In recent years, the use of hydrogen as a clean energy source has gained a lot of attention as a potential solution to reduce carbon emissions and mitigate climate change. This has increased manifold since the United Nations Climate Change Conference (COP26). Ever since the United Nations released a special report on climate change. green hydrogen stocks have gained significant attention from both public and private investors. As a result, many individual investors are also considering investing in hydrogen companies' stocks as part of their ESG portfolios or to participate in the disruptive energy sector.

For starters, green hydrogen, produced using renewable energy sources like wind or solar power, is particularly promising as a zero-emission fuel with a wide range of applications in transportation, industrial processes, and energy storage.

Read What is Green Hydrogen? The Essential Guide for details on what is green hydrogen and how it is produced.

Although the green hydrogen industry is still in its early stages and not yet widely adopted, falling costs due to innovative technologies and the emergence of more firms with clean hydrogen targets show promising potential. Some companies are already positioning themselves as early leaders in the sector.

As a result, numerous companies around the world are investing heavily in green hydrogen technologies and infrastructure, ranging from electrolysis and fuel cell production to hydrogen storage and transportation. These companies are poised to play a significant role in the global transition to a low-carbon economy and are likely to see significant growth and market opportunities in the coming years.

In this blog, we will explore some of the leading green hydrogen companies, their technologies, and their contributions to the development of a sustainable hydrogen economy. We will also examine some of the challenges and opportunities facing these companies as they work towards achieving their goals of decarbonizing the energy sector and mitigating climate change.

Top Companies Producing Green Hydrogen

FuelCell Energy Inc

FuelCell Energy Inc., headquartered in Danbury, Connecticut, is a publicly-traded company that specializes in the design, manufacturing, and operation of Direct Fuel Cell power plants, which offer an environmentally friendly alternative to traditional power generation methods. It is a key player in the green hydrogen industry, along with Shell plc, Linde plc, and Reliance Industries.

Operating in more than 50 countries globally, FuelCell Energy Inc. boasts the world's most expansive fuel cell park, consisting of 21 power plants, located in South Korea. Additionally, the company operates the largest fuel cell park in North America in Bridgeport, Connecticut. Its primary focus is serving commercial and industrial clients and using trigeneration technology to produce green hydrogen from natural gas or biogas, which has a significantly lower carbon footprint compared to conventional reformation methods.

Bloom Energy Corp.

Bloom Energy Corp. is an American clean energy company that designs and markets solid oxide fuel cells capable of on-site electricity generation. The company, founded in 2001 and headquartered in San Jose, California, benefits from various US government incentive programs, including the recently enacted Inflation Reduction Act. To date, Bloom Energy Corp. has installed over 900 megawatts of fuel cells. It is considered one of the top global green hydrogen companies, along with Shell plc, Linde plc, and Reliance Industries.

Bloom Energy Corp.'s solid oxide fuel cells offer a combustion-free solution for generating clean energy from hydrogen. These fuel cells rely on pure green hydrogen and deliver continuous reliability while emitting no carbon. The company has previously deployed these solid oxide fuel cells to produce combustion-free, emission-free electricity using green hydrogen. In September 2022, Bloom Energy Corp. announced plans to install 245-kW electrolyzers at Xcel Energy's nuclear plant to produce emissions-free green hydrogen. This move will help establish scalable pathways for creating cost-effective and clean hydrogen, while also adding value to nuclear power.

Plug Power Inc.

Plug Power Inc. is an American company headquartered in Latham, New York, that specializes in developing and producing hydrogen fuel cell systems for equipment and electric vehicles. The company offers turnkey solutions for hydrogen fuel cells, including green hydrogen generation, storage, and dispensing. Founded in 1977, the company currently employs over 2,200 people across 10 states in the United States. In Q3 2022, Plug Power Inc. reported total revenue of $188.6 million. As of Q3 2022, hedge funds hold a favorable view of the stock, with 32 hedge funds holding long positions, up from 26 in the previous quarter.

Like Shell plc, Linde plc, and Reliance Industries, Plug Power Inc. leverages modern electrolysis methods that use grid or renewable power sources to produce green hydrogen. The expected decline in the cost of electrolysis in the near future is favorable news for Plug Power Inc. In November 2022, the company partnered with Lidl to bring green hydrogen to logistics platforms in the company's European warehouses, making it possible to use and sell green hydrogen to multiple stores across Europe. Additionally, Plug Power Inc., in collaboration with Acciona, plans to construct two green hydrogen plants in Spain in 2023, which is projected to give the company a 20% market share in green hydrogen in Spain and Portugal by 2030. The company also plans to produce 11,000 tonnes of green hydrogen by 2025.

Adani Green Energy Ltd.

Adani Green Energy, an Indian renewable energy company headquartered in Ahmedabad, Gujarat, is a subsidiary of the Indian conglomerate Adani Group. Among its notable accomplishments, the company owns and operates the Kamuthi Solar Power Project, one of the world's largest solar photovoltaic plants. Additionally, the company utilizes renewable biogas to produce green hydrogen using emission-less thermal reforming of renewable hydrocarbon feedstocks.

Given India's significant role in the Asian energy transition, Adani Green Energy is playing a crucial part in providing affordable, clean, and reliable green hydrogen to facilitate economic growth and the shift towards net zero. In June 2022, Adani Green Energy collaborated with TotalEnergies SE in investing over $5 billion in a vast green hydrogen initiative. This venture involves constructing a 2GW hydrogen-producing electrolyzer farm that will be powered by a 4GW solar and wind farm. The project aims to produce 1 million tonnes of green hydrogen annually by 2030, supported by 30 GW of clean power capacity. As India is the world's third-largest polluter and the government increasingly prioritizes decarbonization goals, Adani Green Energy's potential is immense.

Air Products and Chemicals Inc.

Air Products and Chemicals Inc., an American international corporation headquartered in Allentown, Pennsylvania, specializes in the sale of gases and chemicals for industrial purposes. Hedge fund interest in the company has grown significantly, with 43 funds holding long positions in Q3 2022, up from 33 in the previous quarter. As of Q3 2022, Israel Englander's Millennium Management is the company's largest shareholder. In the third quarter of 2022, Air Products and Chemicals Inc. generated total revenue of $3.57 billion.

With a strong presence in the green hydrogen sector, Air Products and Chemicals Inc. provides a wide range of atmospheric industrial gases, including green hydrogen, to a diverse customer base. The company has supplied liquid green hydrogen for the Space Shuttle External Tank program and plans to invest over $500 million to build a green hydrogen production facility in New York by 2027. Additionally, the company has partnered with ABP to construct and operate the first large-scale green hydrogen production facility in the United Kingdom, which aligns with the government's mandate to shift towards green energy by 2030. Furthermore, this collaboration will address some of the climate-related issues that the UK has been grappling with, such as 580,000 tonnes of greenhouse gas emissions each year.

Sinopec

Sinopec is a Chinese state-owned oil and gas enterprise headquartered in the Chaoyang District of Beijing. The company is a subsidiary of Sinopec Group, one of the world's largest oil refining, gas, and petrochemical conglomerates. Sinopec specializes in oil and gas exploration, refining, and marketing, as well as the production and sales of petrochemicals and other chemical products. Moreover, the company is involved in the production of ethanol, biodiesel, green jet fuel, and green hydrogen.

Air Liquide S.A.

Air Liquide S.A. has been a pioneer in the energy transition since 1998, investing in technologies and commercial ventures to drive the production, development, and application of renewable hydrogen. As a member of the Hydrogen Council, a group of companies dedicated to green hydrogen production and hydrogen vehicles, the company is at the forefront of the energy transition effort.

In July 2022, Air Liquide S.A. announced plans to build two new green hydrogen production units with carbon capture technology in Shanghai Chemical Industry Park. The project, which will cost over 200 million euros, is expected to bring significant environmental benefits while also enhancing Air Liquide S.A.'s expertise and control over the hydrogen and natural gas value chains in Europe.

Furthermore, this venture will position the company as an energy vector for clean transport. The Russia-Ukraine crisis has underscored the importance of Europe developing an independent clean energy alternative, prompting many European economies, including France, to increase subsidies for the energy transition. This favorable trend is a significant tailwind for Air Liquide S.A.

Linde plc

Linde plc, the largest industrial gas company in the world by market share and revenue, was founded in Germany and is domiciled in Dublin, with its headquarters in the UK. The company specializes in producing and distributing atmospheric and process gases, including green hydrogen, for a global customer base that spans various industries such as steelmaking, food and beverage, material handling equipment, and healthcare.

The company has projected that hydrogen vehicles will be able to compete with electric vehicles by 2035, and has established wind-powered plants to convert water into green hydrogen on a large scale in Greece, France, and other European countries. The production of green hydrogen is accomplished through electrolysis using renewable solar and wind power, enabling the company to significantly reduce its carbon footprint.

Linde plc has also announced plans to invest in steam reformation production methods, which catalyze the conversion of natural gas to green hydrogen. The company has additionally planned to increase green hydrogen production in the United States through a 35-megawatt Proton Exchange Membrane electrolyzer plant, which is set to operate at full capacity by 2025.

Shell plc

Shell plc, a multinational oil and gas company headquartered in London, UK, is among the world's largest companies in terms of revenue and profits. The company specializes in oil and gas exploration, production, refining, transport, distribution, marketing, power generation, and green hydrogen production. Although it has historically had high greenhouse gas emissions and was ranked as the ninth-largest emitter from 1988-2015, Shell plc has been transitioning into clean energy since 2015. It has invested heavily in solar power, wind power, green hydrogen generation, and forestry, with a goal to become a net-zero emissions energy business by 2050.

Shell plc is optimistic about green hydrogen and has been involved in large-scale projects. In 2015, it launched a project to install green hydrogen fuel pumps across Germany, with plans to expand to 400 locations by 2023. As a member of the Hydrogen Council, the company announced plans to construct Europe's largest green hydrogen plant in the Netherlands, expected to be over ten times larger than the current biggest plant in Europe. The plant will directly supply Shell's Rotterdam refinery, and operations are scheduled to commence by 2025.

Reliance Industries Ltd.

Reliance Industries Ltd., headquartered in Mumbai, Maharashtra, is a diversified Indian multinational conglomerate that operates in various industries such as energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. With a workforce of over 236,000 employees spread across 102 countries, the company is considered one of the most profitable corporations in India and ranks 100th on the Fortune Global 500 list in 2022. Historically, Reliance Industries Ltd. has been a major producer of grey hydrogen. However, the company has recently initiated a transition to green hydrogen and is expected to complete the transition by 2025.

Given its prior experience with hydrogen production, analysts are optimistic about Reliance Industries Ltd.'s transition to green hydrogen. The company has already announced a $10 billion investment to create a comprehensive ecosystem for New Energy and Green Hydrogen in India. Additionally, Reliance Industries Ltd. has entered into a partnership with Stiesdal to reduce costs and commercialize their pressurized alkaline electrolyzer technology, which will help the company achieve its green hydrogen production targets.

Some other notable companies producing green hydrogen

1. Siemens Energy
2. ITM Power
3. Enapter
4. Hydrogenics
5. McPhy Energy
6. Ballard Power Systems Inc
7. Nel Hydrogen
8. Toshiba Energy Systems & Solutions Corporation
9. Cummins Inc.
10. Snam S.p.A.
11. Engie
12. Eni S.p.A.
13. Repsol
14. TotalEnergies
15. BP
16. Equinor
17. Mitsubishi Power

Also Read: Top 7 Green Hydrogen Companies in India

Green Hydrogen Future

Looking toward the future, the potential for green hydrogen is immense. Green hydrogen is a way to harness and store excessive renewable energy. The same can later be used in heavy industries like steel production facilities and other metal processing units. Green ammonia production is another way to ensure cultivation remains unaffected in the fight to dercarbonize.

As the world looks to decarbonize and reduce its reliance on fossil fuels, green hydrogen is poised to play a crucial role. From powering vehicles and heating buildings to providing a reliable source of electricity, the possibilities are endless which is evident from the fact that new green hydrogen projects coming up frequently as the world is transitioning towards green energy.

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