Hydrogen is an exciting energy source that has been gaining a lot of attention, especially in the world of investing. It’s a clean, renewable form of energy that doesn’t produce harmful emissions when used. Essentially, it’s a fuel of the future that could play a significant role in reducing our reliance on fossil fuels and combating climate change. This is the reason why companies working in the hydrogen sector are attracting a lot of interest.
When we talk about the hydrogen sector, we’re referring to companies that either produce hydrogen, manufacture hydrogen fuel cells, or are involved in the transportation and storage of hydrogen. Hydrogen fuel cells, which convert hydrogen into electricity, are being used in everything from cars and trucks to power plants. As governments and businesses around the world are looking for greener energy solutions, this sector is expected to grow.
Hydrogen stocks are shares of companies operating in this sector. When you invest in hydrogen stocks, you’re essentially betting on the future success of the hydrogen industry. These stocks can be a little more volatile because they’re often in the growth phase and are heavily influenced by factors like technological advances, regulations, and the overall push toward greener energy sources. But if the hydrogen sector does well in the future, these stocks could see significant growth. Keeping this in mind, here are three hydrogen stocks to watch in the stock market today.
Hydrogen Stocks To Watch Right Now
- Plug Power Inc. (NASDAQ: PLUG)
- Ballard Power Systems Inc. (NASDAQ: BLDP)
- FuelCell Energy Inc. (NASDAQ: FCEL)
Plug Power (PLUG Stock)
First off, Plug Power (PLUG) is a leading player in the hydrogen fuel cell industry. They manufacture and sell fuel cell systems primarily for electric forklifts and other vehicles that move goods in warehouses and distribution centers. Their technology also has potential applications in other industries like transportation and stationary power.
Earlier in the month, Plug Power announced its first quarter 2023 financial results. In them, the company reported a loss of $0.35 per share and brought in revenue totaling $210.3 million during this period. This result was not quite in line with what financial analysts had predicted, as they had expected a slightly smaller loss of $0.27 per share and higher revenue of $219.4 million. Despite the loss, the company’s revenue showed a significant increase, growing by 49.3% compared to the same period last year.
Over the last five trading days, shares of PLUG stock have started to rebound by 3.38%. Meanwhile, shares of PLUG stock closed this past Friday’s trading session at $8.25 a share.
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Ballard Power Systems (BLDP Stock)
Next, Ballard Power Systems (BLDP) is another big name in the fuel cell industry. The company develops and manufactures fuel cell products for a variety of applications, such as heavy-duty motive, material handling, bus, marine, and off-road applications.
Moving along, at the beginning of this month, Ballard Power Systems also reported its Q1 2023 financial results. In detail, the company announced a financial loss of $0.11 per share, which was generated from revenue of $13.3 million. Interestingly, financial experts had expected a slightly larger loss of $0.13 per share and higher revenue estimates of $19.0 million.
Over the last five trading days, shares of BLDP stock are down by 1.60%. Moreover, as of Friday’s closing bell, BLDP stock is trading at $4.30 a share.
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FuelCell Energy (FCEL Stock)
Last but not least, FuelCell Energy (FCEL) develops environmentally responsible distributed baseload power solutions through proprietary, molten-carbonate fuel cell technology. They offer solutions for various applications, including utility-scale distributed generation, on-site power generation, combined heat and power, distributed hydrogen, carbon capture, and hydrogen-based long-duration storage.
Just this past week, FuelCell Energy announced that it has secured $87 million in project financing. The financing was managed by Investec Bank, with other significant players including the Bank of Montreal, Liberty Bank, Connecticut Green Bank, and Amalgamated Bank. The funding is expected to be used for a variety of purposes, including repaying existing debts and further developing and commercializing the company’s hydrogen fuel cell technologies. The financing package, which is set to last seven years, consists of an $80.5 million term loan and a $6.5 million Debt Service Reserve Letter of Credit spread across six operating assets.
Looking at the last month of trading action, shares of FCEL stock have recovered by 7.98%. While, as of Friday’s close, FCEL stock is trading at $2.03 per share.