In this article, we will discuss: 13 Best Hydrogen and Fuel Cell Stocks to Buy According to Analysts.
The term “hydrogen and fuel cell stocks” refers to businesses that are part of the hydrogen fuel economy, including those focused on fuel cell technology, hydrogen generation, and storage. Hydrogen is regarded as a major alternative fuel and energy source in the expanding green energy industry, which is represented by these stocks.
Similar to batteries, hydrogen fuel cells use an electrochemical reaction to produce electricity. However, unlike ordinary batteries, hydrogen fuel cells are refueled with more hydrogen rather than recharged. Hydrogen fuel cells could be used as a fixed power source as well as for motorized vehicles (such as trucks, cars, trains, buses, and ships).
Hydrogen fuel cell technology is becoming more and more popular as a diesel substitute, particularly for high-payload and long-distance applications where battery-electric cars are inadequate.
According to Nicholas Loughlan, CTO of Cellcentric, the company’s next-generation fuel cell technology can produce up to 375 kW (more than 500 hp), providing 650 miles of range while using 20% less gasoline and 40% more power density. Ford’s Ted Haladyna underlined the necessity of “interim steps” as fleets find it difficult to balance energy demands. Hyundai’s latest Xcient Class 8 truck, powered by a 180-kW system, has a 450-mile range and a 20-minute recharging time, with more than 8 million miles driven globally.
Toyota’s Jordan Choby revealed a new Gen 3 fuel cell technology and hydrogen-powered Class 8 trucks, with an expected debut in the United States after 2027. Moreover, Sho Akabori of Honda debuted a 150-kW fuel cell module that is 50% less expensive and twice as durable. Despite breakthroughs, infrastructure shortages and high hydrogen prices remain obstacles that necessitate legislative and investment support.
With that said, here are the 13 Best Hydrogen and Fuel Cell Stocks to Buy According to Analysts.
A wide-angle view of a team of workers wearing PPE in a large hydrogen plant.
Our Methodology
For this article, we compiled an initial list of 20 hydrogen and fuel cell stocks. Then we selected the 13 stocks that had the highest upside potential as of June 13, 2025. We have only included stocks in our list with an upside potential of 4% or higher. The stocks are ranked in ascending order of the upside potential.
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).
13. Ballard Power Systems Inc. (NASDAQ:BLDP)
Analysts’ Upside Potential as of June 13: 4.27%
Ballard Power Systems Inc. (NASDAQ:BLDP) has replaced its 2023 prospectus, which expired on June 9, 2025, with a new final short form base shelf prospectus dated June 11, 2025, together with a matching Form F-10 registration statement filed with the U.S. SEC.
Although Ballard Power Systems Inc. (NASDAQ:BLDP) does not presently have any plans to raise cash, the new registration allows the business to issue a variety of securities over the next 25 months, including common shares, preferred shares, warrants, debt securities, and units.
Ballard Power Systems Inc. (NASDAQ:BLDP) has the financial flexibility to access capital markets if necessary, as its filings are available in all Canadian provinces and territories. A prospectus supplement will be provided at the time of issuance to disclose any information about a future offering, including terms, the use of proceeds, and particular securities.
Ballard Power Systems Inc. (NASDAQ:BLDP)’s dedication to a sustainable energy future is reinforced by the zero-emission mobility that its fuel cell technology provides for industries such as buses, commercial trucks, railroads, and marine vessels. It is one of the best hydrogen stocks.
12. Bloom Energy Corporation (NYSE:BE)
Analysts’ Upside Potential as of June 13: 6.06%
Morgan Stanley noted that Bloom Energy Corporation (NYSE:BE), American Electric Power, and data center clients Amazon Data Services and Cologix have all had their energy projects approved by the Public Utility Commission of Ohio.
This regulatory approval removes a significant overhang associated with commercial uncertainty and permits the projects to move forward as planned. Morgan Stanley maintained its Overweight rating on Bloom Energy Corporation (NYSE:BE) with a $30 price objective after the ruling.
The certification strengthens Bloom Energy Corporation (NYSE:BE)’s strategic advantage in the clean energy market and removes a major barrier to developing partnerships with significant data center clients. Investor confidence in these transactions had traditionally been hampered by regulatory ambiguity.
Bloom Energy Corporation (NYSE:BE) can now proceed with deploying its fuel cell-based energy solutions, designed for major energy users like Amazon and Cologix, following the Public Utility Commission’s ruling. This development reinforces Morgan Stanley’s optimistic stance and improves visibility into future revenue streams.
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