Unless you’ve been living under a rock, hydrogen stocks have been gaining attention in recent years. This is due to the increasing demand for alternative energy sources. As a result, investors are looking for ways to capitalize on the potential of hydrogen-based technologies and projects.
For the uninitiated, hydrogen is a clean-burning fuel source that can be put to use to power vehicles, homes, and businesses. It has recently become increasingly popular due to its ability to reduce emissions and help combat climate change. As a result, many companies have started investing in the development and production of hydrogen-powered products and services.
One way investors can get involved with hydrogen stocks is by investing in companies that specialize in hydrogen-based technologies. These companies typically develop and produce products such as fuel cells, electrolyzers, storage systems, and other related technologies. They can also provide services such as consulting and engineering for those looking to use hydrogen technology for their own applications. Additionally, some of these companies may even engage in research and development activities, which could lead to further advances in the field down the line. With this in mind, here are two hydrogen stocks to watch in the stock market this week.
Hydrogen Stocks To Watch Right Now
Plug Power (PLUG Stock)
The first hydrogen stock to watch is Plug Power Inc. (PLUG). Plug Power is a leading provider of hydrogen fuel cell systems for the material handling and stationary power markets. The company’s technology is used in a wide range of applications, including forklifts, airport ground support equipment, and backup power systems.
PLUG Recent Stock News
On December 15, 2022, Plug Power announced its collaboration with Nikola Corporation (NASDAQ: NKLA). In detail, the companies reported that they have entered into a Green Hydrogen supply agreement. Additionally, Plug will supply green hydrogen to Nikola beginning in 2023, and build up to a 125 TPD. Also in the agreement, Nikola will buy a 30 TPD liquefaction system from Plug for its Arizona Hydrogen Hub. Meanwhile, Plug Power will purchase up to 75 Nikola Tre FCEVs over the next 3 years.
PLUG Stock Chart
Year-to-date, shares of PLUG stock have dropped by 57.14% so far in 2022. Meanwhile, PLUG stock will open Tuesday’s trading session at around $12.34 a share.
FuelCell Energy (FCEL Stock)
Next, FuelCell Energy Inc. (FCEL). FuelCell Energy is a global leader in the development and manufacture of advanced fuel cell power plants. The company’s fuel cell systems are used in a variety of applications. This includes utility-scale power generation, industrial power generation, and fuel cell-based combined heat and power (CHP) systems.
FCEL Recent Stock News
Just last week, the company reported its fourth-quarter 2022 financial results. Diving in, the company announced a Q4 2022 loss of $0.11 per share and revenue of $39.2 million. For context, analysts’ estimates for the quarter were a loss of $0.07 per share and revenue estimates of $43.8 million. However, the company did report a 181.3% increase in revenue versus the same period, the previous year.
Furthermore, Mr. Jason Few, President and CEO commented, “We delivered revenue growth of approximately 88% for fiscal year 2022 compared to fiscal year 2021, deployed capital in support of growth and commercializing our solid oxide-based platform for both power generation and hydrogen electrolysis, reimagined our Company’s brand, and expanded our organizational talent and capabilities.“
FCEL Stock Chart
Similar to Plug Power, FuelCell Energy stock has fallen by 53.81% year-to-date. Meanwhile, as of Friday’s closing bell, shares of FCEL stock closed the day up 2.69%, currently going into Tuesday’s trading action at around $2.64 a share.