9 Best Hydrogen Fuel Cell Stocks to Watch in September 2025
Hydrogen has been called the fuel of the future for decades, but in 2025 it is finally starting to feel real. Governments are investing in hydrogen infrastructure, automakers are launching hydrogen powered fleets, and industrial giants are betting on hydrogen as a clean energy alternative to fossil fuels. While hydrogen fuel cell stocks are still volatile, the companies leading the charge could benefit in a big way over the next decade.
Here are nine hydrogen fuel cell stocks worth watching this September.
Plug Power (PLUG)
Plug Power is the most widely recognized hydrogen stock in the United States. The company has built an ecosystem around hydrogen that includes electrolyzers and fueling stations and continues to expand across North America and Europe. Plug is signing large supply agreements and aims to be a backbone provider for the global hydrogen economy.
Key point: Still the sector leader, but consistent profitability is the hurdle to watch.
Ballard Power Systems (BLDP)
Ballard Power Systems focuses on fuel cells for buses, trucks, and trains. With hydrogen powered public transport gaining traction in Asia and Europe, Ballard is positioned to benefit if zero emission fleets keep scaling.
Key point: A focused mobility play with strong partnerships, though commercialization has progressed slower than some investors expected.
FuelCell Energy (FCEL)
FuelCell Energy builds large scale hydrogen power plants for utilities and industrials. The strategy targets customers seeking clean baseload power and resiliency. Recent project momentum in the United States supports a longer term growth path, even as margins remain a work in progress.
Key point: A patient investor story tied to hydrogen’s role in power generation.
Bloom Energy (BE)
Bloom Energy uses solid oxide fuel cells to provide on site and backup power for commercial clients. The company has also expanded into green hydrogen production, creating exposure across multiple points of the hydrogen value chain.
Key point: Diversified model with traction in commercial energy markets and growing green hydrogen initiatives.
Hyzon Motors (HYZN)
Hyzon is developing hydrogen powered trucks and buses for heavy duty applications. Stricter emissions standards in the United States and Europe could increase demand for zero emission freight. The key is building and delivering vehicles at scale.
Key point: Higher risk, higher reward play directly tied to hydrogen adoption in commercial transport.
Cummins Inc. (CMI)
Cummins is best known for diesel engines, but it has invested heavily in hydrogen. The portfolio now includes electrolyzers and hydrogen engines, providing investors a way to gain hydrogen exposure through a diversified industrial leader.
Key point: An established powerhouse offering hydrogen upside with less single technology risk.
Air Products and Chemicals, Inc. (APD)
Air Products is one of the world’s largest industrial gas suppliers and a global leader in hydrogen production and infrastructure. The company is building very large hydrogen projects in the United States and the Middle East, giving it scale few can match.
Key point: A behind the scenes giant that benefits from hydrogen growth regardless of which fuel cell makers win.
ITM Power (ITM.L)
UK based ITM Power develops hydrogen electrolyzers used to produce hydrogen from water. The company is aligned with Europe’s aggressive hydrogen targets and participates in projects tied to EU clean energy funding and corporate partnerships.
Key point: A European infrastructure play with significant potential that still depends on policy support and execution.
Nel ASA (NEL.OL)
Norway’s Nel ASA is a global electrolyzer producer with operations and customers across Europe, the United States, and Asia. Capacity expansions aim to meet growing demand as countries set more ambitious hydrogen adoption goals.
Key point: A scaled electrolyzer supplier with global reach, exposed to policy shifts and price competition.
The Bottom Line
Hydrogen stocks are not for the faint of heart. Many companies remain unprofitable and face competition from batteries and regulatory complexity. At the same time, public and private investment is rising and real projects are moving forward. For long term investors who can tolerate volatility, hydrogen’s buildout could be a compelling multi year opportunity.
If you are exploring other clean energy opportunities, consider these related guides:
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