replace natural gas for residential, commercial, and industrial usage. It could also be an important low-carbon fuel for the transportation industry. If hydrogen lives up to its promise, companies focused on the sector could see significant revenue and earnings growth, giving their stocks enough fuel to skyrocket.

Who is the largest hydrogen producer in the United States?

Linde is the world's largest hydrogen producer (and widely viewed as the top U.S. producer). Its total liquid hydrogen production was 170 tons per day in 2024.

What hydrogen stock is Amazon investing in?

In 2022, Amazon (NASDAQ:AMZN) signed a green hydrogen supply deal with Plug Power. The agreement will provide the e-commerce giant with emissions-free fuel to power some of its fleet, starting in 2025. As part of the deal, Amazon received warrants to purchase up to 16 million shares of Plug Power.

Which hydrogen ETF is best?

As of May 2026, one exchange-traded fund (ETF) focused on hydrogen stocks: Global X Hydrogen ETF (NASDAQ: HYDR). The pure-play hydrogen ETF is very small (roughly $130 million of assets under management). It has a reasonable ETF expense ratio (0.5%) and holds about 25 hydrogen stocks.

What sectors are driving growth in hydrogen stocks?

The primary sectors driving growth in hydrogen stocks are energy, technology, and industrials.

Should I invest in individual hydrogen stocks or ETFs?

There are limited investment options in the hydrogen sector. There's only one tiny ETF focused on hydrogen stocks (Global X Hydrogen ETF), and most pure play hydrogen companies aren't yet profitable. As a result, the best strategy would be to invest in a basket of several hydrogen stocks. This approach would help limit risk while still enabling you to capitalize on the expected long-term growth of hydrogen demand.

Is now a good time to invest in hydrogen?

Now is a good time to selectively invest in hydrogen. Companies like Bloom Energy are seeing booming demand for their advanced fuel cell systems to support AI data centers. However, demand for other forms of hydrogen isn't as robust due to more challenging market conditions. Given these dynamics, investors should focus on investing in hydrogen companies capitalizing on data center demand.

Best Hydrogen Stocks in 2026 and How to Invest

A look at some of the leading hydrogen energy stocks investors should keep an eye on in the coming year.

By Matthew DiLallo – Updated May 7, 2026 at 2:48 PM EST | Fact-checked by Frank Bass

Key Points

Hydrogen offers the potential for decarbonizing sectors like transport and heavy industry, but production costs remain high.
Investors should focus on companies advancing green hydrogen technology and fuel cells for data centers.
Investors have diverse hydrogen stock options, including large-scale industrial companies and hydrogen pure plays.

Hydrogen is compelling because it can decarbonize hard-to-electrify sectors, such as heavy industry, long-haul transport, and potentially power generation and storage. The catch is that hydrogen isn’t a primary energy source. Companies need to produce hydrogen, but the cleanest methods cost more than other fossil-fuel alternatives today.

That’s why investors should view hydrogen as a long-duration theme: massive potential, but timelines and economics still need work.

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Ticker Information Table
Name and ticker	Market cap	Dividend yield	Industry
Linde (NASDAQ:LIN)	$233.1 billion	1.21%	Chemicals
Bloom Energy (NYSE:BE)	$79.8 billion	0.00%	Electrical Equipment
Plug Power (NASDAQ:PLUG)	$5.0 billion	0.00%	Electrical Equipment
Ballard Power Systems (NASDAQ:BLDP)	$1.3 billion	0.00%	Electrical Equipment
Air Products And Chemicals (NYSE:APD)	$67.6 billion	2.36%	Chemicals
Cummins (NYSE:CMI)	$97.2 billion	1.11%	Machinery
FuelCell Energy (NASDAQ:FCEL)	$905.4 million	0.00%	Electrical Equipment
Itm Power Plc (OTC:ITMPF)	$1.5 billion	0.00%	Electrical Equipment
Tidewater Renewables (TSX:LCFS)	$404.4 million	0.00%	Oil, Gas and Consumable Fuels

Data as of May 13, 2026. Showing 9 of 9 tickers.

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NYSE: APD

Air Products And Chemicals

Today's Change

(-0.30%) $-0.90

Current Price

$303.60

Key Data Points

Market Cap

$68B

Day's Range

$298.40 - $305.88

52wk Range

$229.11 - $307.29

Volume

925K

Avg Vol

1.3M

Gross Margin

31.97%

Dividend Yield

2.36%

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Air Products has several major hydrogen projects underway that it expects to complete in the coming years. For example, it has completed 90% of the construction of its NEOM Green Hydrogen Project in Saudi Arabia, which should begin production by 2027. It's also working on a potential $8 billion blue hydrogen project in Louisiana that it could approve by the middle of 2026. In December 2025, Air Products reported that it was in advanced negotiations to potentially connect these projects to Yara's world-scale ammonia network.

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2. Ballad Power Systems

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NASDAQ: BLDP

Ballard Power Systems

Today's Change

(-0.24%) $-0.01

Current Price

$4.16

Key Data Points

Market Cap

$1.3B

Day's Range

$3.99 - $4.43

52wk Range

$1.24 - $4.86

Volume

14M

Avg Vol

4.5M

Gross Margin

8.96%

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NASDAQ: PLUG

Plug Power

Today's Change

(1.14%) $0.04

Current Price

$3.56

Key Data Points

Market Cap

$5.0B

Day's Range

$3.46 - $3.89

52wk Range

$0.69 - $4.58

Volume

197M

Avg Vol

81M

Gross Margin

-2565.51%

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Plug Power (PLUG +1.14%) is a pioneer in the hydrogen fuel cell industry. It created the first commercially viable market for hydrogen fuel cell technology and has deployed an industry-leading 74,000 fuel cell systems for the e-mobility market (using electric powertrain technologies to power vehicles and fleets).

It's one of the world's largest hydrogen buyers and operates a leading hydrogen refueling network in North America with more than 285 fueling stations. Plug Power is building an end-to-end green hydrogen network to produce, store, and deliver the fuel across North America and Europe.

Plug Power has struggled to fund its operations and growth over the years due to its heavy operating losses. However, cost-cutting initiatives and new financing put the company on track to fully fund its current business plan. The company generated over $700 million in revenue in 2025 and expects to finally reach full profitability by the end of 2028.

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4. Bloom Energy

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NYSE: BE

Bloom Energy

Today's Change

(-1.14%) $-3.23

Current Price

$280.69

Key Data Points

Market Cap

$80B

Day's Range

$265.39 - $289.45

52wk Range

$17.01 - $302.99

Volume

7.5M

Avg Vol

10M

Gross Margin

31.08%

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Bloom Energy's (BE -1.14%) mission is to produce clean, reliable, and affordable energy. The company has developed the Bloom Energy Server, an electric power-generation platform. It also created the Bloom Electrolyzer, using the same solid oxide technology as its Bloom Energy Server. The product can produce clean hydrogen 15% to 45% more efficiently than others on the market.

Bloom Energy believes the Bloom Electrolyzer is a major leap forward for hydrogen. It hopes the technology will enable heavy industries, such as steel, chemicals, cement, and glass manufacturing, to decarbonize.

Bloom Energy can pair its Bloom Electrolyzer with solar energy and wind energy to generate green hydrogen, which it can store and eventually turn back into electricity for future use. It has the potential to be the solution of choice for powering artificial intelligence (AI), including data centers and businesses using the technology for productivity gains. The company expanded its strategic partnership with Oracle (ORCL -3.62%) in April to deploy up to 2.8 gigawatts of its advanced fuel cells to accelerate the build-out of AI infrastructure.

Bloom Energy grew its revenue by 130% in the first quarter of 2026 to over $750 million. It also boosted its full-year outlook. Bloom now expects to generate between $3.4 billion and $3.8 billion of revenue in 2026, an 80% increase from last year (and an acceleration from its initial guidance of 60% revenue growth).

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NASDAQ: LIN

Linde

Today's Change

(-0.10%) $-0.53

Current Price

$503.87

Key Data Points

Market Cap

$233B

Day's Range

$496.74 - $505.78

52wk Range

$387.78 - $521.28

Volume

1.4M

Avg Vol

2.4M

Gross Margin

37.79%

Dividend Yield

1.21%

Linde (LIN -0.10%) has developed several technologies to efficiently compress and safely refuel hydrogen. It also offers technologies to lower carbon emissions through carbon capture and storage.

Linde is building a 100-megawatt renewable hydrogen plant for Shell (SHEL -0.01%) in Germany, which it expects will begin commercial operations in 2027.

In June 2025, Linde signed a long-term agreement to supply industrial gases to a $4 billion low-carbon ammonia facility currently under construction in Louisiana. Linde will invest $400 million in a new on-site facility that will complement the company's existing hydrogen and syngas (synthesis gas) infrastructure in the region.

While Linde is an early hydrogen leader, it has been skeptical of the sector's near-term growth prospects. The company believes it will take five to seven years for hydrogen technology to mature. As that happens, the industry will be able to approve more commercially viable projects.

6. Cummins

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NYSE: CMI

Cummins

Today's Change

(0.27%) $1.90

Current Price

$704.56

Key Data Points

Market Cap

$97B

Day's Range

$688.00 - $707.00

52wk Range

$307.90 - $718.08

Volume

932K

Avg Vol

863K

Gross Margin

25.09%

Dividend Yield

1.11%

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Cummins (CMI +0.27%) is a global power solutions company. It produces advanced diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related parts. Among its solutions are fuel cell and electric power technologies, as well as hydrogen production technologies. Accelera by Cummins is its business segment dedicated to zero-emissions technology, such as fuel cell engines.

In February 2026, Cummins announced that it intends to stop new commercial activity in the electrolyzer space (part of its Accelera segment) due to deteriorating market conditions. The company sold its hydrogen fuel cell activities related to rail to Alstom in April 2026, strengthening the European sustainable mobility giant's hydrogen business. Cummins, like many others in the hydrogen sector, has had to meaningfully temper its expectations for hydrogen adoption over the past year.

7. FuelCell Energy

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NASDAQ: FCEL

FuelCell Energy

Today's Change

(7.21%) $1.15

Current Price

$17.09

Key Data Points

Market Cap

$905M

Day's Range

$14.54 - $17.14

52wk Range

$3.78 - $17.14

Volume

16M

Avg Vol

Gross Margin

-1594.68%

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FuelCell Energy (FCEL +7.21%) is a global leader in delivering distributed baseload energy (on-site power to provide steady power to a building). The company's proprietary fuel cell technology includes carbonate fuel cells (powered by natural gas and biofuels) and hydrogen fuel cells. The company also makes carbon recovery and carbon capture systems.

FuelCell Energy has shifted its focus to the data center market in recent months, where it sees significant opportunities for its efficient and resilient power solutions. In January 2026, the company formed a strategic collaboration with Sustainable Development Capital to explore the deployment of up to 450 megawatts of advanced fuel-cell systems to support data center growth. FuelCell Energy is growing rapidly, with its revenue surging 61% in the fourth quarter to $30.5 million.

8. ITM Power

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OTC: ITMPF

Itm Power Plc

Today's Change

(-6.11%) $-0.14

Current Price

$2.19

Key Data Points

Market Cap

$1.5B

Day's Range

$2.05 - $2.26

52wk Range

$0.57 - $2.44

Volume

60K

Avg Vol

47K

Gross Margin

-9672.74%

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ITM Power designs and manufactures proton exchange membrane (PEM) electrolyzers to produce green hydrogen. Based in England, ITM has spent the past quarter-century developing the world's most advanced PEM electrolyzer technology. CEO Dennis Shultz believes "green hydrogen will play an important role in the energy transition." That's driving his strategy to become a more focused, more capable technology and manufacturing company to meet the fast-growing demand for green hydrogen.

As of early 2026, the company had nearly 500 megawatts (MW) of electrolyzers either deployed or under contract. Meanwhile, it had over 550 MW of additional capacity reservations.

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8. Tidewater Renewables

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TSX: LCFS

Tidewater Renewables

Today's Change

(-1.68%) $-0.19

Current Price

$11.10

Key Data Points

Market Cap

$404M

Day's Range

$11.07 - $11.50

52wk Range

$2.14 - $11.95

Volume

18K

Avg Vol

19K

Gross Margin

13.02%

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Hydrogen stocks FAQ

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About the Author

Matt DiLallo has been a contributing Motley Fool stock analyst specializing in the energy, industrials, and real estate sectors since 2012. He also covers dividend-paying stocks, pre-IPO companies, ETFs, and other investing topics. He holds an MBA from Liberty University.

TMFmd19

@MatthewDiLallo

Matt DiLallo has positions in Brookfield Asset Management. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, and Cummins. The Motley Fool recommends Linde. The Motley Fool has a disclosure policy.

Best Hydrogen Stocks to Buy in 2026 and How to Invest in Them

A look at some of the leading hydrogen energy stocks investors should keep an eye on in the coming year.

Key Points

Key Data Points

2. Ballad Power Systems

Key Data Points

Key Data Points

4. Bloom Energy

Key Data Points

Key Data Points

6. Cummins

Key Data Points

7. FuelCell Energy

Key Data Points

8. ITM Power

Key Data Points

8. Tidewater Renewables

Key Data Points

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Read Next

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Premium Investing Services

Hydrogen stocks FAQ

Are hydrogen stocks worth buying?

Who is the largest hydrogen producer in the United States?

What hydrogen stock is Amazon investing in?

Which hydrogen ETF is best?

What sectors are driving growth in hydrogen stocks?

Should I invest in individual hydrogen stocks or ETFs?

Is now a good time to invest in hydrogen?

What to know about investing in hydrogen

Top hydrogen stocks to consider

2. Ballad Power Systems

4. Bloom Energy

5. Linde

8. Tidewater Renewables

Benefits and risks of investing in hydrogen stocks

How to invest in hydrogen stocks

Investment considerations for hydrogen stocks

Related investing topics

FAQ

Key Data Points

Key Data Points

Key Data Points

Key Data Points

Key Data Points

Key Data Points

Key Data Points

Key Data Points

1. Air Products

3. Plug Power

6. Cummins

7. FuelCell Energy

8. ITM Power