In this article, we take a look at the 10 best hydrogen stocks to buy according to billionaires.
As the global push toward clean energy and decarbonization gains momentum, hydrogen stocks are seeing a renewed interest from institutional investors and billionaires. With recent advancements in hydrogen technology, this once speculative energy source is now looking like a solid investment opportunity in the clean-energy sector.
The World Energy Transitions Outlook 2025 highlights that annual deployment of over 1,000 GW of renewable power is needed to stay on a 1.5°C pathway. Hydrogen is expected to play a key role in the decarbonization of end uses and the flexibility of the power system. Investment needs for clean hydrogen and derivatives are projected at $1.1 billion per year to meet global transition requirements. An IEA 2025 Report noted that the global energy demand rose by 2.2% in 2024 – a faster-than-average rate. This reiterates the fact that the demand for alternate sources of energy is still on the rise.
More investors are looking for long-term growth opportunities in emerging sectors but are restricted by the ever-fluctuating interest rate expectations and evolving energy policies. Within these dynamics, policymakers and corporations are looking at hydrogen adoption more favorably. According to Grand View Research, the industry is projected to hit a staggering $317.39 billion by 2030, expanding at a healthy 9.3% CAGR.
After a challenging 2023, fraught with high interest rates and investor skepticism leading to a sector-wide decline in clean energy stocks, hydrogen stocks have made a recovery in 2024. The Global Hydrogen Index has gained 4.86% in U.S. dollar terms, signaling a comeback. The finalization of hydrogen tax credit guidelines could be seen as a key catalyst. Barron’s has noted that with the 45V tax credit offering up to $3 per kilogram for clean hydrogen, investment in the sector is getting a much-needed boost.
Compared to wind and solar energy, hydrogen has had smoother sailing due to direct government support and increasing private sector interest. In 2025, expanding industrial applications are likely to fuel hydrogen stocks. With research and technological advancements easing production and storage, costs and scalability can be massive improvements. Furthermore, the growing interest in hydrogen infrastructures in the U.S and Europe can bring in growth for the best hydrogen stocks.
Of course, the challenges remain. Despite strong momentum, hydrogen stocks are faced with strong cost competitiveness and regulatory uncertainty. Green hydrogen is still relatively expensive compared to fossil fuels, even with the declining costs. Stricter lifecycle emissions requirements for qualifying hydrogen progens under the 45V tax credit are likely to lead to an adoption slowdown. Also, geopolitical uncertainties pose additional risks within supply chains.
While not entirely free of challenges, there is no denying the rising interest in the industry. Its vast potential has attracted major investors like Bill Gates and Jeff Bezos, who are backing a startup focused on harnessing expertise from the hydrocarbon sector to capitalize on the burgeoning hydrogen market, now termed a “white gold rush” by analysts. In a growing global hydrogen economy, some of the best hydrogen stocks are in a position to create great value.
A wide-angle view of a team of workers wearing PPE in a large hydrogen plant.
Our Methodology
We used Insider Monkey’s exclusive database of billionaire stock holdings to arrive at our list of best hydrogen stocks to buy according to billionaires. Firstly, we have screened the top hydrogen stocks included in notable industry ETFs. We have then selected the 10 best stocks to buy based on the highest number of billionaire investors, updated as of Q4 2024. For the stocks with the same number of billionaire holdings, we have used the total value of billionaire holdings as a secondary metric to rank the stocks. Billionaires are founders or managers of some of the world’s leading hedge funds and companies.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10. Westport Fuel Systems Inc. (NASDAQ:WPRT)
Number of Billionaires: 3
Westport Fuel Systems Inc. (NASDAQ:WPRT) specializes in engineering, manufacturing, and supplying alternative fuel systems and components for transportation applications across Europe, Asia, North America, South America, and globally. The company has recently showcased its commitment to clean energy by successfully evaluating its hydrogen-powered engine technology in Sweden.
Westport Fuel Systems Inc. (NASDAQ:WPRT) reported a total revenue of $331.8 million up to Q3 2024, an 8.54% year-over-year increase but down 20.55% sequentially. Trailing twelve-month revenue stands at $314.36 million, with EBITDA at $15.85 million. The company has strong analyst backing, with 80% of five analysts rating it a ‘Buy.’ The median price target of $13.00 implies a massive 236.79% upside potential. Westport Fuel Systems Inc. (NASDAQ:WPRT)’s continued focus on clean fuel technology and market expansion supports its long-term growth trajectory. The company has announced the release of its full-year 2024 financial results on March 31, 2025, which is likely to gather analyst interest.
9. Ballard Power Systems Inc. (NASDAQ:BLDP)
Number of Billionaires: 4
Ballard Power Systems Inc. (NASDAQ:BLDP) designs and manufactures hydrogen fuel cell systems for heavy-duty applications including buses, trucks, rail, marine, and stationary power. The company also provides services such as technology solutions and training. It is among the best hydrogen stocks to monitor.
In April 2024, Ballard Power Systems Inc. (NASDAQ:BLDP) signed a landmark Long-Term Supply Agreement with Solaris, a top European bus manufacturer, to deliver 1,000 hydrogen fuel cell engines through 2027. This marks the largest engine order in Ballard’s history. In March 2025, Solaris deployed the first phase of a 137-bus fleet in Bologna and Ferrara, Italy, all powered by Ballard technology.
In February 2025, Ballard Power Systems Inc. (NASDAQ:BLDP) entered a strategic partnership with Vertiv to develop a zero-emission UPS system for data centers, using Ballard’s fuel cell systems for uninterrupted power supply.
Financially, Ballard Power Systems Inc. (NASDAQ:BLDP) reported an FY 2024 revenue of $69.7 million, down 32% year-over-year, with a net loss of $323.5 million, widening significantly from 2023. Despite this, analysts see potential upside. Of 16 analysts covering the stock, 75% rate it a Hold, with a median price target of $1.50, suggesting a 38.9% upside from current levels. Ballard remains a long-term clean energy play backed by strong partnerships and growing traction in global hydrogen adoption.
8. Cummins Inc. (NYSE:CMI)
Number of Billionaires: 7
Cummins Inc. (NYSE:CMI) is a global powerhouse in engine manufacturing and power solutions, serving industries like trucking, construction, mining, marine, and agriculture. Through its Accelera division, the company is also expanding into zero-emission technologies, including hydrogen production, battery systems, and electric powertrains.
Recently, the company announced that Nicole Y. Lamb-Hale will take over as Chief Administrative Officer and Corporate Secretary, starting June, following the retirement of Sharon Barner. In a strategic boost to its EV segment, Cummins Inc. (NYSE:CMI) signed a deal with Japan’s Isuzu Motors to supply integrated battery-electric powertrains for the next-gen F-series medium-duty trucks, expected to hit the North American market in 2027.
For FY2024, Cummins Inc. (NYSE:CMI) reported $34.1 billion in revenue and $3.95 billion in net income. Q4 revenue was flat at $8.45 billion, while net income came in at $418 million—a 48% drop from the previous quarter but up 437% year-over-year.
Analyst sentiment for the stock is mixed, with 61% maintaining a “Hold” rating. The median price target stands at $400, suggesting a 44% upside from current levels. Cummins Inc. (NYSE:CMI) remains one of the best hydrogen stocks to keep an eye on as it leans into clean tech while maintaining leadership in traditional power markets.
7. Bloom Energy Corporation (NYSE:BE)
Number of Billionaires: 8
Bloom Energy Corporation (NYSE:BE) is a clean energy company that manufactures and installs solid oxide fuel cell systems under its flagship product, the Bloom Energy Server.
In November 2024, Bloom Energy Corporation (NYSE:BE) signed an agreement for a 1 GW supply deal with American Electric Power (AEP), marking the largest fuel cell procurement to date. CEO, Chairman, and Founder KR Sridhar sees this collaboration as a strong market recognition for the Bloom Energy platform in powering AI data centers. Additionally, the company expanded its partnership with Equinix in February 2025, now delivering over 100 MW to support Equinix’s digital infrastructure in the US.
In Q4 2024, the company reported $572.4 million in revenue, up 60.4% YoY, and 67.2% growth in product and service revenue. However, Bloom Energy Corporation (NYSE:BE) saw a 6.4% decline over the past month, trailing both the Oils-Energy sector and broader markets. Analyst sentiment remains mixed for Bloom Energy Corporation (NYSE:BE), with 42% rating it a “Buy” and 50% holding out of 26 analyst ratings. The median price target of $28 implies a potential upside of nearly 69% from current levels, making Bloom Energy a stock to watch.
6. Plug Power Inc. (NASDAQ:PLUG)
Number of Billionaires: 8
Plug Power Inc. (NASDAQ:PLUG) is a global leader in hydrogen fuel cell technology, offering alternative energy solutions for the green hydrogen economy. The company designs and manufactures hydrogen systems that replace lead-acid batteries in electric material-handling vehicles and industrial trucks, serving major distribution and manufacturing operations and positioning as one of the best hydrogen stocks to buy.
In January 2025, Plug Power Inc. (NASDAQ:PLUG) secured a major milestone—a $1.66 billion loan guarantee from the U.S. Department of Energy to fund up to six hydrogen production and liquefaction projects across the U.S. This move significantly strengthens the company’s position in scaling low-carbon hydrogen infrastructure.
Despite macroeconomic volatility, Plug Power Inc. (NASDAQ:PLUG) closed at $1.22 on April 5, gaining 0.83% and outperforming broader indices, which saw sharp losses. Financially, the company posted $191.47 million in Q4 revenue and $628.81 million overall in 2024. However, revenue declined 29.45% year-over-year and remained flat quarter-over-quarter.
Analyst sentiment remains cautious with 28 ratings: 29% Buy and 50% Hold, reflecting tempered confidence. As Plug Power leans on federal support and project execution, its long-term prospects hinge on green hydrogen demand and successful commercialization at scale.
5. Hyster-Yale, Inc. (NYSE:HY)
Number of Billionaires: 9
Hyster-Yale, Inc. (NYSE:HY) is a global manufacturer of lift trucks, with operations spanning three key segments: Lift Trucks, Bolzoni attachments, and Nuvera. Nuvera operates and focuses on hydrogen fuel cell stacks and engines. In April 2024, the company rebranded from Hyster-Yale Materials Handling to Hyster-Yale, Inc., unifying its operations under one corporate identity while allowing each segment to maintain brand distinction.
In November 2024, the company’s board authorized a $50 million share repurchase program. It repurchased $5 million worth of Class A common stock in Q4 alone.
Hyster-Yale, Inc. (NYSE:HY) reported strong financials for 2024, with full-year revenue of $4.3 billion and Q4 revenue of $1.1 billion. The Lift Truck segment in the Americas drove growth, posting a year-over-year revenue increase of 11% in FY 2024 and 13% in Q4. The company also generated $171 million in cash from operations over the year, signaling robust underlying fundamentals.
Currently, 61.7% of Hyster-Yale, Inc. (NYSE:HY) shares are held by large investors, underscoring strong investor and hedge fund confidence.
4. New Jersey Resources Corporation (NYSE:NJR)
Number of Billionaires: 9
A diversified energy holding company, New Jersey Resources Corporation (NYSE:NJR) provides regulated natural gas distribution, transmission, and storage services alongside unregulated clean energy operations.
In November 2024, the company announced a significant move through its clean energy subsidiary, NJR Clean Energy Ventures (CEV), which sold a 91 MW residential solar portfolio to Spruce Power Holding Corp. for $132.5 million. New Jersey Resources Corporation (NYSE:NJR) expects to record a gain from this sale in the fiscal year 2025, with proceeds directed toward reducing corporate debt and supporting general operations. This strategic divestment underscores NJR’s long-term focus on optimizing capital while remaining committed to renewable energy as a growth driver. President and CEO Steve Westhoven reaffirmed clean energy’s vital role in NJR’s future.
New Jersey Resources Corporation (NYSE:NJR) reported $1.78 billion in revenue over the past year and $491 million in Q1, reflecting a 23.5% quarter-over-quarter increase despite a 7.5% year-over-year decline.
Institutional ownership remains high at over 76%, signaling strong investor confidence. Analyst sentiment is cautious for New Jersey Resources Corporation (NYSE:NJR) but stable, with 33% rating the stock a “Buy” and 67% recommending “Hold.” As the company sharpens its focus on strategic asset management and clean energy investments, it remains one of the best hydrogen stocks to watch in the North American utility space.
3. Air Products and Chemicals, Inc. (NYSE:APD)
Number of Billionaires: 11
Air Products and Chemicals, Inc. (NYSE:APD) is a global leader in atmospheric gases, supplying essential industrial gases to sectors such as refining, chemicals, metals, electronics, manufacturing, healthcare, and food.
In September, Air Products and Chemicals, Inc. (NYSE:APD) divested its liquefied natural gas (LNG) equipment business to Honeywell for $1.81 billion in cash—a strategic move aligned with its two-pillar growth strategy: expanding core industrial gases and scaling clean hydrogen solutions.
In Q1 FY2025, Air Products and Chemicals, Inc. (NYSE:APD) reported a revenue of $2.93 billion, marking an 8% drop quarter-over-quarter and a 4% decline year-over-year. However, net income for the trailing 12 months surged 68% year-over-year to $3.84 billion, despite a sharp 69% sequential decline. The company’s earnings remained strong with an adjusted EPS of $2.86, beating guidance and growing 1% year on year. Profitability improved, with the adjusted EBITDA margin rising by 140 basis points and the operating margin increasing by 80 basis points.
Analyst sentiment remains bullish, with 62% of 26 analysts rating Air Products and Chemicals, Inc. (NYSE:APD) a “Buy.” The median price target stands at $351, implying a 37% upside from current levels. Backed by strategic clarity, improved margins, and a clean energy vision, APD is gaining renewed attention from institutional investors and hedge funds, with 90% of shareholders being from institutional groups.
2. Linde plc (NASDAQ:LIN)
Number of Billionaires: 11
Linde plc (NASDAQ:LIN) is a global leader in industrial gases and engineering, designing and operating complex gas production systems including hydrogen, air separation, and natural gas processing plants. Its services span critical sectors such as energy, chemicals, and manufacturing.
In February 2025, Linde plc (NASDAQ:LIN) announced a fifth consecutive year of securing new small on-site nitrogen and oxygen supply projects. The company has signed 59 long-term agreements to build and operate 64 new plants.
Recently, the company has announced a partnership with O-I Glass Inc. to deploy its OPTIMELT Thermochemical Regenerator technology. This strategic move is aimed at reducing emissions and boosting efficiency.
Linde plc (NASDAQ:LIN) reported $33.01 billion in revenue for 2024, with Q4 net income rising 11.3% sequentially to $1.73 billion. The company also increased its dividend by 8% and continued its aggressive share buyback program, reflecting confidence in future cash flows.
Linde plc (NASDAQ:LIN) has climbed 7.8% over the past quarter. With 63% of analysts rating it a “Buy,” a median price target of $510 signals over 20% upside potential. Backed by nearly 88% institutional ownership, Linde remains a compelling, stable pick as one of the best hydrogen stocks to buy, according to billionaires and hedge fund owners.
1. GE Vernova Inc. (NYSE:GEV)
Number of Billionaires: 20
GE Vernova Inc. (NYSE:GEV) operates across the electric power value chain, offering technologies that generate, convert, store, and manage electricity. GE Verona focuses on hydrogen combustion solutions, supporting the clean energy transition with cutting-edge turbines and grid systems.
Last year, GE Vernova Inc. (NYSE:GEV) participated in a $405 million Series F round alongside Breakthrough Energy Ventures. In November 2024, the company’s Advanced Research division was awarded funding by the U.S. Department of Energy’s ARPA-E program to develop next-gen hydrogen detection technologies under the H2SENSE initiative. The project aligns with the growing global push toward hydrogen as a key decarbonization tool.
GE Vernova, Inc. (NYSE:GEV) recorded $34.94 billion in revenue in 2024 and a net income of $1.55 billion—up 454% year-over-year.
Analysts remain bullish on GE Vernova Inc. (NYSE:GEV), with 77% rating it a “Buy” with a median price target of $413, implying 48% upside. Institutional ownership stands at 80.4%, underscoring high conviction from large investors.
Overall, GEV ranks first among the 10 best hydrogen stocks to buy according to billionaires. While we acknowledge the potential of quantum computing companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than GEV but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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