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US hydrogen shares

The US hydrogen market is nicely established, accounting for “greater than half the world’s gas cell automobiles, 25,000 gas cell materials dealing with automobiles, greater than 8,000 small scale gas programs in 40 states, and greater than 550 megawatts of large-scale gas cell energy put in or deliberate,” in response to the Gas Cell and Hydrogen Power Affiliation.

The US was additionally the highest exporter of hydrogen in 2023 with US$2.15 billion in exports primarily based on information from the Observatory of Financial Complexity (OEC).

Trying on the medium to long run, the image has change into a bit extra opaque after the brand new Trump administration focused a few of the robust authorities incentives.

This previous July, Congress lower the window for Part 45V hydrogen tax credit by 5 years, requiring inexperienced hydrogen tasks to start development earlier than 2028 to be eligible. The transfer comes alongside the Trump administration’s choice to delay hydrogen loans and cancel emissions-reduction grants.

These adjustments prompted Commodity Insights analysts to halve their forecast for 2050 US inexperienced hydrogen manufacturing to 4.7 million metric tons in comparison with their 2024 prediction of 9.3 million. The agency additionally lowered its 2030 forecast for US electrolyzer installations by 60 p.c to 2.5 million gigawatts.

Whereas inexperienced hydrogen faces setbacks, blue hydrogen stays supported by Part 45Q carbon seize credit and demand from Japan and South Korea.

1. Linde (NYSE:LIN)

Market cap: US$222.58 billion
Share worth: US$474.69

Main international industrial gases and engineering firm Linde has been producing hydrogen for greater than a century and is a pioneer in new hydrogen manufacturing applied sciences.

Linde’s operations cowl every step of the hydrogen worth chain, from manufacturing and processing via distribution and storage. The corporate additionally makes use of its gases for industrial and shopper functions.

Globally, the corporate has greater than 500 hydrogen manufacturing vegetation. By means of its ITM Linde Electrolysis three way partnership, Linde has change into one of many world’s main suppliers of inexperienced hydrogen produced utilizing proton alternate membrane (PEM) electrolyzer applied sciences. This additionally makes it one of many few inexperienced hydrogen shares.

In August 2024, Linde signed a US$2 billion long-term provide settlement to provide clear hydrogen to Dow (NYSE:DOW) subsidiary Dow Canada’s Path2Zero undertaking in Fort Saskatchewan, Alberta.

In response to the regulatory uncertainties beneath the Trump administration, Linde introduced in its This autumn 2024 earnings name that 90 p.c of its US clear hydrogen tasks shall be targeted on blue hydrogen, which is created by reforming pure fuel with carbon seize storage. Blue hydrogen is more economical to supply, and though it isn’t zero emission like inexperienced hydrogen, it’s extra environmentally pleasant than gray hydrogen produced with coal.

Whereas Linde doesn’t report separated information for its hydrogen phase, the corporate’s Q2 outcomes reported a 3 p.c year-over-year uptick in total gross sales to US$8.5 billion.

2. Air Merchandise & Chemical compounds (NYSE:APD)

Market cap: US$64.83 billion
Share worth: US$291.32

Air Merchandise & Chemical compounds sells industrial gases and chemical substances and offers associated tools and experience to a variety of industries, together with refining, chemical substances, metals, electronics, manufacturing and meals and drinks.

Along with producing oxygen, nitrogen, argon and helium, the corporate operates greater than 100 hydrogen vegetation and maintains the world’s largest hydrogen distribution community. Air Merchandise has an in depth hydrogen-dispensing know-how patent portfolio and has been concerned in additional than 250 hydrogen-fueling tasks worldwide.

Air Merchandise additionally has a three way partnership undertaking now beneath development with ACWA Energy (SR:2082) and NEOM Firm in Saudi Arabia. Referred to as the NEOM Inexperienced Hydrogen Advanced, the operation shall be powered by 4 gigawatts of renewable energy from photo voltaic and wind to supply 600 metric tons per day of carbon-free hydrogen, which it says shall be delivered within the type of inexperienced ammonia. As soon as manufacturing begins on the complicated in 2026, Air Merchandise would be the sole offtaker and plans to ship the inexperienced ammonia to Europe’s transport sector.

Air Merchandise’ Louisiana Clear Power Advanced, its largest US funding, can be making headway, with first manufacturing anticipated in 2028. The complicated will produce blue hydrogen for energy mobility and industrial markets.

This previous August, Air Merchandise accomplished the primary fill of NASA’s new liquid hydrogen sphere, the biggest of its form on the earth, delivering over 730,000 gallons of hydrogen. Standing 90 ft tall and 83 ft broad, the sphere will provide gas for NASA’s Artemis missions, which intention to return people to the Moon and set up a sustained lunar presence. The corporate has been working with NASA since 1957.

3. Cummins (NYSE:CMI)

Market cap: US$53.97 billion
Share worth: US$391.69

Indianapolis-based Cummins designs, manufactures and distributes engines, filtration and power-generation merchandise with a specialization in diesel and different gas engines and mills.

In March 2023, the corporate introduced the launch of a brand new model, Accelera, which options “a various portfolio of zero-emissions options, includ(ing) battery programs, gas cells, ePowertrain programs and electrolyzers.”

The model encompasses Cummins’ established battery electrical and hydrogen gas cell programs, in addition to electrolyzers for hydrogen refueling stations. Shortly after, Accelera started manufacturing at its first US electrolyzer facility.

The hydrogen gas cell firm showcased its subsequent technology B6.7H hydrogen engine on the April 2024 Intermat Sustainable Development Options and Expertise Exhibition in Paris. The next month heralded the launch of Accelera’s next-gen hydrogen gas cell know-how for industrial automobiles.

In February of this yr, Accelera inked a deal to provide a 100 megawatt PEM electrolyzer system for BP’s (LSE:BP,NYSE:BP) Lingen inexperienced hydrogen undertaking in Germany. The system is Accelera’s largest so far and makes use of its HyLYZER PEM electrolyzer know-how.

In March, Cummins joined lecturers, vitality leaders and transportation specialists as a founding member of the Hydrogen Engine Alliance of North America, which goals to advance hydrogen inside combustion engines (H2-ICE) alongside zero-emission applied sciences to help sectors the place electrification is not potential but. Cummins is getting ready to launch its X15H hydrogen engine beneath its HELM platform.

Canadian hydrogen shares

Like its neighbor to the south, Canada is a world chief in hydrogen and gas cell applied sciences, particularly with regards to innovation, analysis and growth. The nation reportedly generates C$200 million in hydrogen know-how exports, in response to information from January 2023. When it comes to the worldwide hydrogen market, the nation exported $385 million value of hydrogen in 2023, rating ninth total, in response to the OEC.

The federal authorities is closely invested within the sector each by way of funding and the implementation of fresh vitality insurance policies. “The Hydrogen Technique for Canada laid out a framework that focuses low-carbon hydrogen as a software to attain our aim of net-zero emissions by 2050, whereas creating jobs, rising our economic system, increasing exports and defending our surroundings,” Pure Assets Canada states.

In BC, the Canadian authorities has invested C$9.4 billion to launch a brand new Clear Hydrogen Hub that may use electrolyzer know-how and hydroelectricity to generate hydrogen that may be bought to trade customers.

On the worldwide stage, Canada and its buying and selling associate Germany have agreed to every commit C$300 million for a complete of C$600 million to launch Atlantic Canada’s hydrogen export trade, which can ship hydrogen to Germany. Nonetheless, delays resulting from elements together with excessive hydrogen costs and inflation in addition to lack of infrastructure have pushed the anticipated begin of exports again from 2025.

1. Ballard Energy Techniques (TSX:BLDP)

Market cap: C$775.49 million
Share worth: C$2.64

Ballard Energy Techniques payments itself as a world chief in hydrogen gas cell know-how, and is working to speed up the adoption of this know-how. The corporate develops and manufactures PEM gas cell merchandise that create electrical vitality from the mixture of hydrogen and air. Ballard’s merchandise are designed for heavy-duty vehicles, buses, trains and marine functions, in addition to backup energy storage.

Two of Ballard’s 200 kilowatt gas cell modules are positioned on the world’s first hydrogen-powered ferry, operated by Norwegian firm Norled. The corporate additionally provided its FCmove-HD hydrogen gas cell modules to international carbon-reduction firm First Mode, now owned by Cummins, which used them to energy retrofits for a number of hybrid hydrogen and battery ultra-class mining haul vehicles.

In early 2024, Ballard struck a deal to provide 100 FCmove-HD+ modules to NFI Group, which the pair raised to 200 in November. The gas cells shall be used within the latter’s New Flyer subsequent technology Xcelsior CHARGE FC hydrogen gas cell buses, which shall be deployed throughout the US and Canada.

The corporate additionally introduced in April of that yr that it had secured its largest order ever — 1,000 hydrogen gas cell engines to be provided to European bus producer Solaris between 2024 and 2027.

This previous March, Ballard signed one other multi-year provide settlement with an Egypt-based firm named Manufacturing Industrial Automobiles, through which Ballard will provide 50 FCmove-HD+ gas cell engines to help tasks within the European Union with deliveries anticipated between 2025 and 2026.

A number of months later, ib July, the corporate initiated a restructuring technique to scale back working prices by 30 p.c and obtain constructive money move by the top of 2027. Ballard additionally penned a deal with eCap Marine to provide 6.4 megawatt gas cells to be put in on two Samskip marine vessels.

Throughout Q2, Ballard reported whole income of US$17.8 million, up 11 p.c year-on-year, whereas income from its heavy-duty mobility phase elevated by 22 p.c to US$16.1 million.

2. Tidewater Renewables (TSX:LCFS)

Market cap: C$126.35 million
Share worth: C$3.55

Tidewater Renewables produces renewable diesel and hydrogen at its amenities positioned close to Prince George in BC, Canada. The plant has a nameplate capability of three,000 barrels per day of renewable diesel and 23.7 metric tons per day of hydrogen. It started manufacturing throughout This autumn 2023 utilizing feedstock that included soybean and canola oil.

Tidewater is now targeted on increasing operations on the web site to supply sustainable aviation gas, focusing on 2028 for first manufacturing. For Q2, the corporate reported that its renewable diesel and renewable hydrogen complicated operated at 72 p.c capability, down from 98 p.c a yr earlier, after a minor April 1 fireplace briefly halted manufacturing. Operations resumed mid-April, with utilization bettering steadily.

The corporate has secured offtake contracts for greater than 70 p.c of its H2 2025 manufacturing in, planning to promote the rest on the spot market.

3. Westport Gas Techniques (TSX:WPRT)

Market cap: C$66.28 million
Share worth: C$3.80

Westport Gas Techniques provides superior different gas supply parts and programs to the transportation trade worldwide. This contains its excessive stress direct injection (HPDI) gas system for industrial automobiles, which may run on biogas, liquified pure fuel (LNG), hydrogen and different different gas merchandise.

The corporate has operations in partnership with main international transportation manufacturers throughout greater than 70 nations throughout Europe, Asia, North America and South America.

A kind of companions is Swedish automaker Volvo Group (STO:VOLV-B). Below the Cespira three way partnership, the pair has commercialized Westport’s HPDI gas system know-how for long-haul and off-road functions. As of mid-2025, the corporate reported there have been 9,000 vehicles on the highway utilizing the platform fueled by LNG.

In July, Westport closed a deal to promote its Italian light-duty enterprise, Westport Gas Techniques Italia, to Netherlands-based Heliaca Investments for US$73.1 million, with potential earnouts of as much as US$6.5 million.

With a leaner focus, Westport introduced its plans going ahead, together with opening a Hydrogen Innovation Heart and manufacturing facility in China in late 2025, aiming to faucet into the nation’s rising hydrogen market. The location will deal with analysis, growth and collaboration to help native demand and advance clear transport options.

The corporate will even transfer its European manufacturing operations to its present know-how heart in Canada, uniting its manufacturing capability with its North American innovation hub. It additionally plans to extend its deal with increasing Cespira’s market presence to North America.

Australian hydrogen shares

Australia is one other necessary hotspot for investing in hydrogen.

The Australian authorities says that “over AU$200 billion is at the moment within the funding pipeline for hydrogen and derivatives,” accounting for 20 p.c of introduced renewable hydrogen tasks worldwide.

The Australian authorities’s Nationwide Hydrogen Technique, which it up to date in 2023, highlights its intention to place the nation as a “main participant” within the international hydrogen market by 2030.

To this finish, Australia has partnered with a variety of different nations on hydrogen know-how.

Australia and Germany are working collectively on a hydrogen know-how growth program that may assist Australia construct out its capability to export hydrogen to Germany because it seeks to scale back its reliance on fossil fuels.

By means of a partnership with Japan, Australia is creating new hydrogen gas cell know-how and trying to set up the world’s first clear liquefied hydrogen export pilot undertaking, and its authorities has invested greater than AU$500 million within the growth of regional hydrogen hubs throughout the nation.

In Could 2024, the Australian authorities introduced an AU$22.7 billion package deal to bolster the nation’s home manufacturing and renewable vitality sector, together with AU$6.7 billion for renewable hydrogen manufacturing beginning in mid-year 2028 via the 2039/2040 fiscal yr.

1. Hazer Group (ASX:HZR)

Market cap: AU$91.62 million
Share worth: AU$0.34

Expertise growth firm Hazer Group is working to commercialize the HAZER Course of, a low-emission hydrogen and graphite manufacturing course of initially developed on the College of Western Australia. It makes use of iron ore as a course of catalyst to transform pure fuel and comparable feedstocks into hydrogen to be used as an industrial chemical and in gas cells, in addition to into high-quality artificial graphite to be used in lithium-ion batteries.

Hazer began operations at its industrial demonstration plant in early 2024 and it’s now producing hydrogen and graphitic carbon. In Could 2024, the corporate inked an settlement with Canadian utility firm FortisBC for the event of a hydrogen manufacturing facility in BC, Canada, that may use Hazer’s proprietary know-how. The proposed industrial manufacturing facility could have a design capability of as much as 2,500 metric tons per yr of fresh hydrogen and roughly 9,500 metric tons per yr of Hazer graphite.

The corporate introduced this previous March that it had efficiently accomplished its industrial reactor check program, validating a industrial scale-up reactor design. “The tools was designed to imitate key facets of the Hazer Course of for producing hydrogen and graphite at industrial scale, and the completion of this testing is a serious milestone for the federal government help from CleanBC,” a press launch states.

In June, Hazer entered a non-binding memorandum of understanding with UK-based EnergyPathways to discover a hydrogen manufacturing facility throughout the Marram vitality storage hub in Northwest England. The proposed plant would produce as much as 20,000 metric tons of hydrogen yearly, alongside ammonia and graphite utilizing feedstock from Marram. Each events plan to maneuver towards a binding settlement following idea engineering research.

In a July replace, Hazer Group stated its strategic alliance with Kellogg Brown and Root (NYSE:KBR) is advancing the worldwide industrial rollout of the Hazer Course of. Now in full execution, the partnership has deployed groups throughout Australia, the UK and the US.

2. Gold Hydrogen (ASX:GHY)

Market cap: AU$82.11 million
Share worth: AU$0.45

Gold Hydrogen is a pure hydrogen explorer and developer targeted on making new hydrogen and helium discoveries in South Australia utilizing recorded authorities information with trendy exploration strategies.

By way of exploration at its Ramsay undertaking in 2024, Gold Hydrogen has demonstrated air-corrected hydrogen purity ranges of as much as 95.8 p.c, in addition to helium purity ranges of 20 to 25 p.c in groundwater and as much as 36.9 p.c at floor.

Gold Hydrogen introduced this previous February that it had obtained a AU$6.45 million analysis and growth tax refund related to its pure hydrogen and helium exploration actions for the fiscal yr ended June 30, 2024.

The refund will assist fund the corporate’s 2025 work to delineate the hydrogen and helium accumulation at Ramsay with additional drilling at its Ramsay-1 and Ramsay-2 wells.

In July, Gold Hydrogen obtained binding commitments for a AU$14.5 million strategic funding from Toyota Motor (NYSE:TM,TSE:7203), Mitsubishi Gasoline Chemical (TSE:4182) and ENEOS Xplora. The proceeds will help its This autumn drill program, and likewise be used in the direction of advancing commercialization alternatives via the strategic collaboration.

3. Pure Hydrogen (ASX:PH2)

Market cap: AU$36.23 million
Share worth: AU$0.09

Pure Hydrogen is targeted on changing into a number one producer and provider of hydrogen and hydrogen-fuel-cell-powered automobiles reminiscent of buses and waste assortment automobiles.

The corporate has a number of partnerships with corporations for its know-how. Pure Hydrogen’s hydrogen-fuel-cell-powered Prime Mover truck was displayed on the Brisbane Truck Present in 2023.

Pure Hydrogen has a 40 p.c stake within the Turquoise Group, an Australian clear vitality firm, in addition to unique long-term acquisition rights for the corporate’s future hydrogen manufacturing.

Turquoise Group introduced in Could 2024 that it had produced the primary graphene powder and hydrogen throughout testing at its industrial demonstration plant in Brisbane, Queensland. In August 2024, Pure Hydrogen registered Australia’s first hydrogen-powered semi-truck, the Hydrogen Gas Cell 110kW 6×4 Prime Mover.

Pure Hydrogen’s majority-owned subsidiary HDrive confirmed this previous January that it had bought two Taurus 70 metric ton hydrogen gas cell prime movers to Australian logistics providers supplier TOLL Transport as a part of a broader AU$2 million package deal. The automobiles are slated for supply within the fourth quarter of the calendar yr.

In April, Pure Hydrogen executed a industrial settlement with hydrogen know-how supplier Hydrexia, granting entry to Hydrexia’s cell hydrogen refueling stations and associated service help via a phased supply. Hydrexia focuses on hydrogen options for manufacturing, storage, transport and end-use functions.

As famous in an announcement, the rollout marks the primary stage of broader cooperation between the businesses to help hydrogen growth in Australia and internationally.

Pure Hydrogen signed a strategic distribution deal for the South American market with an Argentinian renewable vitality firm in July. The corporate has additionally made a number of important gross sales of its hydrogen gas cell vehicles in Q3, together with its first North American sale of a hydrogen cell refuse truck as a part of a time period sheet with California-based Riverview Worldwide Vans. Within the Australian market, it bought two Prime Mover vehicles to 1 firm and a second concrete agitator truck to a different, value over AU$3 million mixed.

Pure Hydrogen proposed a rebranding and firm identify change to Pure One in July, which shareholders will vote on at its annual basic assembly later this yr.