In this article, we highlight the 11 Best Hydrogen Stocks to Buy Right Now.

The International Energy Agency’s Global Hydrogen Review 2025 revealed that hydrogen production capacity rose again in the second half of the year. And key among the drivers is renewed project activity in Europe, the Middle East, and parts of Asia. The IEA noted that while final investment decisions remain uneven, policy-backed demand in steelmaking, ammonia, and heavy transport continues to underpin medium-term growth expectations.

BloombergNEF’s head of hydrogen research, Martin Tengler, echoed this cautious outlook in the Switched On podcast on November 5, 2025. Tengler and his team project approximately 5.5 million tons of low-carbon (green) hydrogen production by 2030. But this figure is roughly half of what was expected just a few years ago and falls far short of the ambitious targets set by governments and the industry.

The main hurdles, according to the researcher, are persistently high costs and insufficient policy frameworks to bridge the price gap between low-carbon hydrogen and incumbent fossil fuels. Nonetheless, Tengler said, hydrogen is gaining a genuine foothold in sectors that cannot easily be electrified, specifically shipping and aviation. He sees these industries as the transformative use cases for the fuel.

At the same time, OilPrice.com projects the value of the global green hydrogen market to rise to about $75 billion by 2032 from $2.79 billion in 2025. This implies a 60% CAGR in a seven year period. The report notes that although data shows that current hydrogen demand is dominated by industrial use cases, the mobility sector will soon become the largest end-use.

Against this backdrop, this article highlights 12 hydrogen stocks that have substantial upside potential in light of developments in the sector.

Our Methodology

To identify the 12 Best Hydrogen Stocks to Buy Right Now, we analyzed the constituents of the Global X Hydrogen ETF (HYDR) and the Defiance Next Gen H2 ETF (HDRO). From this group, we selected the stocks that were the most popular among elite hedge funds, as of Q3 2025. The final list is arranged in ascending order by the number of hedge funds holding stakes in each company.

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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).

Best Hydrogen Stocks to Buy Right Now

11. Ballard Power Systems Inc. (NASDAQ:BLDP)

Number of Hedge Fund Holders: 12

Ballard Power Systems Inc. (NASDAQ:BLDP) is one of the best hydrogen stocks to buy right now. On November 18, Jefferies lifted its price target for Ballard Power Systems Inc. stock to $2.50 from $1.40 and kept a Hold rating on the shares. The decision followed Ballard’s Q3 2025 earnings report in which revenue reached $32.5 million, exceeding the expected $25 million.

The firm noted that the positive surprise came on the back of strong sales in bus and rail products that made up 70% of total revenue. The quarter’s EPS came in at -$0.09, better than the forecasted -$0.113. And adjusted gross margin was slightly negative but outperformed the expected negative 9%.

Jefferies noted Ballard’s plans to expand next-generation fuel cell platforms for bus and heavy-duty uses as a key positive. The analysts highlighted expected growth in data center backup power as part of the reason for the higher target.

Jefferies’ move came just a day after Susquehanna reaffirmed a Hold rating on Ballard’s stock on November 17. The firm also kept the price target at $3.30.

Ballard Power Systems Inc. (NASDAQ:BLDP) is a Canadian company specializing in the design, development, manufacture, and service of proton exchange membrane (PEM) fuel cell products. Its main products are fuel cell modules and stacks used for heavy-duty motive applications, including buses, trucks, rail, and marine transportation.

10. FuelCell Energy, Inc. (NASDAQ:FCEL)

Number of Hedge Fund Holders: 15

FuelCell Energy, Inc. (NASDAQ:FCEL) is one of the best hydrogen stocks to buy right now. On December 1, FuelCell Energy announced the closure of a debt financing agreement with the Export-Import (EXIM) Bank of the United States. The deal provided approximately $25 million in gross proceeds before fees and reserves. According to the company, this financing is part of EXIM’s Project & Structured Finance program whose goal is to support US exporters in global natural resource and infrastructure sectors.

Proceeds will facilitate producing and shipping fuel cell modules, along with related services for the final phase of upgrading 42 fuel cells at the Gyeonggi Green Energy site in Hwaseong Baran Industrial Complex, South Korea. This project operates as the world’s largest fuel cell park with a capacity of 59.4 megawatts. And it delivers baseload power suitable for industrial parks and data centers. This particular agreement is the third EXIM financing for FuelCell Energy related to this Korean project. Previous transactions total over $50 million.

Commenting on the deal, FuelCell Energy’s CFO, Michael Bishop, stated: “Our relationship with EXIM is a testament to the strength of our utility scale power generation technology… This repeat financing enhances our capital flexibility and enables us to accelerate our efforts to serve international markets.” On his part, company President and CEO Jason Few said that “this financing helps us meet the rising global demand for clean, reliable power from industrial parks to fast growing data center hubs…”

FuelCell Energy, Inc. (NASDAQ:FCEL) is a clean energy company. It develops, manufactures, and deploys stationary fuel cell and electrolysis platforms for the production of hydrogen. Its main products are hydrogen and electricity.