Hydrogen Stocks: 9 Biggest Companies
Hydrogen stocks are benefiting from cleantech sector momentum as the world moves closer to a green energy future.
The most abundant element on Earth, hydrogen is a colorless gas. It can be produced in liquid form and burned to generate electricity, or combined with oxygen atoms in fuel cells. In this way, hydrogen — which produces no carbon emissions — can replace fossil fuels in household heating, transportation and industrial processes such as steel manufacturing.
Rising demand for carbon-free energy sources alongside significant new government policies are driving growth in the hydrogen market. Grand View Research projects that the global hydrogen-generation market will grow at a compound annual growth rate of 9.3 percent from 2024 to 2030, reaching US$317.39 billion by the end of the forecast period.
It’s worth noting that the downside to hydrogen as a clean energy source is that 99 percent of the hydrogen fuel currently in production is derived from power generated by coal or gas. To combat this problem, some companies are pursuing green hydrogen, which is produced by splitting hydrogen atoms from oxygen using electrolyzers powered by renewable energy.
Below the Investing News Network profiles the biggest hydrogen companies by market cap on US, Canadian and Australian stock exchanges. Data was gathered on March 13, 2025, using TradingView’s stock screener.
The hydrogen stocks on this list are focused on a diverse range of sectors in the hydrogen space, including: low-carbon hydrogen gas production, green hydrogen technology and production, hydrogen fuel cell companies, and hydrogen distribution and storage.
US hydrogen stocks
The US hydrogen market is well established, accounting for “more than half the world’s fuel cell vehicles, 25,000 fuel cell material handling vehicles, more than 8,000 small scale fuel systems in 40 states, and more than 550 MW of large-scale fuel cell power installed or planned,” according to the Fuel Cell and Hydrogen Energy Association.
The US was also the top exporter of hydrogen in 2023 with US$2.15 billion in exports based on data from the Observatory of Economic Complexity (OEC).
Looking at the medium to long term, the use of hydrogen as a fuel source is expected to grow. While the strong government incentives enacted under former US President Joe Biden’s Inflation Reduction Act, such as a production tax credit, may be on the ropes under the Trump Administration, there is still optimism among industry leaders.
Market cap: US$213.49 billion
Share price: US$453.26
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…
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