Are These Green Hydrogen Stocks The Best Stocks To Invest In 2022?
Green hydrogen stocks have been on the rise in the stock market in recent years. As more and more companies are beginning to invest in green hydrogen technology. In brief, green hydrogen is made through the electrolysis of water using renewable energy sources. For example, solar and wind power. In fact, the resulting gas is extremely versatile and can be used for a variety of applications. This includes everything from powering vehicles to generating electricity.
Though, green hydrogen is still in its early stages of development, there is great potential for it to become a major player in the energy market. As green hydrogen technology advances, we are likely to see an increase in investor interest in green hydrogen stocks. This will provide a valuable source of clean energy that can help to reduce our reliance on fossil fuels. Keeping all this in mind, here are three of the top hydrogen stocks in the stock market today.
Green Hydrogen Stocks To Watch This Week
- Plug Power Inc (NASDAQ: PLUG)
- Ballard Power Systems Inc (NASDAQ: BLDP)
- FuelCell Energy (NASDAQ: FCEL)
Plug Power Inc. (NASDAQ: PLUG)
To start off our list today, we have Plug Power, Inc. The company provides hydrogen fuel cell turnkey solutions. Plug Power specializes in proton exchange membrane (PEM), fuel cell and fuel processing technologies, and fuel/battery hybrid technologies. Moving on, the company also manufactures and sells fuel cell products. These products are used to to replace batteries and diesel generators in stationary backup power applications. Shares of PLUG stock being down by more than 38% year-to-date. However, PLUG stock has increased over 8% over the last five trading days. At its current market cap, PLUG stock could present an opportunity to investors who believe in a green future.
Next, the company announced last month that it will build a 35-tons-per-day green hydrogen generation plant at Port of Antwerp-Bruges. Its goal is to build a 100-megawatt green hydrogen plant, using its own electrolyzer and liquefaction technology. Furthermore, Plug will generate up to 12,500 tons per year of liquid and gaseous green hydrogen in the European market. From a big picture standpoint, this would likely address the energy crisis in Europe that resulted from geopolitical risks. With that in mind, would you consider adding PLUG stock to the top of your watchlist?
Ballard Power Systems Inc (NASDAQ: BLDP)
Next up, let’s check out the Canada-based PEM fuel cell company, Ballard Power Systems. The company’s goal is to deliver fuel cell power for a sustainable planet. Its zero-emission PEM fuel cells are enabling the electrification of mobility, including buses, trains, commercial trucks, and even marine vessels. Financially, it’s key to highlight that Ballard started the fiscal year 2022 with first-quarter revenue of $21.0 million, an increase of 19% year-over-year. With that, Ballard also showed secured new orders totaling $27.8 million. Majority of them being European customers.
Aside from that, investors should also consider that Ballard ended the quarter with strong cash reserves of $1.1 billion. Therefore, it would likely help the company to comfortably execute its growth strategies long-term. Furthermore, in May the company announced its partnership with Wisdom Motor Company and Bravo Transport Services Limited. The collaboration aims to speed up the adoption of commercial fuel cell electric vehicles in Hong Kong. Ballard will be providing support on the introduction of a new double-decker fuel cell bus. All in all, Bravo will present these buses as part of the company’s initiative to replace its fleet of buses with zero-emission models. All things equal, is BLDP stock on your watchlist right now?
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FuelCell Energy (NASDAQ: FCEL)
Moving on, we have FuelCell Energy, a industry leader in fuel cell technology. The company aims to decarbonize power and producing hydrogen through its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy. This includes, designing and installation of its infrastructure to long-term operation and maintenance of its fuel cell system.
Last month, FuelCell reported its second-quarter financials. In it, the company reported a revenue of of $16.4 million. This represents an increase of 17% from the comparable prior-year quarter. Also, they showed adjusted EBITDA of $21.2 million for the quarter, compared to Adjusted EBITDA of $11.3 million in the second quarter of fiscal 2021. The company also has a backlog of $1.33 billion.
“FuelCell Energy delivered increased revenue in the second fiscal quarter, compared to the comparable prior-year quarter, reflecting higher Service and Generation revenues. No modules were delivered to POSCO Energy’s subsidiary, Korea Fuel Cell Co., Ltd. (“Korea Fuel Cell”), in the second fiscal quarter,” stated CEO of FuelCell Jason Few, In conclusion, is FCEL a top green hydrogen stock to keep on watch right now?
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