Hydrogen and fuel cells stocks

ITM is identified as a PEM electrolyzer stack and systems manufacturer with gigawatt-scale factory capacity.

ITM is a specialist electrolyzer manufacturer dependent on financeable hydrogen projects.

ITM Power Plc, established in 2001 and headquartered in Sheffield, UK, is a specialist in hydrogen energy solutions. The company focuses on the development, production, and sale of sophisticated hydrogen systems, catering to energy storage, transportation, and various industrial sectors. Its operational reach extends across the United Kingdom, Germany, other European countries, and the United States. A key product is HGas, which serves power-to-gas applications, clean fuel initiatives, and industrial hydrogen processes. Furthermore, ITM Power actively designs and constructs prototype products, and supplies both electrolysis technology and advanced hydrogen storage solutions.

Plug has a leading PEM-electrolyzer and fuel-cell position, giving it substantial but not pure-play exposure to hydrogen equipment demand.

Plug Power Inc. specializes in providing comprehensive clean hydrogen and zero-emission fuel cell solutions. These innovative offerings cater to various sectors, including supply chain and logistics, on-road electric vehicles, and stationary power generation, with operations spanning North America and international markets. The company is actively constructing an end-to-end green hydrogen ecosystem, encompassing its production, efficient storage and delivery, and subsequent energy generation for both mobile and fixed applications. Its technological portfolio includes advanced proton exchange membrane (PEM) and fuel cell systems, fuel processing capabilities, and innovative fuel cell/battery hybrid designs. Furthermore, Plug Power develops the essential infrastructure for green hydrogen generation, storage, and dispensing. Among its flagship offerings is GenDrive, a hydrogen-powered PEM fuel cell system specifically engineered for material handling electric vehicles. GenFuel provides a complete liquid hydrogen fueling solution, covering generation, storage, delivery, and dispensing. GenCare is an IoT-driven service program that ensures ongoing maintenance and on-site support for various Plug Power systems, including GenDrive, GenSure, GenFuel, and ProGen. For stationary power needs, GenSure delivers modular PEM fuel cell power, crucial for backup and grid-support in telecommunications, transportation, and utility sectors. The company also offers GenKey, an integrated, ready-to-use solution for businesses transitioning to fuel cell power. ProGen represents the core fuel cell stack and engine technology, versatile enough for mobile and stationary fuel cell systems, and serving as engines in electric delivery vans. Additionally, GenFuel Electrolyzers are optimized hydrogen generators designed for clean hydrogen production. Plug Power distributes its products through a multi-channel approach, leveraging a direct sales force, collaborations with original equipment manufacturers (OEMs), and an extensive dealer network. The firm boasts significant strategic alliances with prominent entities such as Airbus, Lhyfe, Edison Motors, Phillips 66, Apex Clean Energy, BAE Systems, and Universal Hydrogen Co. Established in 1997, Plug Power Inc. maintains its corporate headquarters in Latham, New York.

Bloom is the direct subject and manufactures both solid-oxide fuel-cell systems and electrolyzers.

The development is a U.S. data-center fuel-cell order with a stated delivery period and staged payments.

Doosan Fuel Cell is the direct award recipient. The 501.4 billion won U.S. data-center contract materially expands its order backlog, validates its SOFC transition, and creates revenue from staged deliveries between September 2026 and April 2028.

FuelCell Energy, Inc., alongside its subsidiaries, is involved in the complete lifecycle of stationary fuel cell power plants, covering their design, manufacturing, sales, installation, continuous operation, and servicing. These systems are developed for decentralized, consistent baseload electricity generation. The company offers a range of SureSource platforms: the 1.4-megawatt (MW) SureSource 1500, the 2.8 MW SureSource 3000, the 3.7 MW SureSource 4000, the 250-kilowatt (kW) SureSource 250, and the 400 kW SureSource 400. A prominent product is the 2.3 MW SureSource Hydrogen platform, engineered to produce up to 1,200 kilograms of hydrogen daily, serving applications in multi-megawatt utilities, microgrids, distributed hydrogen, and on-site heating and cooling. Furthermore, FuelCell Energy provides the SureSource Capture system, designed to separate and concentrate carbon dioxide from the flue gases emitted by natural gas, biomass, or coal-fired power plants, as well as industrial facilities. Their technological capabilities also include solid oxide fuel cell and solid oxide electrolysis cell stack technologies. The SureSource power plants fundamentally generate clean electricity, useful thermal energy, water, and hydrogen. The company's service portfolio is extensive, featuring engineering, procurement, and construction (EPC) services, along with project financing. Post-installation support includes real-time monitoring, remote operational management, an online support system, preventative maintenance, parts and supplies, on-site and classroom training, and power plant refurbishment or recycling services. Technical support is also available for optimizing plant operation, performance, and fuel processing. FuelCell Energy serves a diverse clientele across various markets, including public utilities and independent power producers, industrial and process applications, educational and healthcare facilities, data centers and communication networks, wastewater treatment plants, government entities, microgrid developers, the food and beverage industry, and the commercial and hospitality sectors. The company's primary operational regions encompass the United States, South Korea, England, Germany, and Switzerland. Founded in 1969, FuelCell Energy, Inc. is headquartered in Danbury, Connecticut.

thyssenkrupp nucera is a direct industrial electrolyzer manufacturer with a substantial exposure to European hydrogen-equipment demand.

Alkaline electrolyzers directly enable replacement of fossil-derived hydrogen with renewable hydrogen in refining, chemicals and synthetic-fuel applications.

Ballard Power Systems Inc. specializes in the full lifecycle of proton exchange membrane (PEM) fuel cell technology, encompassing research, production, sales, and ongoing support. Their fuel cell offerings cater to various power applications, including heavy-duty transportation sectors like buses, trucks, trains, and marine vessels, as well as solutions for material handling equipment and critical backup power systems. Beyond products, Ballard extends its expertise through technology solutions, providing engineering services, technology transfer, and licensing its extensive intellectual property and core knowledge for diverse PEM fuel cell uses. They also deliver integrated hydrogen fuel cell powertrain and vehicle systems. The company maintains a broad international presence, with operations spanning numerous countries including China, Germany, the United States, the United Kingdom, Canada, Denmark, Norway, Belgium, Japan, France, Spain, Taiwan, Poland, India, Ukraine, and Sweden. A significant strategic partnership exists with Linamar Corporation, focused on jointly developing and marketing fuel cell powertrains and components designed for Class 1 and 2 vehicles across North America and Europe. Established in 1979, Ballard Power Systems Inc. is headquartered in Burnaby, Canada.

PowerCell Sweden AB (publ) specializes in the creation and manufacturing of advanced fuel cells and integrated fuel cell systems. These innovative technologies serve diverse sectors, including automotive, maritime, and stationary power generation, with operations spanning Sweden and global markets. Their product portfolio includes PowerCell S2-derived solutions, such as the PowerCell MS-30 system designed for battery-electric vehicles, and the PowerCell PS-5, which functions as both a primary electricity generator and an auxiliary power unit for telecommunications, transportation infrastructure, commercial buildings, and residential uses. They also provide the standalone PowerCell S2 fuel cell stack. Additionally, the company offers PowerCell S3-based offerings, notably the PowerCell MS-100, engineered for demanding heavy-duty applications. Their megawatt-scale solutions are tailored for marine propulsion and large-scale stationary power, alongside the versatile PowerCell S3 fuel cell stack suitable for both fixed and mobile uses. Complementing their hardware, PowerCell Sweden also delivers specialized engineering services and comprehensive zero-emission energy solutions. Established in 2008, the company maintains its headquarters in Gothenburg, Sweden.

HydrogenPro ASA, a technology company, provides green hydrogen technology solutions in Norway, Europe, the United States, and the Asia Pacific. It designs, manufactures, and delivers high-pressure alkaline electrolyzer technology. The company also offers gas separation skid products. It serves refinery and decarbonization, fertilizer and ammonia, steel production, power-to-gas, synthetic aviation fuel, and balancing the grid markets. The company was incorporated in 2013 and is headquartered in Porsgrunn, Norway.

Enapter AG specializes in the development, manufacturing, and distribution of hydrogen generation solutions. The company's primary products include patented anion exchange membrane (AEM) electrolysers and sophisticated energy management systems. These cutting-edge electrolysers are employed in a variety of fields, such as power-to-heat and power-to-gas projects, the electricity storage sector, sustainable mobility, and scientific research. Established in 2017 and headquartered in Berlin, Germany, the company was formerly known as S&O Beteiligungen AG before rebranding to Enapter AG in November 2020. Enapter AG operates as a subsidiary of BluGreen Company Limited.

Clean Power Hydrogen plc is a technology and manufacturing enterprise specializing in green hydrogen. The company focuses on developing advanced solutions for producing hydrogen and oxygen, prominently featuring its proprietary membrane-free electrolyser technology. This innovative system yields green hydrogen and oxygen of medical-grade purity. CPH2's offerings are utilized across a wide array of markets, including power, industry, manufacturing, transportation, commercial, retail, and hydroculture. Established in 2012 and headquartered in Doncaster, United Kingdom, the company operated as CPH2 Group PLC until its rebranding to Clean Power Hydrogen plc in October 2021.

Established in Dublin, Ireland, in 2018, Fusion Fuel Green PLC is dedicated to hydrogen production, with its core operations concentrated in Portugal, Southern Europe, and Morocco. The company provides a range of solutions, including the sale of its specialized hydrogen generators to clients for their green hydrogen production plants, the direct supply of green hydrogen from its own facilities, and comprehensive operational and monitoring support for plants deploying its generator technology. Its diverse customer base includes natural gas networks and grids, ammonia manufacturers, oil refineries, and various regulatory and governmental organizations.

Next Hydrogen Solutions Inc. develops, produces, and markets advanced electrolysis systems that convert water and electricity into clean hydrogen for energy applications. The company provides commercial-scale technologies designed to aid the decarbonization efforts of both the transportation and industrial sectors. Established in 2007, its headquarters are located in Mississauga, Canada.

Advent Technologies Holdings, Inc., an advanced materials and technology development company, operates in the fuel cell and hydrogen technology markets in North America and Europe. It develops, manufactures, and assembles fuel cell systems and critical components that determine the performance of hydrogen fuel cells and other energy systems. The company offers high temperature proton exchange membrane (HT-PEM) fuel cells; and electrodes for applications in the fuel cell and energy storage markets, as well as membrane electrode assemblies (MEA). It is also involved in the design of fuel cell stacks and complete fuel cell systems for stationary power, portable power, automotive, aviation, energy storage, and sensor markets. Advent Technologies Holdings, Inc. is headquartered in Livermore, California.

Beijing SinoHytec Co., Ltd. is a Chinese enterprise focused on the research, advancement, and commercialization of hydrogen fuel cell engine technology. The company furnishes comprehensive fuel cell systems, alongside related technological innovation and technical support services. Furthermore, it supplies hydrogen fuel cell motors and various associated components. Its solutions are primarily applied in the commercial transportation sector, including public transit buses, logistics delivery vehicles, and heavy-duty freight trucks. Founded in 2012, the firm's main offices are situated in Beijing, China.

Electrochemical cells and coatings are core components of alkaline electrolysis, directly enabling renewable hydrogen production that can displace fossil-derived hydrogen.

De Nora is the direct project sponsor and the planned facility is centered on electrolyzers, water-electrolysis systems, components, and fuel-cell equipment.

Industrie De Nora S.p.A., through its global subsidiaries, specializes in providing advanced catalytic coatings and durable insoluble electrodes for a wide range of electrochemical and industrial applications. Its extensive product catalog features analyzers, detectors, specialized anodes (for chlorine and oxygen evolution), cathodes (for hydrogen evolution), various disinfection and electro-chlorination systems, components for cathodic protection, sophisticated filtration solutions, gas diffusion electrodes, MEA, catalysts, membrane technologies, and contaminant removal systems. Beyond products, the company offers comprehensive support services, including engineering design, remote technical assistance, repair and analytical services, specialized training, electrode recoating, and the supply of essential spare parts. These innovative solutions are crucial for numerous critical processes, such as ballast water management, battery production, chlor-alkali processes, cooling and fire protection water treatment, copper foil electrodeposition, fuel cell development, hydrogen generation through water electrolysis, HCL electrolysis, marine and offshore wastewater treatment, pool disinfection, printed circuit board manufacturing, salt splitting, sodium chlorate production, surface disinfection, and diverse surface finishing, plating, and galvanizing operations, alongside general wastewater treatment and water reuse/reclamation. Industrie De Nora serves a diverse global clientele, encompassing commercial and institutional organizations, participants in the energy transition, engineering and construction firms, original equipment manufacturers (OEMs), food and beverage producers, industrial operations, marine sectors, mining and metal recovery, municipal drinking water and wastewater utilities, offshore and onshore oil and gas, power generation, pulp and paper, steel manufacturing, utilities, NGOs, and relief organizations, as well as specialized surface finishing industries. Established in Milan, Italy, in 1923, Industrie De Nora S.p.A. operates as a subsidiary of Federico De Nora S.P.A.

Ceres supplies SOFC technology to system integrators and is not the data-centre operator or grid-load customer.

Ceres supplies solid-oxide fuel-cell technology used by system integrators serving data centres. The Loughton delay strengthens the commercial case for SOFC-based behind-the-meter generation, although the project has not confirmed a Ceres order.

Hexagon Purus ASA provides hydrogen and battery energy storage solutions in Norway, Europe, North America, Asia, and internationally. It operates in two segments, Hydrogen Mobility and Infrastructure (HMI); and Battery Systems and Vehicle Integration (BVI). The company offers hydrogen high-pressure type 4 cylinders, stationary storage, refueling and distribution systems and high-pressure gas bundles, as well as hydrogen fuel storage systems, battery systems, and vehicle integration services for fuel cell electric and battery electric vehicles. It serves passenger vehicles, medium- and heavy-duty, light-duty, distribution systems, bus, stationary storage, maritime, rail, aerospace, aviation, off-highway vehicles, vehicle integration, and refueling system markets. Hexagon Purus ASA was incorporated in 2017 and is headquartered in Oslo, Norway.

This company focuses on the development, manufacturing, and commercialization of crucial equipment for the hydrogen energy sector. Its diverse range of offerings includes advanced high-pressure hydrogen supply systems designed for vehicles, complete hydrogen refueling stations, and water electrolysis machinery for hydrogen generation. Furthermore, it delivers integrated solutions for liquid hydrogen facilities and a variety of storage vessels. Pin Fang Wu established the organization on June 13, 2016, and its headquarters are situated in Suzhou, China.

Operating predominantly in South Korea, Iljin Hysolus Co., Ltd. specializes in the production and distribution of advanced composite tanks. Their extensive product line includes hydrogen storage tanks, utilized across various sectors such as forklifts, maritime vessels, railway transport, and both passenger and commercial automobiles. The company also provides critical tube trailers, essential for efficient hydrogen logistics and establishing mobile refueling points. Additionally, they manufacture CNG storage tanks tailored for compressed natural gas-powered passenger and commercial vehicles. Beyond tank solutions, Iljin Hysolus engineers sophisticated systems to mitigate ultrafine and fine particulate matter (PM) and nitrogen oxide (NOx) emissions from diesel engines. Established in 1999, the firm is headquartered in Bongdong-eup, South Korea, and operates as a subsidiary of ILJIN Diamond Co. Ltd.

Hexagon Composites ASA, together with its subsidiaries, specializes in the global production and sale of advanced composite pressure vessels and fuel systems. Its extensive operations cover Norway, numerous European countries, North America, Southeast Asia, the Middle East, and other international regions. The company's business is organized into four main divisions: Hexagon Agility & CNG LDV, Hexagon Purus, Hexagon Digital Wave, and Hexagon Ragasco LPG. The Hexagon Agility & CNG LDV segment focuses on providing sustainable fuel solutions for commercial and passenger vehicles, as well as for the transportation of gaseous energy. Hexagon Purus is responsible for supplying high-pressure cylinders, comprehensive vehicle systems, and battery packs for fuel cell and battery-electric vehicles. The Hexagon Digital Wave segment develops innovative technology for testing and monitoring cylinders, aiming to reduce operational downtime, cut inspection costs, and improve accuracy. Finally, the Hexagon Ragasco LPG segment manufactures composite liquefied petroleum gas (LPG) cylinders designed for recreational, domestic, and industrial applications. Hexagon Composites ASA was founded in 1985 and has its corporate headquarters situated in Ålesund, Norway.

Gencell Ltd. is a company dedicated to the innovation and production of energy systems utilizing fuel cell technology. Its diverse product portfolio includes the GenCell BOX, a reliable 5kW long-duration backup power solution vital for telecommunications and critical communication infrastructure. For utility substations, the GenCell REX provides an environmentally friendly 5kW power source, ensuring uninterrupted operation during blackouts without emissions. The highly adaptable GenCell FOX offers off-grid electricity for a broad spectrum of uses, encompassing telecom, educational institutions, homes, hospitals, border control, CCTV, water purification and pumping systems, and heating. Additionally, Gencell presents the GENCELL EVOX, an electric vehicle charging station capable of operating independently from the conventional power grid. The company also offers the GenCell IoT Remote Manager, a specialized backup power solution designed for sectors such as utilities, telecommunications, homeland security, healthcare, and various industrial applications. Founded in 2011 and headquartered in Petah Tikva, Israel, Gencell Ltd. has a global footprint with operations extending to Israel, Mexico, the United States, Romania, Germany, Italy, and Canada.

SFC Energy AG, founded in 2000 and headquartered in Brunnthal, Germany, specializes globally in the development, manufacturing, and distribution of off-grid power systems. These systems provide independent energy solutions for both stationary and mobile applications, primarily utilizing advanced hydrogen and direct methanol fuel cell technologies. The company operates across two key divisions: Clean Energy and Clean Power Management. SFC Energy boasts a comprehensive product portfolio tailored for diverse needs. This includes high-power EFOY Hydrogen 2.5 fuel cells, the EFOY Pro series for vehicle power and remote off-grid applications like monitoring stations or oil and gas sites, and standard EFOY fuel cells for automatic battery recharging. Specialized offerings for military and security sectors feature the SFC EMILY and portable SFC JENNY fuel cells, alongside the SFC Power Manager 3G – a portable distributor and charger enabling soldiers to power devices or recharge batteries using various energy sources such as hybrid packs, solar, vehicle power, or fuel cells. Beyond individual fuel cells, their integrated power solutions include the mobile, maintenance-free EFOY ProCube; the robust, weather-resistant EFOY ProEnergyBox; the portable, grid-independent EFOY ProEnergyCase; the insulated outdoor EFOY ProCabinet for remote power; and the trailer-mounted EFOY ProTrailer. Their offerings also extend to drives, motor systems, SCADA and telemetry solutions, as well as coils and linear actuators. Complementing their core products, the company supplies essential accessories and spare parts, including fuel cartridges, and provides mechanical, electronic, and electrical instruments crucial for monitoring and controlling production and logistics processes. The company, initially known as SFC Smart Fuel Cell AG, rebranded as SFC Energy AG in July 2010.

First Hydrogen Corp. specializes in three key sectors: zero-emission vehicle development, green hydrogen production and distribution, and supercritical carbon dioxide extractor systems. The company is currently engaged in the design and construction of light and medium commercial vehicles powered by hydrogen fuel cells, a venture supported by two agreements with AVL Powertrain and Ballard Power Systems Inc. Established in 2007 and headquartered in Vancouver, Canada, the firm operated as Pure Extraction Corp. until it officially rebranded to First Hydrogen Corp. in October 2021.

Beijing Jingcheng Machinery Electric Company Limited specializes in the production and distribution of a comprehensive range of gas storage and transportation solutions. Their diverse product lineup features various specialized gas cylinders, including those designed for liquefied natural gas (LNG) and compressed natural gas (CNG) vehicles, seamless steel cylinders, welded insulated cylinders, and advanced carbon fiber and aluminum carbon fiber full-winding compound gas cylinders (including those for fuel cell applications), alongside asbestos-free acetylene cylinders. The company also supplies ISO tank containers, cryogenic tanks, and critical LNG filling station equipment. Complementing these offerings, they manufacture accumulator shells, pressure vessels, and auxiliary equipment, while also engaging in import/export trade and consultancy. Their products find wide application across numerous industries such as automotive, chemical, firefighting, medical, petroleum, energy, urban construction, food, metallurgy, machinery, and electronics. Incorporated in Beijing, People's Republic of China, in 1993, the company operates internationally, maintaining a significant presence in regions including the United States, Singapore, Korea, India, and Australia. It rebranded to its current name in December 2013, having formerly been known as Beiren Printing Machinery Holding Company Limited.

Lightning eMotors, Inc. is a company focused on the development, manufacturing, and distribution of zero-emission commercial transportation vehicles and their corresponding powertrain systems. They provide these sustainable solutions to a wide array of clients throughout the United States, encompassing private commercial fleet operators, major enterprises, original equipment manufacturers (OEMs), and government agencies. Their product offerings include a spectrum of clean-energy commercial vehicles, ranging from Class 3 to Class 7, which utilize either electric or advanced fuel cell technologies. This diverse lineup covers various applications, such as cargo and passenger vans, school buses, emergency service ambulances, shuttle buses, utility work trucks, public transit buses, and long-haul motorcoaches. In addition to vehicles, the company also supplies complete charging systems and robust charging infrastructure solutions. Founded in 2008, Lightning eMotors has its primary operational base in Loveland, Colorado.

Hyster-Yale Materials Handling, Inc., established in 1991 and headquartered in Cleveland, Ohio, operates as a global entity specializing in comprehensive material handling solutions. The company is responsible for engineering, manufacturing, distributing, and servicing a broad array of lift trucks, specialized attachments, and replacement parts across the world. It undertakes the production of essential components such as frames, masts, and transmissions, which are then assembled into complete lift truck units. These vehicles are primarily marketed to independent dealerships under the prominent Hyster and Yale brand names. In addition to its core lift truck offerings, Hyster-Yale supplies aftermarket parts—including those under the UNISOURCE and PREMIER brands, alongside Hyster and Yale—to its dealer network. These parts facilitate the maintenance of both its own equipment and competitor lift trucks. The company further diversifies its product portfolio with attachments, forks, and lift tables marketed under the Bolzoni, Auramo, and Meyer brands, and by developing machinery for port operations and challenging rough terrain environments. Demonstrating a forward-looking approach, it also designs, produces, and sells hydrogen fuel-cell stacks and engines. Its extensive client base spans numerous industries, including light and heavy manufacturing, transportation, automotive, rental services, building materials, paper, lumber, metal products, warehousing, retail, food distribution, container handling, and various governmental agencies worldwide.